Common use of Early Retirement Clause in Contracts

Early Retirement. Any Member of the Bargaining Unit hired before 2009 and qualified for early retirement by June 30, 2021, who has completed at least ten (10) years of consecutive employment with the Winner School District as a full-time certified teacher as of June 30 of the year, and the sum of whose age plus the number of years of credited service equals at least eighty-five (85) as of June 30, may elect early retirement. As used in the preceding sentence, the ‘number of years of credited service’ shall be the number of years that the Member has taught full-time as a certified teacher in any accredited school system. A Member of the Bargaining Unit who is qualified for early retirement and who elects to take early retirement must notify the Superintendent thereof in writing prior to May 5 of the year which precedes the school year at the end of which such early retirement will occur. The final notification date is May 5, 2020. However, the Board may excuse lack of sufficient notice and may authorize a Member’s early retirement if it determines that extraordinary circumstances exist which were not foreseeable at the time when notice was otherwise due, so long as the Member’s early retirement will not cause undue harm or hardship to the District. Starting with the 2010/2011 contract year, if a Member of the Bargaining unit withdraws his/her letter of intent more than one time, he/she will waive his/her right to retirement benefits. Members of the bargaining unit who wish to retire and receive the retirement benefits at the end of that current year, will submit a written resignation prior to the first day of second semester. Upon such early retirement, the Member shall be entitled to receive a cash payment that is equal to seventy-five percent (75%) of the Member’s last effective contracted annual salary, exclusive of extra duty pay. The cash payments shall be payable in four equal payments to be paid as follows: one fourth of the lump sum to be paid on the June 30th immediately following retirement and one fourth on each subsequent June 20th until paid in full. In the event the Member of the Bargaining Unit dies while all or any part of these early retirement benefits remain unpaid, such benefits shall be paid to the designated beneficiary of the Member or to the Member’s estate. This provision is separate from, in addition to, and is not in any way connected with any provision of or benefits available under the South Dakota Retirement System. South Dakota law defines and controls any benefits therein that may be available to the Members of the Bargaining Unit. If any portion of this provision is found to be void as contrary to law, the Bargaining Unit and the Board shall commence negotiations as soon as practicable to make those revisions necessary to bring this provision into compliance with the law.

Early Retirement. Any Member of the Bargaining Unit hired before 2009 and qualified for early retirement by June 30, 2021Unit, who has completed at least ten (10) years of consecutive employment with the Winner School District as a full-time certified teacher as of June 30 30th of the year, and the sum of whose age plus the number of years of credited service equals at least eighty-five (85) as of June 3030th, may elect early retirementto retire early. As used in the preceding sentence, the ‘number of years of credited service’ shall be the number of years that the Member has taught full-time as a certified teacher in any accredited school system. A Member of the Bargaining Unit who is qualified for early retirement and who elects to take early retirement must notify the Superintendent thereof in writing prior to May 5 15th of the year which precedes the school year at the end of which such early retirement will occur. The final notification date is May 5, 2020. However, the Board may excuse lack of sufficient notice and may authorize a Member’s early retirement if it determines that extraordinary circumstances exist which were not foreseeable at the time when notice was otherwise due, so long as the Member’s early retirement will not cause undue harm or hardship to the District. Starting with the 2010/2011 contract year, if a Member of the Bargaining unit withdraws his/her letter of intent more than one time, he/she will waive his/her right to retirement benefits. Members of the bargaining unit unit, who wish to retire and receive the retirement benefits at the end of that current year, will submit a written resignation prior to the first day March 1st of second semesterthat year. Upon such early retirement, the Member shall be entitled to receive a cash payment that is equal to seventy-five percent (75%) of the Member’s last effective contracted annual salary, exclusive of extra duty pay. The cash payments payment shall be payable either as one lump sum payment, or in four three equal payments to be paid as follows: one fourth one-third of the lump sum to be paid on the June 30th immediately following retirement and one fourth one-third on each subsequent June 20th until paid in full. In the event the Member of the Bargaining Unit dies while all or any part of these early retirement benefits remain unpaid, such benefits shall be paid to the designated beneficiary of the Member Member, or to the Member’s estate. A Member of the Bargaining Unit electing early retirement shall have the opportunity to convert the then-existing health insurance program, at the Members expense, providing notice of intent to convert is submitted to the group insurance administrator within sixty (60) days of the elected retirement date. This provision is separate from, in addition to, and is not in any way connected with any provision of or benefits available under the South Dakota Retirement System. South Dakota law defines and controls any benefits therein that may be available to the Members of the Bargaining Unit. If any portion of this provision is found to be void as contrary to law, the Bargaining Unit and the Board shall commence negotiations as soon as practicable to make those revisions necessary to bring this provision into compliance with the law.

