One Year Plan. If an eligible employee gives the Board an irrevocable letter of retirement prior to May 1 stating that he/she shall retire at the end of the next school year, the employee will be removed from the salary schedule and for the final year of employment the employee’s TRS creditable earnings shall be increased by three percent (3%) over the employee’s TRS creditable earnings for the prior year of employment. In order to be eligible for this retirement incentive, employees must be employed by the District for the fifteen (15) consecutive years that precede the retirement date.
One Year Plan. If an eligible teacher gives the Board an irrevocable letter of retirement prior to August 1 stating that he/she shall retire at the end of the next school year, for the final year of employment, the teacher’s nonexempt TRS creditable earnings shall be increased by six percent (6%) or the maximum amount allowable without the Board incurring a TRS employer contribution, whichever is less, over the teacher’s nonexempt TRS creditable earnings for the prior year of employment.
One Year Plan. If an eligible teacher gives the Board an irrevocable letter of retirement prior to August 31 stating that he/she shall retire at the end of the next school year, the teacher will be removed from the salary schedule and for the final year of employment the teacher’s nonexempt TRS creditable earnings shall be increased by six percent (6%) over the teacher’s nonexempt TRS creditable earnings for the prior year of employment. The teacher’s prior year nonexempt TRS creditable earnings were $100,000. The teacher’s final year nonexempt TRS creditable earnings will be $106,000 (i.e., $100,000 x 1.06 = $106,000). Two Year Plan If an eligible teacher gives the Board an irrevocable letter of retirement prior to August 31 two (2) years prior to the year of retirement, the teacher will be removed from the salary schedule and for the final two (2) years of employment the teacher’s nonexempt TRS creditable earnings shall be increased by six percent (6%) over the teacher’s nonexempt TRS creditable earnings for the prior years of employment respectively. Example: A teacher will retire on June 30, 2019. The teacher’s nonexempt TRS creditable earnings for the 2016-2017 school year were $100,000. The teacher’s nonexempt TRS creditable earnings for the 2017- 2018 school year will be $106,000 (i.e., $100,000 x 1.06 = $106,000). The teacher’s nonexempt TRS creditable earnings for the 2018-2019 school year will be $112,360 (i.e., $106,000 x 1.06 = $112,360). Three Year Plan If an eligible teacher gives the Board an irrevocable letter of retirement prior to August 31 three (3) years prior to the year of retirement, the teacher will be removed from the salary schedule and for the final three
One Year Plan. If an eligible employee gives the Board an irrevocable letter of retirement prior to July 31, stating that he/she shall retire at the end of the next school year, the employee will be removed from the salary schedule and for the final year of employment the employee’s TRS creditable earnings shall be increased by six percent (6%) over the employee’s TRS creditable earnings for the prior year of employment. Example: The employee’s prior year TRS creditable earnings were $40,000.00. The employee’s final year TRS creditable earnings will be $42,400.00 (i.e., $40,000.00 x 1.06 = $42,400.00).
One Year Plan. If an eligible employee gives the Board an irrevocable letter of retirement prior to May 31 one (1) year prior to the year of retirement, the employee will be removed from the salary schedule and for the final one (1) years of employment the employee’s TRS creditable earnings shall be increased by six percent (6%) over the employee’s TRS creditable earnings for the prior years of employment respectively. After submitting an irrevocable letter of retirement, if the employee resigns from or is removed from duties for which the employee was compensated the previous year (i.e. Appendix B, extended contract, and/or stipends), the employee’s TRS creditable earnings will be adjusted accordingly.
One Year Plan. If an eligible employee gives the Board an irrevocable letter of retirement prior to February 1 stating that he/she shall retire at the end of the next school year, the employee will receive a bonus equal to five and one-half percent (5.5%) over the employee’s non-overtime, non-extra duty wages for the prior year of employment.
One Year Plan. If an eligible employee gives the Board an irrevocable letter of retirement prior to May 1 stating that he/she shall retire at the end of the next school year, the employee will be removed from the salary schedule and for the final year of employment the employee’s TRS creditable earnings shall be increased by five and seventy five hundredths percent (5.75%) over the employee’s TRS creditable earnings for the prior year of employment. In order to be eligible for this retirement incentive, employees must be employed by the District for the fifteen (15) consecutive years that precede the retirement date. Example: The employee’s prior year TRS creditable earnings were $65,000.00. The employee’s final year TRS creditable earnings will be $68,737.50 (i.e., $65,000 x 1.0575 = $68,737.50).
One Year Plan. A teacher giving the Board a letter of retirement one (1) year in advance of retirement shall receive a 6% salary increase for his/her final year of service. This increase is inclusive of the creditable earnings and extra duties performed for that year.
One Year Plan. If an eligible employee gives the Board an irrevocable letter of retirement prior to March 1st stating that he/she shall retire at the end of the next school year, the employee will be removed from the salary schedule and off for the final year of employment the employee’s T S creditable earnings shall be increased by six percent (6%) over the employee’s T S creditable earnings for the prior year of employment. Example: The employee’s prior year T S creditable earnings were $40,000. The employee’s final year T S creditable earnings will be $42,400 (i.e., $40,000 X 1.06=$42,400).
One Year Plan. If an eligible employee gives the School Board an irrevocable letter of intent to retire prior to the January School Board Meeting, stating that he/she intends to retire at the end of the school year, the employee will be placed on an alternative schedule for the final year of
