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.
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Samples: Master Agreement, Master Agreement, Master Agreement