Early Retirement. Any Member After a minimum of the Bargaining Unit hired before 2009 and qualified for early retirement by June 30, 2021, who has completed at least ten eighteen (1018) years of consecutive employment with service in the Winner School District as a fulldistrict, an employee meeting the minimum eligibility requirements of the Vermont Retirement system may enroll in the following program. Employees who have worked part-time certified teacher as are eligible for this program on a pro-rated basis if they have the equivalent of eighteen (18) years of full time service. a) Early retirement must occur no later than June 30 of the year, and school year in which the sum of whose employee reaches age plus the number of years of credited service equals at least eightysixty-five two (8562). b) as of June 30, may elect An employee electing to retire early retirement. As used in the preceding sentence, the ‘number of years of credited service’ shall be the number of years that the Member has taught full-time as a certified teacher in any accredited school system. A Member of the Bargaining Unit who is qualified for early retirement and who elects to take early retirement must notify the Superintendent thereof in writing prior to May 5 School Board of the year which precedes the school year at the end of which such early retirement will occur. The final notification date is May 5, 2020. However, the Board may excuse lack of sufficient notice and may authorize a Member’s early retirement if it determines that extraordinary circumstances exist which were not foreseeable at the time when notice was otherwise due, so long as the Member’s early retirement will not cause undue harm or hardship to the District. Starting with the 2010/2011 contract year, if a Member of the Bargaining unit withdraws his/her intent to retire early by submitting a letter of intent more resignation to the SAU office no later than one time, he/she will waive his/her right to November 1 requesting early retirement benefits. Members effective July 1 of the bargaining unit who wish following calendar year. This letter represents a commitment that cannot be withdrawn after sixty (60) days following its submission. Notices of early retirement submitted at other times may be considered at the discretion of the Superintendent. c) If there are multiple applicants, up to retire three (3) requests per year shall be approved by the School Board. Those teachers with the greatest seniority will be given first consideration. Second consideration will be given in order of filing date if employees of equal seniority apply. If a teacher is not granted early retirement for the year of initial request and receive reapplies the following year, that teacher will be placed ahead of any other teachers requesting early retirement at a later date. The approval of early retirement shall be treated as a voluntary termination and the teacher shall have no guarantee to continue teaching in the District after that date. d) The early retirement stipend shall be equal to 132% of Track 1, Step 1 of the Salary Schedule in effect during the last year of the employee’s employment, and shall be paid in equal monthly installments over a period of seven (7) years commencing with the month following the retirement benefits at date. Retirees may designate a beneficiary to whom payments will be made in the end event of that current year, will submit a written resignation prior to death before the first day of second semester. Upon such early retirement, the Member shall be entitled to receive a cash complete payment that is equal to seventy-five percent (75%) of the Member’s last effective contracted annual salary, exclusive of extra duty pay. The cash payments shall be payable in four equal payments to be paid as follows: one fourth of the lump sum to be paid on the June 30th immediately following retirement and one fourth on each subsequent June 20th until paid in fullstipend. In the event case of no designated beneficiary, payments will be made to the Member estate of the Bargaining Unit dies while all or any part of these early retirement benefits remain unpaid, such benefits shall be paid to the designated beneficiary of the Member or to the Member’s estate. This provision is separate from, in addition to, and is not in any way connected with any provision of or benefits available under the South Dakota Retirement System. South Dakota law defines and controls any benefits therein that may be available to the Members of the Bargaining Unit. If any portion of this provision is found to be void as contrary to law, the Bargaining Unit and the Board shall commence negotiations as soon as practicable to make those revisions necessary to bring this provision into compliance with the lawdeceased retiree.

