Common use of Early Retirement Plan Clause in Contracts

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 plan to retire in order to be considered.

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 s 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 plan to retire in order to be considered.

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 cash payment of four thousand dollars ($4,000) within ninety (90) days after the last day worked. This sum may be paid as wages or to an annuity approved by the Board. Participants must notify the Business Office of their choice (wages or annuity) by May 1 or the compensation will be paid as wages. 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 s 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 plan to retire in order to be considered.