Early Retirement Incentive The Employer may offer to any faculty member or a faculty member may apply for one of the early retirement incentive alternatives described herein, provided the faculty member meets the following criteria. The Union shall be advised in writing of any offer of early retirement made to a faculty member.
Retirement Incentive If a teacher meets all of the eligibility requirements contained in paragraph A of this Section, the teacher shall be paid a retirement benefit in accordance with paragraph B of this Section. A. To be eligible for retirement incentives, a teacher: 1. Must retire from the district pursuant to the rules of the Illinois TRS. 2. Must have at least 10 years of consecutive service as a certified employee in the District. Approved, unpaid leaves and periods of time during which a teacher is on the District’s recall list for purposes of a reduction-in-force shall not count towards accrued service in the District. However, such time shall not constitute an interruption in years of consecutive service in the District. 3. Must submit an irrevocable notice of retirement to the District by July 1, prior to the school year in which benefits will begin under this program. 4. Must not give rise to a requirement that the Board make payment to the TRS pursuant to the AERO provisions of the statutes. 5. Board will not be obligated to pay a penalty imposed by TRS due to the teacher’s salary exceeding the TRS cap if the teacher retires any time after submitting his/her letter of retirement. For example, a teacher that has earned more than a 6% increase in his/her salary in any of the three years prior to the year in which the teacher would start receiving retirement benefits, would not be eligible for this program. Note: a teacher that has received a greater than 6% increase in his/her salary under a grandfathered contract may still be eligible for this program, provided he/she meets the other eligibility requirements set forth in this section. If the teacher is found to be ineligible for this program pursuant to the 6% salary increase limitation discussed in this paragraph, the teachers may reapply for this program in any subsequent year and will be eligible for the retirement incentive when he/she would no longer cause the Board to have to pay a penalty to TRS in the event the teacher were to retire any time after submitting his/her letter of retirement, provided the teacher meets all the other eligibility requirements of this Section A. 6. The parties to this Agreement may waive the eligibility requirement contained in 2.A.5. of Article XVIII of this Agreement on the condition the teacher executes a promissory note promising to repay all or a portion of the Retirement Benefits provided under 2.B. of Article XVIII. In the event the teacher retires prior to the date stated in the teacher’s irrevocable Notice of Retirement, the teacher shall be responsible for the payment defined in the promissory note. Before a teacher executes a promissory note, the Board and Association will come to agreement as to the amount. 7. May not be receiving retirement benefits from previous contracts. 8. May retire before reaching full retirement if there are no additional costs to the District. 9. If there is a change in the law that causes a penalty to the district, the incentive will be modified at the beginning of the next fiscal year, July 1, to eliminate the penalty. Staff currently in the 4-year incentive are held harmless. Changes will only apply to members making new requests for the retirement incentive after the July 1 deadline each year.
Disability Retirement If, as a result of your incapacity due to physical or mental illness, You shall have been absent from the full-time performance of your duties with the Company for 6 consecutive months, and within 30 days after written notice of termination is given You shall not have returned to the full-time performance of your duties, your employment may be terminated for "Disability." Termination of your employment by the Company or You due to your "Retirement" shall mean termination in accordance with the Company's retirement policy, including early retirement, generally applicable to its salaried employees or in accordance with any retirement arrangement established with your consent with respect to You.
Retirement Bonus 22:01 Employees retiring in accordance with the following: (a) Retire at age sixty-five (65) years; or (b) Retire after age sixty-five (65) years; or (c) Have completed at least ten (10) years continuous employment and retire after age fifty-five (55) years but before age sixty-five (65) years; (d) Employees who have completed at least ten (10) years continuous service with the Employer, whose age plus years of that service equal eighty (80); shall be granted retirement bonus on the basis of four (4) days per year of employment.
Normal Retirement Normal Retirement Age under the Plan is: (Choose (a) or (b)) [X] (a) 65 [State age, but may not exceed age 65].