Early Retirement. Any Member of the Bargaining Unit hired before 2009 and qualified A. An employee shall be eligible for early retirement by if: 1. On June 30, 2021final work day of the year, who the employee will be at least 55 years of age; and 2. As of the end of the year preceding early retirement the employee has completed the equivalent of at least ten (10) 12 years of consecutive employment with the Winner School District as a full-time certified teacher service at Amherst; and 3. On or before January 1 of the year preceding early retirement, the employee submits request to the board to be considered for early retirement. B. The board shall consider all requests for early retirement and shall grant up to three (3) such requests per year. If the board receives more than three (3) requests for early retirement to commence in any given year, it shall determine those who receive early retirement as follows: 1. First by age of the eligible employees as of June 30 of the last service year, and the sum older employee being given preference; 2. Should there be a tie, next by length of whose age plus full-time service at Amherst. The Board, at its discretion, may approve additional applicants beyond the number provided above, and/or extend the deadline for application beyond the date above. C. The Board shall postmark notification to applicants whether or not early retirement has been granted by April 15 of years of credited service equals at least eightythe year preceding early retirement. Each applicant shall have twenty-five (8525) as of June 30, may elect early retirement. As used in school days from the preceding sentence, the ‘number of years of credited service’ shall be the number of years that the Member has taught full-time as a certified teacher in any accredited school system. A Member of the Bargaining Unit who date notification is qualified for received to accept early retirement and who elects submit a signed statement of retirement to take early the superintendent of schools. A statement of retirement must notify shall be treated as a voluntary termination and the Superintendent thereof employee shall have no right to continue working in writing prior to May 5 of the year which precedes the school year at the end of which such early retirement will occur. The final notification date is May 5, 2020district after that date. However, the Board employee may excuse lack apply to be reinstated, and the board shall grant reinstatement if that request is forwarded to the board by January 1st of sufficient notice the retiring year, provided the employee includes as part of such application a signed, dated agreement and may authorize a Member’s authorization for the district to deduct from salary the full amount paid to the employee under section E.1 of this Article. D. Eligible employees requesting but not receiving early retirement if it determines that extraordinary circumstances exist which were shall be given first consideration in the next year in accordance with the criteria in section B above. An employee who applies for and is granted early retirement, but decides not foreseeable at to take it, shall not receive preferential consideration in the time when notice was otherwise due, so long as the Member’s next year. E. The early retirement will not cause undue harm or hardship to the Districtshall include: 1. Starting with the 2010/2011 contract year, if a Member A single cash payment of the Bargaining unit withdraws his/her letter of intent more than one time, he/she will waive his/her right to retirement benefits. Members of the bargaining unit who wish to retire and receive the retirement benefits at $3,000 by the end of that current year, will submit a written resignation prior to the first day of second semester. Upon such school year preceding early retirement, 2. An additional amount in salary during the Member shall be entitled to receive a cash payment that is equal to seventy-five percent (75%) final year of the Member’s last effective contracted annual salary, exclusive of extra duty pay. The cash payments shall be payable in four equal payments to be paid service as follows: one fourth Age on July 1 of Final Year of Service Salary Benefit At least 55 $5000 3. A retirement payment in the lump sum amount of $1000 each year for five (5) years following retirement; said $1000 to be paid on the June 30th immediately following retirement and one fourth on each subsequent June 20th until paid in full. In the event the Member of the Bargaining Unit dies while all or any part of these early retirement benefits remain unpaid, such benefits shall be paid to the designated retired employee or named beneficiary of no later than thirty (30) days after the Member or to the Member’s estate. This provision is separate from, in addition to, and is not in any way connected with any provision of or benefits available under the South Dakota Retirement System. South Dakota law defines and controls any benefits therein that may be available to the Members of the Bargaining Unit. If any portion of this provision is found to be void as contrary to law, the Bargaining Unit and the Board shall commence negotiations as soon as practicable to make those revisions necessary to bring this provision into compliance with the lawdistrict receives a request for payment.

