Early Retirement Plan. The School Board of Miami-Dade County, Florida has implemented a Supplemental Early Retirement Plan (SERP) with an effective date of July 1, 1984, and the Board now desires to amend that plan as follows:
A. No employee will vest for participation in the SERP after July 1, 2000. Based on the provisions of the plan, it will remain in existence, and its provisions shall remain in full force for currently retired participants.
B. The Board agrees to pay the full cost of annuities for all participants who have retired under the SERP as of July 1, 2003, to the full extent permitted by Section 231.495, Florida Statutes, to wit, the total difference in retirement income between the retirement benefit based on average monthly compensation and creditable service as of the member's early retirement date and the early retirement benefit.
C. After all funds have been disbursed as set forth in paragraph 3 above, the Plan and the Trust shall terminate pursuant to the provisions of the SERP, Article VIII.
Early Retirement Plan. A. Persons eligible for the Xxxxxxx Public Schools Early Retirement plan must be eligible for retirement under MPSERS.
B. Eligible persons who make written application for early retirement will be considered if the financial status of the district would be improved or if layoffs are necessary. The Board has the final option to accept or reject all written applications.
C. After the teacher's request to participate in Early Retirement has been approved by the Superintendent of Schools the teacher may not withdraw his/her resignation.
D. In the event any portion of this agreement is found contrary to law, those aspects of the program will be considered null and void. The terms of the plan must be subject to approval by the MPSERS.
E. Teachers who participate in this plan may elect to extend their insurance benefits for one (1) year by contributing one-half of the cost of said yearly coverage from their lump sum payment. They will then return this amount to the Business Office for payment of premiums for said coverage. The Board will pay the remaining half of the costs of said coverage.
F. An eligible teacher will be paid a one (1) time payment of four thousand dollars ($4,000) within ninety (90) days after the last day worked. The total compensation for early retirement plan to be paid to the employee upon retirement is required to be paid by the Board on behalf of the eligible participant into a non-elective 403(b) tax deferred annuity. The remittance of this benefit by the Board on behalf of the eligible participant shall be subject to and made in accordance with applicable regulations of the Internal Revenue Service and the Board’s 403(b) package. The benefits shall be remitted to one of the district’s 403 (b) providers. Participants shall not have the option of receiving this benefit in any form other than through a non-elective 403 (b) tax deferred annuity as described above.
G. Teachers who have completed the school year and who participate under this plan will continue to receive their current insurance benefits through August 30.
H. Teachers must have completed at least fifteen (15) years of work in a position calling for teacher certification in the Xxxxxxx Public Schools system.
I. Any member who chooses to accept early retirement must provide in writing to the employer that they will not accept unemployment compensation in any form.
J. All applications must be received in the Superintendent's office by February 1st of the school year in which they...
Early Retirement Plan. 8.06.01. A Prior to reaching age sixty (60), teachers may elect to participate in the Early Retirement Plan. The Board of Education may limit the number of teachers retiring under the Teachers’ Retirement System’s Early Retirement Option to 10% of ERO eligible teachers. If there are more than 10% of ERO eligible teachers who wish to retire under the ERO, the opportunity to retire will be awarded to teachers with the greatest total continuous years of service in Glenbard Township High School District #87. For the purposes of determining ERO eligibility, sabbatical leaves and medical leaves shall be counted in determining years of employment but other leaves shall not be counted. To be eligible, an individual must have completed at least ten (10) consecutive years of teaching full-time or part-time in District #87 immediately preceding his/her retirement under the provisions of the Illinois Teachers' Retirement Act, the Teachers’ Retirement System and this section.
8.06.01. B There may be instances where teachers under the age of 60 have sufficient years of service credit in TRS to retire without an ERO penalty. In these instances and, conditioned upon there being no Board penalty of any kind, the Board agrees to allow these teachers the retirement benefits of the Professional Agreement. Further, the Board agrees not to count these teachers as part of the 10% limitation.
8.06.01. C Should this Early Retirement Plan be terminated, individuals already on the Early Retirement Plan and those who, during the year, have been approved for the Plan will be allowed to continue despite the termination of the Plan with respect to all other individuals.
