Common use of Early Retirement Incentive Clause in Contracts

Early Retirement Incentive. To be eligible for this incentive a teacher must have been employed under a regular teaching contract during the 2001-2002 school year, must be at least 55 years of age and must have at least 20 years of LSC service as a certified teacher on regular contract. The eligible teacher that submits Appendix F as an intent to retire early will receive 1. A payment of up to $1,250 for each year of teaching service in the Lafayette School Corporation, not to exceed 25 years. 2. Minus the value of 401 (a) contributions (See appendix J in this contract) 3. Equals the present value of Early Retirement Benefits 4. The Early Retirement Benefit earned in Appendix I of the contract will be compared to number 3 above. The greater amount will be the early retirement payout. The EARLY RETIREMENT benefits calculated above will be paid out in eight (8) payments over a four-year period with such payments made semiannually on the first teacher payday after January 1 and June 30 of each calendar year. For a teacher retiring between January 1 and June 30th who has given written notice of retirement at least one (1) calendar year before the effective date of retirement, the first payment will be made in July. If at least one (1) calendar year’s written notice is not given, the first payment will be made in the month of January after retirement. For a teacher retiring between July 1 and December 31st who has given written notice of retirement at least one (1) calendar year before the effective date of retirement, the first payment will be made in January. If at least one (1) calendar year’s written notice is not given, the first payment will be made in the month of July after retirement. All such payments shall be made to the teacher’s 403(b) post retirement plan account. The payments will cease in the cycle when the teacher qualifies to receive full (normal) Social Security benefits. Total payments shall not exceed 8. It is the intent of the parties to allow teachers who have retired prior to the effective date of this contract to have no changes in their already designated early retirement benefits.

Early Retirement Incentive. To be eligible for this incentive a teacher must have been employed under a regular teaching contract during the 2001-2002 school year, must be at least 55 years of age and must have at least 20 years of LSC service as a certified teacher on regular contract. The eligible teacher that submits Appendix F as an intent to retire early will receive 1. A payment of up to $1,250 for each year of teaching service in the Lafayette School Corporation, not to exceed 25 years. 2. Minus the value of 401 (a) contributions (See appendix J in this contract) 3. Equals the present value of Early Retirement Benefits 4. The Early Retirement Benefit earned in Appendix I of the contract will be compared to number 3 above. The greater amount will be the early retirement payout. The EARLY RETIREMENT benefits calculated above will be paid out in eight (8) payments over a four-four year period with such payments made semiannually on the first teacher payday after January 1 and June 30 of each calendar year. For a teacher retiring between January 1 and June 30th who has given written notice of retirement at least one (1) calendar year before the effective date of retirement, the first payment will be made in July. If at least one (1) calendar year’s written notice is not given, the first payment will be made in the month of January after retirement. For a teacher retiring between July 1 and December 31st who has given written notice of retirement at least one (1) calendar year before the effective date of retirement, the first payment will be made in January. If at least one (1) calendar year’s written notice is not given, the first payment will be made in the month of July after retirement. All such payments shall be made to the teacher’s 403(b) post retirement plan account. The payments will cease in the cycle when the teacher qualifies to receive full (normal) Social Security benefits. Total payments shall not exceed 8. It is the intent of the parties to allow teachers who have retired prior to the effective date of this contract to have no changes in their already designated early retirement benefits.