Early Retirement. Any Member of the Bargaining Unit hired before 2009 and qualified A. An employee shall be eligible for early retirement by if: 1. On June 30, 2021final work day of the year, who the employee will be at least 55 years of age; and 2. As of the end of the year preceding early retirement the employee has completed at least ten twelve (1012) years of consecutive employment with service; and 3. On or before January 1 of the Winner School District year preceding early retirement, the employee submits request to the board to be considered for early retirement. B. The board shall consider all requests for early retirement and shall grant a minimum of three (3) such requests per year. It shall not be considered a past practice if the Board approves four (4) or more retirement requests in any year and the Board shall not be obligated to approve more than three (3) requests in a given year. If the board receives more than three (3) requests for early retirement to commence in any given year, it shall determine those who receive early retirement as a full-time certified teacher follows: 1. First by age of the eligible employees as of June 30 of the last service year, and the sum older employee being given preference; 2. Should there be a tie, next by length of whose age plus full-time service at Amherst. The Board, at its discretion, may approve additional applicants beyond the minimum number provided above, and/or extend the deadline for application beyond the date above. C. The Board shall postmark notification to applicants whether or not early retirement has been granted by April 15 of years of credited service equals at least eightythe year preceding early retirement. Each applicant shall have twenty-five (8525) as of June 30, may elect early retirement. As used in school days from the preceding sentence, the ‘number of years of credited service’ shall be the number of years that the Member has taught full-time as a certified teacher in any accredited school system. A Member of the Bargaining Unit who date notification is qualified for received to accept early retirement and who elects submit a signed statement of retirement to take early the superintendent of schools. A statement of retirement must notify shall be treated as a voluntary termination and the Superintendent thereof employee shall have no right to continue working in writing prior to May 5 of the year which precedes the school year at the end of which such early retirement will occur. The final notification date is May 5, 2020district after that date. However, the Board employee may excuse lack apply to be reinstated, and the board shall grant reinstatement if that request is forwarded to the board by January 1st of sufficient notice the retiring year, provided the employee includes as part of such application a signed, dated agreement and may authorize a Member’s authorization for the district to deduct from salary the full amount paid to the employee under section E.1 of this Article. D. Eligible employees requesting but not receiving early retirement if it determines that extraordinary circumstances exist which were shall be given first consideration in the next year in accordance with the criteria in section B above. An employee who applies for and is granted early retirement, but decides not foreseeable at to take it, shall not receive preferential consideration in the time when notice was otherwise due, so long as the Member’s next year. E. The early retirement will not cause undue harm or hardship to the Districtshall include: 1. Starting with the 2010/2011 contract year, if a Member A single cash payment of the Bargaining unit withdraws his/her letter of intent more than one time, he/she will waive his/her right to retirement benefits. Members of the bargaining unit who wish to retire and receive the retirement benefits at $7,000 by the end of that current year, will submit a written resignation prior to the first day of second semester. Upon such school year preceding early retirement, 2. An additional amount in salary during the Member shall be entitled to receive a cash payment that is equal to seventy-five percent (75%) final year of the Member’s last effective contracted annual salary, exclusive of extra duty pay. The cash payments shall be payable in four equal payments to be paid service as follows: one fourth Age on July 1 of Final Year of Service Salary Benefit At least 55 years $6,000 3. Employees who work less than 30 hours per week in the lump sum to be paid employee’s final year of service will have their early retirement payment amount prorated based on the June 30th immediately following retirement and one fourth on each subsequent June 20th until paid in employee’s average full. In the event the Member of the Bargaining Unit dies while all or any part of these early retirement benefits remain unpaid, such benefits shall be paid to the designated beneficiary of the Member or to the Member’s estate. This provision is separate from, in addition to, and is not in any way connected with any provision of or benefits available under the South Dakota Retirement System. South Dakota law defines and controls any benefits therein that may be available to the Members of the Bargaining Unit. If any portion of this provision is found to be void as contrary to law, the Bargaining Unit and the Board shall commence negotiations as soon as practicable to make those revisions necessary to bring this provision into compliance with the law-time equivalency value.

Early Retirement. Any Member of the Bargaining Unit hired before 2009 and qualified for early retirement by June 30, 2021on the ninth or higher step on the salary schedule, who has completed at least ten (10) years of consecutive employment with the Winner School District as a full-time certified teacher as of June 30 30th of the year, and the sum of whose age plus the number of years of credited service equals at least eighty-five (85) as of June 3030th, may elect early retirementto retire early. As used in the preceding sentence, the ‘number of years of credited service’ shall be the number of years that the Member has taught full-full- time as a certified teacher in any accredited school system. A Member of the Bargaining Unit who is qualified for early retirement and who elects to take early retirement must notify the Superintendent thereof in writing prior to May 5 April 1st of the year which precedes the school year at the end of in which such early retirement will occur. The final notification date is May 5, 2020. However, the Board may excuse lack of sufficient notice and may authorize a Member’s early retirement if it determines that extraordinary circumstances exist which were not foreseeable at the time when notice was otherwise due, so long as the Member’s early retirement will not cause undue harm or hardship to the District. Starting with the 2010/2011 contract year, if a Member of the Bargaining unit withdraws his/her letter of intent more than one time, he/she will waive his/her right to retirement benefits. Members of the bargaining unit who wish to retire and receive the retirement benefits at the end of that current year, will submit a written resignation prior to the first day of second semester. Upon such early retirement, the Member shall be entitled to receive a cash payment that is equal to seventy-five percent (75%) of the Member’s last effective contracted annual salary, exclusive of extra duty pay. The cash payments payment shall be payable either as one lump sum payment, or in four three equal payments to be paid as follows: one fourth one-third of the lump sum to be paid on the June 30th immediately following retirement and one fourth one-third on each subsequent June 20th until paid in full. In the event the Member of the Bargaining Unit dies while all or any part of these early retirement benefits remain unpaid, such benefits shall be paid to the designated beneficiary of the Member Member, or to the Member’s estate. A Member of the Bargaining Unit electing early retirement shall have the opportunity to convert the then-existing health insurance program, at the Members expense, providing notice of intent to convert is submitted to the group insurance administrator within sixty (60) days of the elected retirement date. This provision is separate from, in addition to, and is not in any way connected with any provision of or benefits available under the South Dakota Retirement System. South Dakota law defines and controls any benefits therein that may be available to the Members of the Bargaining Unit. If any portion of this provision is found to be void as contrary to law, the Bargaining Unit and the Board shall commence negotiations as soon as practicable to make those revisions necessary to bring this provision into compliance with the law.

