Early Separation Incentive Sample Clauses

Early Separation Incentive. PLAN (ESIP) 24.8.1 The District will provide an Early Separation Incentive Plan (ESIP) within the following limitations: Commencing July 1, 2006, bargaining unit members desiring to participate in the ESIP must satisfy the following conditions in order to be considered as a participant of the ESIP: 1) have completed 20 years of continuous service with the Washoe County School District as of August 31 of the year in which they participate; 2) have less than 36 years of credited service with PERS as of the year in which they participate (separate); 3) submit to the Human Resource Division of the District a completed ESIP Application Form and Letter of Resignation (effective no later than August 31 of the year in which they retire) prior to the deadline announced by the District. Employees with 30 more years of service who received an unsatisfactory evaluation in the previous year and who receive an unsatisfactory evaluation in the year they apply for ESIP, are not eligible for ESIP. Following the receipt by the District of a completed ESIP Application Form and Letter of Resignation, the bargaining unit member’s ESIP Application Form and Letter of Resignation will be either approved or disapproved by the District no earlier than January of the year the bargaining unit member is to retire and the bargaining unit member will be notified in writing of the decision. If a bargaining unit member’s ESIP Application is approved by the District, the District will accept the bargaining unit member’s Letter of Resignation and determine the amount of the benefit to be paid to the bargaining unit member (the “ESIP Amount”) as follows: For bargaining unit members who are classified as “year round employees” of the District, the ESIP Amount will be paid to such employees by June 30th of the year that such employees retire. For bargaining unit members who are classified as “traditional employees” of the District, the ESIP Amount will be paid by August 31 of the year that such employees retire. The ESIP Amount awarded to a bargaining unit member will be paid by the District to the bargaining unit member in a lump sum amount, and unless the provisions of the Internal Revenue Code of 1986, as amended (the “Code”) and the corresponding Treasury Regulations provide otherwise, the ESIP Amount paid to a bargaining unit member shall be treated as severance pay taxable to the bargaining unit member under applicable federal and state laws. The bargaining unit acknowledges that because...