Common use of Early Retirement Options Clause in Contracts

Early Retirement Options. The District shall provide a voluntary Early Retirement Plan for teachers between the ages of 55 and 65 70. 10.2.1 To be eligible for consideration for the Early Retirement Plan, the teacher must: a. have a minimum of ten (10) years of continuous service in the District in a position requiring certification (see Ed Code 44922); b. be between the ages of 55 and 65 70; c. have proposed the contract retirement voluntarily. 10.2.2 The retiree shall be provided opportunity to serve forty-five (45) days for no more than 270 hours per school year as a Retired Consultant, compensated per the Retired Consultant’s hourly rate indicated in Article 18 (Wages) and receive receiving the same salary percentage increase as regular teachers. Retirees serving the full 45 days shall receive $13,495 with prorated increments for total time less than 45 days. This figure number of hours might have to be reduced to ensure the retiree’s income shall not exceed the STRS (State Teachers’ Retirement System) maximum allowable earnings. The schedule of payment shall be as requested by the retiree within the constraints of the law. Payment shall be made upon completion of services, as indicated on the appropriate time sheet and submitted to payroll. This position is only considered “seasonal” in the sense that it is characterized by full- time shifts/days and sometimes full-time weeks, but only for limited portions of the year rather than the full year. Subject to the sole initiative of the District, the District and Association may at any time mutually approve any Retired Consultant for additional hours beyond the annual limit above. Hours approved must still be limited such that the Retired Consultant’s income would not exceed the STRS maximum allowable earnings, and it remains the member’s responsibility to verify their earnings and limits with CalSTRS beforehand and throughout the process. Neither party is under obligation to approve or to initiate. 10.2.3 The retiree shall perform such services which shall be mutually agreed upon by the parties and which meet the needs of the District. 10.2.4 The District shall provide not fewer than forty-two (42) slots (positions). Teachers entering this program will be provided the option of serving for two (2) years. When slots are vacant, the Education Code and STRS allow, and there is District approval, retirees who have served a minimum of two (2) years may be granted additional yearly contracts.

Early Retirement Options. The District shall provide a voluntary Early Retirement Plan for teachers between the ages of 55 and 65 70. 10.2.1 To be eligible for consideration for the Early Retirement Plan, the teacher must: a. have a minimum of ten (10) years of continuous service in the District in a position requiring certification (see Ed Code 44922); b. be between the ages of 55 and 65 70; c. have proposed the contract retirement voluntarily. 10.2.2 The retiree shall be provided opportunity to serve forty-five (45) days for no more than 270 hours per school year as a Retired Consultant, compensated per the Retired Consultant’s hourly rate indicated in Article 18 (Wages) and receive receiving the same salary percentage increase as regular teachers. Retirees serving the full 45 days shall receive $13,495 with prorated increments for total time less than 45 days. This figure number of hours might have to be reduced to ensure the retiree’s income shall not exceed the STRS (State Teachers’ Retirement System) maximum allowable earnings. The schedule of payment shall be as requested by the retiree within the constraints of the law. Payment shall be made upon completion of services, as indicated on the appropriate time sheet and submitted to payroll. This position is only considered “seasonal” in the sense that it is characterized by full- full-time shifts/days and sometimes full-time weeks, but only for limited portions of the year rather than the full year. Subject to the sole initiative of the District, the District and Association may at any time mutually approve any Retired Consultant for additional hours beyond the annual limit above. Hours approved must still be limited such that the Retired Consultant’s income would not exceed the STRS maximum allowable earnings, and it remains the member’s responsibility to verify their earnings and limits with CalSTRS beforehand and throughout the process. Neither party is under obligation to approve or to initiate. 10.2.3 The retiree shall perform such services which shall be mutually agreed upon by the parties and which meet the needs of the District. 10.2.4 The District shall provide not fewer than forty-two (42) slots (positions). Teachers entering this program will be provided the option of serving for two (2) years. When slots are vacant, the Education Code and STRS allow, and there is District approval, retirees who have served a minimum of two (2) years may be granted additional yearly contracts.