Early Retirement. 1. All certified teachers employed with the Lennox School District 41-4 as of school year 2015-2016 will remain eligible for the district’s Early Retirement Plan per the provisions listed below. Any Member voluntary separation of service from the Lennox School District after school year 2015-2016 and prior to attaining the age requirements and other provisions of the Bargaining Unit hired before 2009 Early Retirement Plan will disqualify these same certified teachers from the Early Retirement Plan. All certified teachers employed after school year 2015-2016 will not be eligible for the Early Retirement Plan. 2. Any certified teacher who is in or beyond the certified teacher's fifteenth (15) year of continuous employment in Lennox School District 41-4 immediately prior to entering the program and qualified for early retirement by June 30, 2021, who has completed at least ten attained the minimum age of fifty-four (1054) years of consecutive employment with the Winner School District as a full-time certified teacher as of on or before June 30 of the year, and the sum of whose age plus the number of years of credited service equals at least eighty-five (85) as of June 30, any school year may elect early retirement. As used in for the preceding sentence, the ‘number of years of credited service’ shall be the number of years that the Member has taught full-time as a certified teacher in any accredited school system. A Member of the Bargaining Unit who is qualified for early retirement and who elects to take benefit. Certified teachers electing early retirement must notify the Superintendent thereof in writing prior to May 5 of the year which precedes the school year at the end of which such early retirement will occur. The final notification date is May 5, 2020. However, the Board may excuse lack of sufficient notice and may authorize a Member’s early retirement if it determines that extraordinary circumstances exist which were not foreseeable at the time when notice was otherwise due, so long as the Member’s early retirement will not cause undue harm or hardship to the District. Starting with the 2010/2011 contract year, if a Member of the Bargaining unit withdraws his/her letter of intent more than one time, he/she will waive his/her right to retirement benefits. Members of the bargaining unit who wish to retire and receive the retirement benefits at the end of that current year, will submit a written resignation prior to the first day of second semester. Upon such early retirement, the Member shall be entitled to receive a cash payment that is equal to seventy-five percent (75%) benefit in accordance with the following schedule based on the age of the Member’s last effective contracted annual salarycertified teacher. Age on June 30 Percentage of Number of Semi- Installments 3. The benefit paid to each certified teacher shall be in accordance with the certified teacher's final salary with the district, exclusive of excluding extra duty pay or extended pay. The cash payments benefit shall be payable in four six (6) equal semi-annual installments. The first installment shall be after July 1 immediately following retirement, with subsequent payments every six (6) months thereafter. These payments will be made into an Employer Sponsored Non-Erisa 403(b). 4. In order to be paid as follows: one fourth qualify for early retirement benefits, the certified teacher shall notify the superintendent in writing of his/her intention to retire not later than February 1 of the lump sum to year in which retirement shall occur. The applicant shall be paid on notified of the June 30th immediately following decision of such application within thirty (30) days or no later than March 1 of the year in which retirement and one fourth on each subsequent June 20th until paid in fullshall occur. Early retirement must coincide with the end of the school term. 5. In the event the Member of the Bargaining Unit dies a certified teacher entitled to a benefit shall die while all or any part of these early retirement benefits remain such benefit remains unpaid, such benefits unpaid benefit or part thereof shall be paid in accordance with subsection two (2) aforementioned, to the beneficiary designated in writing by the certified teacher on a form prescribed by the school business office. In the event that no beneficiary exists said unpaid benefit shall be paid to the designated beneficiary estate of the Member or deceased. 