8.06.01. D Should the requirements for retirement as established by the Illinois Legislature and/or Board of the Illinois Teachers’ Retirement System change to allow for full retirement benefits without discount as early as age fifty-five (55), Section 8.06 of the Agreement shall be deleted.
8.06.01. E If a teacher retires under the state’s ERO program, he/she will have options based on whether a penalty incurs. If no penalty incurs, the teacher may participate in the District’s group insurance programs as delineated in 8.06.
Early Retirement Plan. An early retirement plan has been established. The guidelines for which will be attached as Appendix A to this agreement.
Early Retirement Plan. The Board agrees to continue Regulation 2350-10 (Early Retirement Incentive Plan), with no downward adjustment to the "payout" schedule, during the course of this agreement.
Early Retirement Plan. 1. The District shall provide an early retirement plan to teaching staff between the ages of 50 and 64 who are at maximum on the salary scale and who wish to cease their teaching career. It is the intent of the District to provide the plan at no cost to the District. This option is not available to Teachers pursuing teaching positions in another locale and must be exercised in a school year prior to the Teacher reaching age 65.
2. Teachers wishing to exercise this retirement plan must advise the Secretary Treasurer in writing prior to March 31 in the year of retirement.
3. The retirement allowance is based on the Teachers' salary category as follows: For a Teacher at 4/max. $10,000 For a Teacher at 5/max. $12,000 For a Teacher at 6/max. $14,000
4. For part-time Teachers the incentive would be on a pro-rata basis using the Teacher's full time equivalent in the year of retirement.
5. Statutory deductions on this retiring allowance will be withheld at source on any such payment in accordance with the Income Tax Act.
6. The Board reserves the right to restrict the number of participants in the plan in any one year.
7. This plan will come into effect March 15, 1993 and will not be retroactive.
Early Retirement Plan. (Note: This plan was terminated by the Board of Education following the 2009-2010 school year.)
Early Retirement Plan. 22.1 The conditions of eligibility and benefits to full-time employees are as follows:
1. Participation shall be at the option of the employee.
2. After starting Early Retirement, any employment with District shall be limited to day-to- day substitute work.
3. The employee must have reached his/her 55 birthday prior to July 1 of the year he/she elects to retire early.
4. The employee must have rendered a total of ten (10) years of paid service to the District immediately prior to retirement.
5. The Superintendent may consider extenuating circumstances.
6. The employee must submit his/her letter of intent for early retirement to the Human Resources Department no less than ninety (90) days prior to the employee’s early retirement date.
7. Verification must be established by the District that the employee has filed his/her application for regular retirement benefit not a disability allowance with the Public Employee’s Retirement System.
8. The District will pay for the premium costs for employee benefit coverage for the retiree, not to exceed the total dollar amount allotted for employee benefit coverage to full-time employees in service with the District during the period of his/her participation in this program.
9. The period of employee benefit coverage shall not exceed ten (10) years and shall terminate the month following the employee’s 65th birthday.
10. The employee must be a member of a benefit plan and must also have been a member of that benefit plan for the time specified in the plan to qualify for benefits as a retired employee of the District.
11. Any retiree whose employment or eligibility status violates the provisions specified in this article shall be automatically disqualified from receiving further benefits under this program.
12. The parties will abide by whatever rules and regulations are specified by the insurance carriers/administrators.
22.1 This article shall become effective 1/1/99.
Early Retirement Plan. For purposes of this Article – all staff previously employed by the Lennox School District during the 2002-2003 school year, shall be allowed to carry over their years of continuous employment with the Lennox School District.
1. Any certified teacher who is in or beyond the certified teacher’s fifteenth (15) year of continuous employment in Tea Area School District 41-5 immediately prior to entering the program and who has attained the minimum age of fifty-five (55) years on or before June 30 of any school year may elect for the early retirement benefit. Certified teachers electing early retirement shall receive a cash benefit equal to 80% of their final year’s salary in accordance with the following schedule based on the age of the certified teacher.
Early Retirement Plan. For the duration of this Agreement an Early Retirement Plan will be available to teachers in accordance with the plan attached hereto and incorporated into contract document, pages 33 and 34.
