EARLY RETIREMENT POLICY. Section 1. Subd. 1.
EARLY RETIREMENT POLICY. 28.1 The Employer reserves the right to establish, revise or discontinue its early retirement policy without negotiations with the Federation. It is understood that any retirement policy established or revised by the Employer shall apply equally to all employees of the College. Adjunct faculty are not eligible to apply for early retirement.
EARLY RETIREMENT POLICY. No employees will be eligible to apply for the early retirement policy after SY 2020-2021
EARLY RETIREMENT POLICY. Any non-certified employee who has served in the Parkston School District #33-3 for fifteen (15) years can qualify for early retirement if the combination of the employee's age and their years of experience would total 75 and providing that they meet the following criteria: AGE AT Sept. 1 OF PERCENTAGE FACTOR TERMINATION YEAR (OF PRESENT YEAR’S SALARY) 55-62 90% Beginning with the 2016-17 school year, the percentages factor change to 85% of the present year’s salary. An early retiree’s age for purposes of computation under this section shall be said retiree’s age on September 1st of the calendar year in which employment terminates. The earliest age that an employee may be able to retire under the Early Retirement Policy is the year in which the employee will have completed their fifty-fifth (55) birthday by September 1st. The latest possible age that an employee would be able to work would be in the year that a retiree attained the age of sixty-two (62) by September 1st. The said retiree must apply for early retirement to the Superintendent by February 1st of the school year before retirement will commence, and an answer will be given within thirty (30) days of that date (February 1). Payment of the net amount benefit will be one (1) lump sum on the payday of the first pay period in July proceeding the termination year. An alternative payment could be given in two (2) equal installments: the first installment to be distributed on the payday of the first pay period in July preceding the termination year and the second installment to be distributed on the payday of the first pay period in January of the termination year. A non-certified employee who elects early retirement may remain in the insurance group(s) plan, retiree will do so assuming the entire payment of the insurance premium until age 65. Late payments and or returned checks will be grounds for canceling of your coverage thru the Parkston Public School District Board of Education. Lump sum payment shall be reduced by federal withholding tax, Social Security, and state retirement system deductions according to the procedures set up by the governing organizations for those deductions. A limit of one (1) eligible classified employee from PEA – Classified can retire in a given year. Should two employees make application, the oldest (age) employees would retire first. The board reserves the right to waive the number of eligible employees that may retire. In the event a non-certified employee entitled t...
EARLY RETIREMENT POLICY. 11.1 Upon reaching age 55, all tenured teachers with a minimum of fifteen (15) years of teaching experience at Xxxxxxxx-Xxxxxx Community High School #157 will be eligible to apply under the Xxxxxxxx-
EARLY RETIREMENT POLICY. 31
32 28.1 The Employer reserves the right to establish, revise, or discontinue its early retirement 33 policy without negotiations with the Federation. It is understood that any retirement policy 34 established or revised by the Employer shall apply equally to all employees of the College. 35 Lecturer faculty are not eligible to apply for early retirement. 36 37 38 ARTICLE 29 – FACULTY INVOLVEMENT IN RECRUITMENT AND SELECTION
40 29.1 Faculty Involvement: It is agreed that faculty involvement in the selection process is 41 desirable to the institution. Lecturer Faculty are covered by the terms of this Article, 42 however, they shall not be assigned to screening committees. 43 44
EARLY RETIREMENT POLICY. Any teacher may elect benefits under this provision under the terms and conditions as set forth below:
EARLY RETIREMENT POLICY. Employees of the Xxxxxxx County School District who find it necessary or desirable to retire early from employment with the District may elect to take early retirement under the terms and conditions set forth in this policy. Early retirement is entirely voluntary and at the discretion of an eligible employee. Eligibility -- An employee is eligible for early retirement if such employee:
1. Is not less than fifty-five (55) years of age as of June 30; and
2. Has twenty (20) years or more of employment service with the District.
3. Had a signed contract on or before 2014/2015 school year.
a. If separation in employment occurs the employee does not qualify under this policy.
b. Those who have separated from employment with the Xxxxxxx County District and are hired after the 2014/2015 school year do not qualify under this policy. Upon providing written notice to the Superintendent of Schools on or prior to March 1 of the year in which early retirement from the employ of the Xxxxxxx County School District is to commence, the eligible employee shall be paid the following benefits: Certified staff members who have reached the age of fifty-five (55) and have been employed with the District for a minimum of twenty (20) years may receive 51% of their current contract amount (excluding extra duty pay). If an employee has at least thirty (30) years of service at the time of retirement, they shall receive the full amount of their current contract (excluding extra duty pay). In addition, the staff member shall receive Two Hundred and NO/100 Dollars ($200.00) for each year of service in the Xxxxxxx County School District. The payment shall be payable either as one (1) lump sum payment, or six (6) equal payments. If the equal payments method is chosen, these payments must be take the last 3 months of the current calendar year (Oct.-Dec.) and the first three months of the following year (Jan-March). In the event the actual staff member dies while all or part of the early retirement benefit remains unpaid, such benefit will be paid to the beneficiary, or to the estate. An exception to the March 1st deadline occurs when formal notification of termination due to RIF is received by an employee from the superintendent. The employee will then have until 5:00 P.M. on the next school business day to submit their notice of retirement.
EARLY RETIREMENT POLICY. The Early Retirement Policy is hereby discontinued at the conclusion of the 2016-2017 school year, with the following exceptions:
1. Any early retiree prior to the 2016-2017 school year shall continue to receive early retirement benefits through the District with the same terms as agreed upon at time of early retirement.
2. Any Certified employee with at least 15 years of consecutive employment at the conclusion of the 2016-2017 school year shall remain eligible for early retirement with the District. Effective at the beginning of the 2017-2018 school year, only those Certified employees with at least 15 years of consecutive employment at the conclusion of the 2016-2017 school year may elect early retirement with the District, with the following terms:
1. A certified employee, who has completed at least twenty (20) years of consecutive employment with this school district as a full time certified employee as of June 30th of the year and attained the age of 55 years is eligible for early retirement benefits as defined herein.
2. An employee who is qualified for early retirement and who elects to take early retirement must provide to the Superintendent of Schools a written request on, or prior to, the third Monday of March of the year at the end of which such early retirement would occur and shall provide the Superintendent of Schools with a statement from the Social Security Administration showing the amount of Social Security Benefits the employee would receive as a Social Security benefit at age
EARLY RETIREMENT POLICY. 1. Any teacher of the Sioux Valley School District who finds it necessary or desirable to retire from employment with the District may elect to take retirement under the terms and conditions set forth in this policy. Retirement is entirely voluntary and at the discretion of an eligible employee. Such retirement must occur at the end of the contract term and may not commence during the term.
a. As per 2016-17 approved negotiations, the Sioux Valley early retirement plan will be eliminated effective June 30, 2019. Any eligible employee may take part in the early retirement plan and will be paid in full in June, in the year in which they retire, as long as all requirements are met and notifications are given to the superintendent on or prior to the second Monday in February at 12:00 noon, of the year in which retirement is to commence. The minimum age requirement stays at 55 and the minimum years stays at 10. There will be no maximum age limit. This negotiated language supersedes and takes precedence over any previous agreed upon language.