6. Any certified teacher electing early retirement may continue participation in the school district's group health and dental insurance program according to the Member’s estaterules and regulations established by the district's insurance carrier. This provision is separate from, Such participation may continue until age sixty-five (65). The certified teacher selecting early retirement must pay one hundred percent (100%) of the premium for single or family coverage. The school will not contribute to the payment of health or dental insurance premiums nor annuities for retired certified teachers. Said insurance premium payments to be paid by the certified teacher shall be done in addition to, and is accordance with the rule promulgated by the school district and/or the insurance carrier. 7. Early retirement benefits will not be paid to any person who has retired prior to the 1989-90 school year. 8. No more than two percent (2%) of the school's budget for instructional salaries can be withdrawn in any way connected with any provision one (1) year from the early retirement fund. If the number of or benefits available under the South Dakota Retirement System. South Dakota law defines and controls any benefits therein that may be available to the Members applicants who apply for early retirement reflect more than two percent (2%) of the Bargaining Unit. If any portion of this provision is found district's general fund budget for instructional salaries; the certified teacher(s) who applied last, as established by their dated application, shall be the first to be void as contrary denied the opportunity to lawretire early. 9 A signed agreement between the Board of Education, the Bargaining Unit Lennox School District 41-4 and the Board retiree shall commence negotiations as soon as practicable to make those revisions necessary to bring this provision into compliance with the lawbe consummated.

Early Retirement. Any Member of the Bargaining Unit hired before 2009 and qualified for early retirement by June 30, 20212009, who has completed at least ten (10) years of consecutive employment with the Winner School District as a full-time certified teacher as of June 30 of the year, and the sum of whose age plus the number of years of credited service equals at least eighty-five (85) as of June 3030th, may elect early retirement. As used in the preceding sentence, the ‘number of years of credited service’ shall be the number of years that the Member has taught full-time as a certified teacher in any accredited school system. A Member of the Bargaining Unit who is qualified for early retirement and who elects to take early retirement must notify the Superintendent thereof in writing prior to May 5 15th of the year which precedes the school year at the end of which such early retirement will occur. The final notification date is May 5, 2020. However, the Board may excuse lack of sufficient notice and may authorize a Member’s early retirement if it determines that extraordinary circumstances exist which were not foreseeable at the time when notice was otherwise due, so long as the Member’s early retirement will not cause undue harm or hardship to the District. Starting with the 2010/2011 contract year, if a Member of the Bargaining unit withdraws his/her letter of intent more than one time, he/she will waive his/her right to retirement benefits. Members of the bargaining unit unit, who wish to retire and receive the retirement benefits at the end of that current year, will submit a written resignation prior to the first day of second semester. Upon such early retirement, the Member shall be entitled to receive a cash payment that is equal to seventy-five percent (75%) of the Member’s last effective contracted annual salary, exclusive of extra duty pay. The cash payments shall be payable in four equal payments to be paid as follows: one fourth of the lump sum to be paid on the June 30th immediately following retirement and one fourth on each subsequent June 20th until paid in full. In the event the Member of the Bargaining Unit dies while all or any part of these early retirement benefits remain unpaid, such benefits shall be paid to the designated beneficiary of the Member Member, or to the Member’s estate. A Member of the Bargaining Unit electing early retirement shall have the opportunity to convert the then-existing health insurance program, at the Members expense, providing notice of intent to convert is submitted to the group insurance administrator within sixty (60) days of the elected retirement date. This provision is separate from, in addition to, and is not in any way connected with any provision of or benefits available under the South Dakota Retirement System. South Dakota law defines and controls any benefits therein that may be available to the Members of the Bargaining Unit. If any portion of this provision is found to be void as contrary to law, the Bargaining Unit and the Board shall commence negotiations as soon as practicable to make those revisions necessary to bring this provision into compliance with the law.

