Common use of Early Retirement Plan Clause in Contracts

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. 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.the