Common use of EARLY RETIREMENT INCENTIVE PLAN Clause in Contracts

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 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, b. extended health benefits, c. group insurance (if plan permits for retirees).

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 his/her 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 his/her 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,