Early Retirement. Any Member The School Corporation shall amend its qualified retirement plan, as described in section 401(a) of the Bargaining Unit hired before 2009 Internal Revenue Code, to provide for the following: a. The Board and qualified Association agree that the School Corporation shall contribute the total sum of the amount calculated by Educational Services Company as the present value for early each certified school employee’s Early Retirement, to the 401(a) plan. b. Contributions by the School Corporation into the 401(a) plan shall be made by the School Corporation by March 28, 2011. c. If a certified school employee that is vested should die, any amounts remaining in the deceased certified school employee’s 401(a) plan account shall be distributed to the decedent’s designated beneficiary. d. The 401(a) plan account shall not make any loans to the certified school employee, his/her spouse or his/her other dependents. e. The funds deposited into the 401(a) plan for a particular certified school employee shall be invested in a separate account. Funds deposited in the 401(a) plan will not be commingled and each of the certified school employees shall determine how his/her account will be invested among the available options provided by the 401(a) vendor. f. A certified school employee shall be fully vested in the retirement by June 30benefits described in Article VIII, 2021if the retiring certified school employee has satisfied the following requirements: the certified school employee provides proper notice of the intent to retire, who has completed the certified school employee is at least fifty-five (55) years old, has at least fifteen (15) years of teaching experience, and of which the last ten (10) years of consecutive employment teaching experience has been with the Winner School District as Corporation. g. If a full-time certified teacher as of June 30 school employee retires or otherwise terminates employment before satisfaction of the yearrequirements set forth in Article VIII, and Section G(2)(f), the sum of terminated certified school employee’s 401(a) plan account shall be forfeited. Certified school employees whose age plus the number of years of credited service equals at least eighty-five (85positions are eliminated by a reduction in force shall not forfeit his/her individual 401(a) as of June 30, may elect early retirementplan account assets until his/her recall rights have expired. As used Any funds in the preceding sentence401(a) plan account that are forfeited pursuant to the terms of this Agreement, the ‘number of years of credited service’ shall be the number of years that the Member has taught full-time as a certified teacher in any accredited school system. A Member of the Bargaining Unit who is qualified for early retirement and who elects to take early retirement must notify the Superintendent thereof in writing prior to May 5 of the year which precedes the school year reallocated at the end of which such early retirement will occur. The final notification date is May 5, 2020each plan year among the remaining separate 401(a) plan accounts in a manner similar to that used in initially determining the present value calculations. However, the Board may excuse lack of sufficient notice a certified school employee who is subject to a reduction in force, and may authorize a Member’s early retirement if it determines that extraordinary circumstances exist which were not foreseeable at the time when notice was otherwise duewho is eligible for, so long as the Member’s early retirement will not cause undue harm or hardship to the District. Starting with the 2010/2011 contract year, if a Member of the Bargaining unit withdraws his/her letter of intent more than one time, he/she will waive his/her right to retirement benefits. Members of the bargaining unit who wish to retire and receive the retirement benefits at the end of that current year, will submit a written resignation prior to the first day of second semester. Upon such early retirementfully vested in, the Member proposed Severance Pay buyout, shall be entitled to receive all funds held in his/her respective 401(a) plan account at the time the certified school employee is removed from the recall list. h. Until a cash payment that is equal certified school employee has retired, the certified school employee shall have no access to seventy-five percent (75%the assets held in his/her separate 401(a) of plan account. Upon retirement, a retired certified school employee may elect to commence distributions from his/her 401(a) plan account. i. The vendor for the Member’s last effective contracted annual salary, exclusive of extra duty pay. The cash payments 401(a) plan account shall be payable in four equal payments to be paid as follows: one fourth of the lump sum to be paid on the June 30th immediately following retirement and one fourth on each subsequent June 20th until paid in full. In the event the Member of the Bargaining Unit dies while all or any part of these early retirement benefits remain unpaid, such benefits shall be paid to the designated beneficiary of the Member or to the Member’s estate. This provision is separate from, in addition to, and is not in any way connected with any provision of or benefits available under the South Dakota Retirement System. South Dakota law defines and controls any benefits therein that may be available to the Members of the Bargaining Unit. If any portion of this provision is found to be void as contrary to law, the Bargaining Unit and the Board shall commence negotiations as soon as practicable to make those revisions necessary to bring this provision into compliance with the lawMass Mutual.

