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.
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Samples: Collective Agreement, Collective Agreement, Collective Agreement
