EARLY RETIREMENT AND SEVERANCE PAY. Section A: Severance Pay
1. A staff member who wishes to retire at the end of a school year and receive the severance benefits enumerated in this article shall notify the District of his/her intent to retire by May 1, 2012 in the 2011- 2012 school year, and there after by April 1, of the school year in which he/she will retire. If a staff member wishes to retire during the school year and receive severance benefits, the staff member must give 30 days’ notice of the effective date of retirement which must coincide with the end of a grading period, unless otherwise mutually agreed.
1. A staff member who wishes to retire and receive the severance benefits enumerated in this article shall notify the District of his/her intent to retire on or before June 30, 2018 to retire at the end of the 2018-19 school year. To receive the severance benefits enumerated in this article for retirement at the end of years subsequent to 2018-19, retirement notice shall be submitted by March 1 of the school year prior to the school year at the end of which the member intends to retire, unless otherwise mutually agreed.
2. A staff member who timely submits notice of retirement for the end of the 2018-19 school year shall receive 4% incentive pay based on their placement on the salary schedule for the 2017-2018 school year, which represents 2.5% in addition to the 1.5% added to the base of the salary schedule for the 2018- 19 year. The first 1.5% of the incentive shall be paid as a portion of scheduled paychecks in the 2018-19 school year, and the second 2.5% in accordance with paragraph 9 8, below.
3. A teacher who has submitted timely notice of intent to retire at the end of the 2018-19 school year shall not serve in a new differential or new secondary sixth assignment for the 2018-19 school year in order to be eligible for the 4% retirement incentive pay set forth in paragraph 3, above.
4. Once submitted, notice of retirement is irrevocable, except in the event of a death of a spouse or life partner, or at written request of the staff member based upon a compelling emergency as determined at the sole discretion of the Board, which decision shall be nonprecedential and not grievable.
5. If the member fails to submit the timely notice of the intent to retire, the member will not receive any of the benefits outlined in this article. However, if there is a mutually agreed upon settlement of retirement, the member would receive the severance and health insurance agreement outlined in...
EARLY RETIREMENT AND SEVERANCE PAY. Section A: Severance Pay
1. A staff member who wishes to retire at the end of a school year and receive the severance benefits enumerated in this article shall notify the District of his/her intent to retire by May 1, 2012 in the 2011-2012 school year, and there after by April 1, of the school year in which he/she will retire. If a staff member wishes to retire during the school year and receive severance benefits, the staff member must give 30 days notice of the effective date of retirement which must coincide with the end of a grading period, unless otherwise mutually agreed.
2. Staff members possessing a minimum of ten years of service with the District shall be eligible for a retirement severance payment computed by multiplying his/her last daily rate of pay by twenty percent (20%) of accumulated sick leave days in excess of 105. This payment shall be made after the staff member’s receipt of his/her final paycheck from the District for services rendered, subject to the exception appearing below. The severance payment shall be made either with or prior to receipt of the staff member’s final paycheck, either in whole or part, to the extent such payment will not cause the staff member’s TRS creditable earnings for the year to exceed his/her prior year’s TRS creditable earnings by a factor of six percent (6%).
3. Any accumulated sick days used towards credited service with the ITRS will not be counted in the calculation of severance pay.
4. The following are ineligible to receive any severance payment:
a. Any staff member whose dismissal is sustained by the Illinois State Tenure Commission.
b. Any staff member who is dismissed or who resigns at the request of the Board, if the dismissal or request for resignation is deemed to be for just cause by the Association.
c. Any staff member who leaves the system contrary to the provisions of the Illinois State Tenure Act, or contrary to the terms of his employment contract.
d. Any staff member who has previously received this benefit from the District.
