EARLY RETIREMENT INCENTIVE PLAN. 1. Effective July 1, 1993, the Board shall pay an allowance to continuing contract teachers who retire from teaching in the District under the Teachers' Pension Plan subject to the following conditions:
a. The teacher must:
i. be between the age of fifty-five (55) and sixty-four (64) years, and ii. have completed ten (10) years or more continuous service with the Board, and
EARLY RETIREMENT INCENTIVE PLAN a) The Board may grant an early retirement incentive(s) at any time it deems it appropriate to Teachers with a minimum of fifteen (15) years seniority.
b) i) Teachers applying for an early retirement incentive(s) must submit their request no later than January 31 in each year.
EARLY RETIREMENT INCENTIVE PLAN. 23.1 The Board will pay an allowance to teachers who resign from the school district (and/or retire under the Teachers' Pension Plan) before reaching age sixty-five (65), subject to the following conditions: The teacher must:
a. be age fifty-five (55) or over;
b. be on the maximum step of the salary scale;
c. retire from teaching in this district; and
d. have served this school district for a minimum of ten (10) FTE years, the last two having been in continuous service.
23.2 The allowance will be paid in one or more annual installments as requested by the teacher and will be calculated as a percentage of the teacher's salary scale, exclusive of allowance, in the following amounts: 60 and under 100% 61 80% 62 60% 63 40% 64 20%
23.3 Part-time teachers will receive the allowance pro-rata to the percentage of time actually worked averaged over the last five (5) years of service prior to retirement.
23.4 The Board will also pay the full cost of the following fringe benefits, if applicable, to age sixty-five (65) or for five (5) years after retirement or until death, whichever is earlier:
a. Dental,
b. Extended health benefits.
23.5 The Board will encourage individuals to seek investment and income tax counselling to ensure receipt of payment in the most advantageous manner.
23.6 The Board will grant early retirement for up to three (3) teachers per year entering the plan. In the event of more than three applications, the length of aggregate service will determine eligibility. The age of the applicants shall be the second determining factor in the event of a tie.
23.7 Applications must be submitted in writing to the Superintendent of Schools prior to September 30th for retirement in that school year.
EARLY RETIREMENT INCENTIVE PLAN a. Provided the terms of the applicable benefit plans permit, the Employer will pay one hundred percent (100%) of the premium coverage on the following benefit plans for a period of one (1) year subsequent to the early retirement of the individual: i. medical ii. dental iii. extended health benefits
EARLY RETIREMENT INCENTIVE PLAN. The Board shall maintain an early retirement incentive plan for teachers in board policy.
EARLY RETIREMENT INCENTIVE PLAN. 1. The Board will pay an allowance to continuing contract teachers who retire from teaching in the District under the Teachers' Pension Plan, before reaching age sixty (60), subject to the following conditions: The teacher must:
a. be age fifty-five (55) or over,
b. have completed ten (10) years or more continuous service in their continuing appointment with the Board,
c. be actively employed at the time of retirement (including those on paid sick leave from the Board, but excluding those who have been accepted on SIP and LTD or who are on unpaid leave).
2. The allowance will be paid in one (1) or more installments, as requested by the teacher, and shall be calculated as a percentage of the teacher's salary scale, exclusive of allowances, in the following amounts: Age At Retirement One (1) Payment in First Year Five (5) Equal Payments in Five (5) Years 60 25.0% 50.0% 59 28.5% 57.0% 58 32.0% 64.0% 57 35.5% 71.0% 56 39.0% 78.0% 55 42.5% 85.0%
3. The amount so calculated shall be on dates mutually agreed between the applicable teacher and the Secretary-Treasurer, starting in the teacher's first (1st) year of retirement.
4. The retiring teacher's age shall be defined as their actual age at the effective date of retirement.
5. The above allowances shall be calculated on a pro rata basis in accordance with the average yearly percentage of time the applicable teacher actually worked in the five (5) years immediately preceding their retirement.
6. In order to be eligible for this incentive, teachers must apply in writing to the Superintendent or designate by March 31st of one school year, for retirement to take place in the next budget year (i.e., after July 1st).
7. Provided the terms of the applicable policies permit, individuals who retire early under this Article may maintain coverage on the following benefit plans for a maximum period of five (5) years by paying one hundred per centum (100%) of the premium costs: a. dental,
EARLY RETIREMENT INCENTIVE PLAN. 1. The Board will pay an allowance to teachers who resign from the School District (and/or retire under the Teachers‘ Pension Plan) before reaching age 65, subject to the following conditions: The teacher must: -be age 55 or over, -be on the maximum step of the salary scale, -have completed ten (10) years of service in this District, -retire from teaching in this District.
2. A teacher shall receive a financial incentive of $15,000 pro-rated to his/her average FTE over his/her total years of service. The financial incentive for full and part-time teachers shall be paid once only.
3. Teachers are no longer eligible to participate in the benefit plans.
4. Teachers are not eligible for rehire to continuing positions within the District.
EARLY RETIREMENT INCENTIVE PLAN. 16:18.1 The Board will pay an allowance to regular or school‐term employees who resign from the School District before reaching age 65, subject to the following conditions: The employee must:
1. have been actively at work on a regular and continuing basis for theprevious twelve (12) month period, 2. be age 55 or over, 3. have completed ten (10) years of service in thisDistrict,
EARLY RETIREMENT INCENTIVE PLAN. 1. Teachers must meet requirements for retirement as established by the Michigan Public School Employees Retirement System.
2. Incentive payment shall be paid to the employee only.
3. Notice is to be given as soon as possible and before March 1 of the year of retirement. If retiring in the second semester, must notify by October 1.
4. Payment shall be made in January of each year following retirement.
5. Early retirement incentive plan applicants must retire by or at the end of the year in which they become eligible to retire without penalty through the Michigan Public School Employees Retirement System Basic or MIP program.
6. Qualifying individuals who do not opt for this incentive shall forfeit the right to early retirement under this article.
7. Service credit purchased by the teacher prior to or upon retirement may or may not be used to determine eligibility for retirement at the teacher's option.
8. Retirement incentive payment shall be made in the following manner: the sum of twelve thousand dollars ($12,000) will be paid to qualifying persons retiring. Payment shall be over a three (3) year period, one-third (1/3) each January.
9. In the event of the employee's death after notice of retirement, any outstanding sums shall be paid to his/her beneficiary.
EARLY RETIREMENT INCENTIVE PLAN. 27.1 Subject to the approval of the Ministry of Education, the Board will pay a retirement gratuity to employees retiring before age 65 under the following terms and conditions.
