Entitlement to Retirement Benefits and Vesting Requirements. Upon retirement from the Northwestern Consolidated School Corporation, a teacher shall be fully vested in the retirement benefits described in this section if the retiring teacher has satisfied the following requirements: a. In the year (September 1-August 31) of the teacher’s retirement, the retiring teacher must be 54 years of age. b. Immediately prior to retirement, the teacher must have completed not less than (15) full years of service as a professional educator with the Northwestern Consolidated School Corporation, and at least twenty (20) years of total teaching experience which the Corporation has granted credit. c. The retiring teacher must submit a written letter of intent of retirement no later than July of the year prior to when the retirement is to begin, with the final letter submitted by May 1 of the year of retirement. However, in the event a teacher is unable to give the required notice because of an accident, ill health, or for another unforeseen reason, the Board may accept the teacher’s late letter of retirement. If special circumstances occur (illness, change in status, etc.) the employee may rescind the final letter before June 1 of the year of the retirement.
Appears in 3 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement
Entitlement to Retirement Benefits and Vesting Requirements. Upon retirement from the Northwestern Consolidated School Corporation, a teacher shall be fully vested in the retirement benefits described in this section if the retiring teacher has satisfied the following requirements:
a. In the year (September 1-August 31) of the teacher’s retirement, the retiring teacher must be 54 years of age.
b. Immediately prior to retirement, the teacher must have completed not less than (15) full years of service as a professional educator with the Northwestern Consolidated School Corporation, and at least twenty (20) years of total teaching experience which the Corporation has granted credit.
c. The retiring teacher must submit a written letter of intent of retirement no later than July of the year prior to when the retirement is to begin, with the final letter submitted by May 1 of the year of retirement. However, in the event a teacher is unable to give the required notice because of an accident, ill health, or for another unforeseen reason, the Board may accept the teacher’s teacher late letter of retirement. If special circumstances occur (illness, change in status, etc.) the employee may rescind the final letter before June 1 of the year of the retirement.
Appears in 1 contract
Samples: Collective Bargaining Agreement
