Early Commitment to Retire Incentive. A payment shall be made, not later than September 1 of the appropriate year, to those bargaining unit members who elect to retire and meet each of the following terms and conditions:
Early Commitment to Retire Incentive. A bargaining unit member who has worked in the District for twenty (20) or more years and provides an irrevocable letter of retirement pursuant to SERS (with an effective date of the employee’s last contracted work day for the year) by February 1 of the retirement year, the Board will pay the bargaining unit member an early commitment to retire incentive equivalent to thirty percent (30%) of the employee’s severance pay entitlement as of June 30 of the retirement year. For example, if the employee retires with 240 days accumulated unused Sick Leave, the employee will receive an early commitment to retire incentive equivalent to eighteen (18) days (i.e., 240 x .25 x .30). The early commitment to retire incentive will be paid no later than September 1 of the retirement year.
