District Retirement Plan Sample Clauses

District Retirement Plan. (a) A certified employee is first eligible to retire at the age of 55 with a discounted annuity or at age 60 without a discounted annuity as required in TRS regulations.
Sample 1
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District Retirement Plan. Any eligible teacher (see 10.0 above) electing to retire, who provides the Board with an irrevocable letter of intent to retire, shall be paid, in each of the final four (4) years of employment (or as many years of employment as are left prior to the date of retirement if the employee has given less than four years notice) a guaranteed 6% increase in creditable earnings. The 6% increase will be calculated based on the previous years TRS credible earnings. A teacher’s TRS credible earnings (included, but not limited to vertical and horizontal salary schedule movement, stipends, salaries increase, longevity pay and retirement incentives) whether under the contract or otherwise shall not increase from one school year to the next by more than 6% except where Illinois statue allows a greater then 6% increase without penalty to the Board. Notwithstanding any contrary or other provision of this contract, including but not limited to any salary schedules, in the event a teacher’s TRS creditable earning would increase by more than 6% in any given year of this contract, that teacher shall only receive the maximum increase allowed under this provision. If a teacher chooses to not perform an extra duty assignment from a previous year, the value of that stipend will be deducted from the 6% increase. If the teacher chooses to perform an additional stipended duty, that stipend will be considered to be within the 6% increase unless statue allows an exception to the 6% cap.
Sample 1
District Retirement Plan. Retiring teachers who elect and qualify for TRS retirement under Section 16-133.2 of the Illinois Pension Code shall be eligible for the District Plan if he/she shall give irrevocable written notice of intent to retire no later than June 1, 20xx and his/her retirement shall be effective no later than the end of the 20xx school terms as indicated below. In the event a teacher makes an election through executing the irrevocable written notice of intent to retire, the teacher's election is irrevocable regardless of any statutory amendments, revisions or enactments which occur after the effective date of this 2023-2024 thru 2026- 27 Collective Bargaining Agreement. Retiring teachers must have 15 years of creditable service with the District (including the final 2 years before retirement) to be eligible for two years at a six percent (6%) increase. Retiring teachers must have 20 years of creditable service with the District (including the final 3 years before retirement) to be eligible for three years at a six percent (6%) increase. Two Year Retirement Track for Employees with 15 years of District Service Year Wishing to Retire Date Letter of Retirement is Due June 2026 June 1, 2024 June 2027 June 1, 2025 June 2028 June 1, 2026 June 2029 June 1, 2027 Three Year Retirement Track for Employees with 20 years of District Service Year Wishing to Retire Date Letter of Retirement is Due June 2026 November 1, 2023 June 2027 June 1, 2024 June 2028 June 1, 2025 June 2029 June 1, 2026 June 2030 June 1, 2027 The Association shall be responsible to disseminate the terms and conditions of the district’s retirement plan to the teachers and each teacher would be responsible to contact the Illinois Teacher's Retirement System for an analysis and confirmation of the current benefits they individually would be afforded. All paraprofessionals will be eligible for retirement benefit outlined for teachers, namely that if the paraprofessional have been working in the district for at least 15 years, they will be eligible for 6% raises in each of their final two years of service providing they give notice to the district within the parameters outlined for teachers in this collective bargaining agreement. All paraprofessionals will be eligible for retirement benefit outlined for teachers, namely that if the paraprofessional have been working in the district for at least 20 years, they will be eligible for 6% raises in each of their final three years of service providing they give notice...
Sample 1
District Retirement Plan 
Sample 1

Related to District Retirement Plan

  • Oregon Public Service Retirement Plan Pension Program Members For purposes of this Section 2, “employee” means an employee who is employed by the State on or after August 29, 2003 and who is not eligible to receive benefits under ORS Chapter 238 for service with the State pursuant to Section 2 of Chapter 733, Oregon Laws 2003.

  • Retirement Plan The 2.7% at 55 retirement plan will be available to eligible bargaining unit members covered by this Section 6.1.1.

  • Post Retirement Health Care Benefit Employees who separate from State service and who, at the time of separation are insurance eligible and entitled to immediately receive an annuity under a State retirement program, shall be entitled to a contribution of two hundred fifty dollars ($250) to the Minnesota State Retirement System’s (MSRS) Health Care Savings Plan. Employees who have a HCSP waiver on file shall receive a two hundred fifty dollars ($250) cash payment. If the employee separates due to death, the two hundred fifty dollars ($250) is paid in cash, not to the HCSP. An employee who becomes totally and permanently disabled on or after January 1, 2008, who receives a State disability benefit, and is eligible for a deferred annuity under a State retirement program is also eligible for the two hundred fifty dollar ($250) contribution to the MSRS Health Care Savings Plan. Employees are eligible for this benefit only once.

  • Retirement Program Any employee employed prior to October 1, 1977, working at least seventy (70) hours per month shall by law be a member of the Washington Public Employees Retirement system (PERS) Plan One. Any employee working at least seventy (70) hours per month, entering employment on or after October 1, 1977, shall by law be a member of the School Employees Retirement System, Plan Two or Three. The District shall provide each new employee information concerning PERS or SERS membership benefits.

  • Retirement Plans In connection with the individual retirement accounts, simplified employee pension plans, rollover individual retirement plans, educational IRAs and XXXX individual retirement accounts (“XXX Plans”), 403(b) Plans and money purchase and profit sharing plans (collectively, the “Retirement Plans”) within the meaning of Section 408 of the Internal Revenue Code of 1986, as amended (the “Code”) sponsored by a Fund for which contributions of the Fund’s shareholders (the “Participants”) are invested solely in Shares of the Fund, JHSS shall provide the following administrative services:

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

  • Retirement Programs The Company agrees to provide Employees with the benefits under the Magna Group of Companies Retirement Savings Program as set out in the Employee Retirement Savings Program Booklets.

  • Public Employees Retirement System “PERS”) Members. For purposes of this Section 1, “employee” means an employee who is employed by the State on August 28, 2003 and who is eligible to receive benefits under ORS Chapter 238 for service with the State pursuant to Section 2 of Chapter 733, Oregon Laws 2003.

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