Early Retirement. Any Member of the Bargaining Unit hired before 2009 and qualified for early retirement by June 30, 2021on the ninth or higher step on the salary schedule, who has completed at least ten (10) years of consecutive employment with the Winner School District as a full-time certified teacher as of June 30 30th of the year, and the sum of whose age plus the number of years of credited service equals at least eighty-five (85) as of June 3030th, may elect early retirementto retire early. As used in the preceding sentence, the ‘number of years of credited service’ shall be the number of years that the Member has taught full-time as a certified teacher in any accredited school system. A Member of the Bargaining Unit who is qualified for early retirement and who elects to take early retirement must notify the Superintendent thereof in writing prior to May 5 15th of the year which precedes the school year at the end of which such early retirement will occur. The final notification date is May 5, 2020. However, the Board may excuse lack of sufficient notice and may authorize a Member’s early retirement if it determines that extraordinary circumstances exist which were not foreseeable at the time when notice was otherwise due, so long as the Member’s early retirement will not cause undue harm or hardship to the District. Starting with the 2010/2011 contract year, if a Member of the Bargaining unit withdraws his/her letter of intent more than one time, he/she will waive his/her right to retirement benefits. Members of the bargaining unit who wish to retire and receive the retirement benefits at the end of that current year, will submit a written resignation prior to the first day of second semester. Upon such early retirement, the Member shall be entitled to receive a cash payment that is equal to seventy-five percent (75%) of the Member’s last effective contracted annual salary, exclusive of extra duty pay. The cash payments payment shall be payable either as one lump sum payment, or in four three equal payments to be paid as follows: one fourth one-third of the lump sum to be paid on the June 30th immediately following retirement and one fourth one-third on each subsequent June 20th until paid in full. In the event the Member of the Bargaining Unit dies while all or any part of these early retirement benefits remain unpaid, such benefits shall be paid to the designated beneficiary of the Member Member, or to the Member’s estate. A Member of the Bargaining Unit electing early retirement shall have the opportunity to convert the then-existing health insurance program, at the Members expense, providing notice of intent to convert is submitted to the group insurance administrator within sixty (60) days of the elected retirement date. This provision is separate from, in addition to, and is not in any way connected with any provision of or benefits available under the South Dakota Retirement System. South Dakota law defines and controls any benefits therein that may be available to the Members of the Bargaining Unit. If any portion of this provision is found to be void as contrary to law, the Bargaining Unit and the Board shall commence negotiations as soon as practicable to make those revisions necessary to bring this provision into compliance with the law.

Early Retirement. Any Member of the Bargaining Unit hired before 2009 and qualified for early retirement by June 30, 20212009, who has completed at least ten (10) years of consecutive employment with the Winner School District as a full-time certified teacher as of June 30 of the year, and the sum of whose age plus the number of years of credited service equals at least eighty-five (85) as of June 3030th, may elect early retirement. As used in the preceding sentence, the ‘number of years of credited service’ shall be the number of years that the Member has taught full-time as a certified teacher in any accredited school system. A Member of the Bargaining Unit who is qualified for early retirement and who elects to take early retirement must notify the Superintendent thereof in writing prior to May 5 15th of the year which precedes the school year at the end of which such early retirement will occur. The final notification date is May 5, 2020. However, the Board may excuse lack of sufficient notice and may authorize a Member’s early retirement if it determines that extraordinary circumstances exist which were not foreseeable at the time when notice was otherwise due, so long as the Member’s early retirement will not cause undue harm or hardship to the District. Starting with the 2010/2011 contract year, if a Member of the Bargaining unit withdraws his/her letter of intent more than one time, he/she will waive his/her right to retirement benefits. Members of the bargaining unit unit, who wish to retire and receive the retirement benefits at the end of that current year, will submit a written resignation prior to the first day March 1st of second semesterthat year. Upon such early retirement, the Member shall be entitled to receive a cash payment that is equal to seventy-five percent (75%) of the Member’s last effective contracted annual salary, exclusive of extra duty pay. The cash payments shall be payable in four equal payments to be paid as follows: one fourth of the lump sum to be paid on the June 30th immediately following retirement and one fourth on each subsequent June 20th until paid in full. In the event the Member of the Bargaining Unit dies while all or any part of these early retirement benefits remain unpaid, such benefits shall be paid to the designated beneficiary of the Member Member, or to the Member’s estate. A Member of the Bargaining Unit electing early retirement shall have the opportunity to convert the then-existing health insurance program, at the Members expense, providing notice of intent to convert is submitted to the group insurance administrator within sixty (60) days of the elected retirement date. This provision is separate from, in addition to, and is not in any way connected with any provision of or benefits available under the South Dakota Retirement System. South Dakota law defines and controls any benefits therein that may be available to the Members of the Bargaining Unit. If any portion of this provision is found to be void as contrary to law, the Bargaining Unit and the Board shall commence negotiations as soon as practicable to make those revisions necessary to bring this provision into compliance with the law.