Early Retirement Incentive. To be eligible for this incentive a teacher must have been employed under a regular teaching contract during the 2001-2002 school year, must be at least 55 years of age and must have at least 20 years of LSC service as a certified teacher on regular contract. The eligible teacher that submits Appendix F E as an intent to retire early will receive: 1. A payment of up to $1,250 for each year of teaching service in the Lafayette School Corporation, not to exceed 25 years. 2. Minus the value of 401 (a) contributions (See appendix J I in this contract) 3. Equals the present value of Early Retirement Benefits 4. The Early Retirement Benefit earned in Appendix I appendix H of the contract will be compared to number 3 above. The greater amount will be the early retirement payout. The EARLY RETIREMENT benefits calculated above will be paid out in eight (8) payments over a four-four year period with such payments made semiannually on the first teacher payday after January 1 and June 30 of each calendar year. For a teacher retiring between January 1 and June 30th who has given written notice of retirement at least one (1) calendar year before the effective date of retirement, the first payment will be made in July. If at least one (1) calendar year’s written notice is not given, the first payment will be made in the month of January after retirement. For a teacher retiring between July 1 and December 31st who has given written notice of retirement at least one (1) calendar year before the effective date of retirement, the first payment will be made in January. If at least one (1) calendar year’s written notice is not given, the first payment will be made in the month of July after retirement. All such payments shall be made to the teacher’s 403(b) post retirement plan account. The payments will cease in the cycle when the teacher qualifies to receive full (normal) Social Security benefits. Total payments shall not exceed 8. It is the intent of the parties to allow teachers who have retired prior to the effective date of this contract to have no changes in their already designated early retirement benefits.

Early Retirement Incentive. To be eligible for this incentive a teacher must have been employed under a regular teaching contract during the 2001-2002 school year, must be at least 55 years of age and must have at least 20 years of LSC service as a certified teacher on regular contract. The eligible teacher that submits Appendix F E as an intent to retire early will receive: 1. A payment of up to $1,250 for each year of teaching service in the Lafayette School Corporation, not to exceed 25 years. 2. Minus the value of 401 (a) contributions (See appendix J in this contract) 3. Equals the present value of Early Retirement Benefits 4. The Early Retirement Benefit earned in Appendix appendix I of the contract will be compared to number 3 above. The greater amount will be the early retirement payout. The EARLY RETIREMENT benefits calculated above will be paid out in eight (8) payments over a four-four year period with such payments made semiannually on the first teacher payday after January 1 and June 30 of each calendar year. For a teacher retiring between January 1 and June 30th who has given written notice of retirement at least one (1) calendar year before the effective date of retirement, the first payment will be made in July. If at least one (1) calendar year’s written notice is not given, the first payment will be made in the month of January after retirement. For a teacher retiring between July 1 and December 31st who has given written notice of retirement at least one (1) calendar year before the effective date of retirement, the first payment will be made in January. If at least one (1) calendar year’s written notice is not given, the first payment will be made in the month of July after retirement. All such payments shall be made to the teacher’s 403(b) post retirement plan account. The payments will cease in the cycle when the teacher qualifies to receive full (normal) Social Security benefits. Total payments shall not exceed 8. It is the intent of the parties to allow teachers who have retired prior to the effective date of this contract to have no changes in their already designated early retirement benefits.

Early Retirement Incentive. To be eligible for this incentive a teacher must have been employed under a regular teaching contract during the 2001-2002 school year, must be at least 55 years of age and must have at least 20 years of LSC service as a certified teacher on regular contract. The eligible teacher that submits Appendix F as an intent to retire early will receive 1. receive A payment of up to $1,250 for each year of teaching service in the Lafayette School Corporation, not to exceed 25 years. 2. Minus the value of 401 (a) contributions (See appendix J in this contract) 3. ) Equals the present value of Early Retirement Benefits 4. Benefits The Early Retirement Benefit earned in Appendix I of the contract will be compared to number 3 above. The greater amount will be the early retirement payout. The EARLY RETIREMENT benefits calculated above will be paid out in eight (8) payments over a four-four year period with such payments made semiannually on the first teacher payday after January 1 and June 30 of each calendar year. For a teacher retiring between January 1 and June 30th who has given written notice of retirement at least one one (1) calendar year before the effective date of retirement, the first payment will be made in July. If at least one (1) calendar year’s written notice is not given, the first payment will be made in the month of January after retirement. For a teacher retiring between July 1 and December 31st who has given written notice of retirement at least one (1) calendar year before the effective date of retirement, the first payment will be made in January. If at least one (1) calendar year’s written notice is not given, the first payment will be made in the month of July after retirement. All such payments shall be made to the teacher’s 403(b) post retirement plan account. The payments will cease in the cycle when the teacher qualifies to receive full (normal) Social Security benefits. Total payments shall not exceed 8. It is the intent of the parties to allow teachers who have retired prior to the effective date of this contract to have no changes in their already designated early retirement benefits.