Common use of One Year Plan Clause in Contracts

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