Common use of EARLY RETIREMENT INCENTIVE PLAN Clause in Contracts

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. 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 their average FTE over his/her their 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. 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 - be age 55 or over, -be - be on the maximum step of the salary scale, -have - have completed ten (10) years of service in this District, -retire - 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. 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.