Retirement Buyout. In both years of this agreement, MSD of North Xxxxx County will provide a one-time payment of
Retirement Buyout. For this contract period, FCS is offering a retirement buyout for those certified staff members who have fulfilled the requirements for normal (unreduced) retirement under the Indiana State Teachers Retirement Fund (TRF): Age 60 with at least 15 years of TRF service or; Age 55 if age plus TRF service total at least 85. It is also a requirement for that certified staff members to have worked for FCS for a minimum of ten(10)years. The certified staff must retire at the end of the 2024-25 school year, and will submit their “notice of intent to retire” by March 1, 2025 for a June 30, 2025 retirement. Those notifications will be accepted and approved for the buyout on a first-come-first-serve basis beginning November 1, 2024. A maximum of 10 retirement buyouts will be granted for the buyout terms outlined below:
Retirement Buyout. For this contract period, FCS is offering a retirement buyout for those certified staff members who have fulfilled the requirements for normal (unreduced) retirement under the Indiana State Teachers Retirement Fund (TRF): Age 65 with at least 10 years of TRF service; Age 60 with at least 15 years of TRF service or; Age 55 if age plus TRF service total at least 85. It is also a requirement for that certified staff member to have worked for FCS for a minimum of ten(10)years. The certified staff must retire at the end of the semester, and will submit their “notice of intent to retire” by November 2, 2020 for a December 18, 2020 retirement or by March 1, 2021 for a May 24, 2021 retirement to the Superintendent. Those notifications will be accepted and approved for the buyout on a first-come-first-serve basis. A maximum of 10 retirement buyouts will be granted for the buyout terms outlined below:
1. A one-time retirement cash incentive of $6,000 for retirements effective December 18, 2020 and $12,000 for retirements effective May 24, 2021.
2. A buyout of all accumulated sick days at the rate of $90 per day. The sick day buyout will be deposited into the retirees' VEBA fund.
Retirement Buyout. For this contract period, FCS is offering a retirement buyout for those certified staff members who have fulfilled the requirements for normal (unreduced) retirement under the Indiana State Teachers Retirement Fund (TRF): Age 65 with at least 10 years of TRF service; Age 60 with at least 15 years of TRF service or; Age 55 if age plus TRF service total at least 85. It is also a requirement for that certified staff member to have worked for FCS for a minimum of ten (10) years. The certified staff must retire at the end of the school year, and will submit their “notice of intent to retire” retirement by March 1, 2022 for a May 23, 2022 retirement to the Superintendent. Those notifications will be accepted and approved for the buyout on a first- come-first-serve basis. A maximum of 10 retirement buyouts will be granted for the buyout terms outlined below: 2022.
1. A one-time retirement cash incentive of $12,000 for retirements effective May 23, Tentative
2. A buyout of all accumulated sick days at the rate of $90 per day. The sick day buyout will be deposited into the retirees' VEBA fund. If more than 10 teachers request the buyout, FCS and FCTA will consider additional spots based on available funds.
Retirement Buyout. 1. In consideration of the benefits set forth below, the Mount Pleasant Township Community School Corporation, hereafter Corporation, and the Mount Pleasant Teachers Organization, hereafter MPTO, agree the Retirement Benefit and Early Retirement set forth in Article VI, Retirement Benefits, in the July 1, 2002 to June 30, 2003 Collective Bargaining Agreement are hereby eliminated for all teachers who had not retired by July 1, 2004; and shall not apply to any teacher retiring or severing employment with the Corporation after July 1, 2004, except as provided in Section D. Those teachers who retired or severed employment on or before July 1, 2004, shall only be entitled to the retirement benefits contained in the 2002-03 Contract as of the time of his/her retirement, but as may be otherwise revised from time to time.
2. XxXxxxxx & Xxxxx, Inc. (M & K) was selected by the Corporation to determine the present value of the Retirement and Early Retirement benefits in the 2002-03 Contract. In making the present value determination M & K used assumptions as directed by the Corporation and MPTO. Said assumptions were used only for calculation purposes and are not guarantees of amounts or interest rates.
3. The Indiana State Teachers Association Financial Services Corporation, hereafter ISTAFSC, has been selected as the sole vendor for the 401(a) Plan and Voluntary Employees' Beneficiary Association ("VEBA") as described in section 501(c) of the Code) by mutual agreement between MPTO and the Corporation. ISTAFSC will remain as the sole vendor of the Plan until such time as any change must be made by mutual agreement between MPTO and the Corporation.
4. The present values shall be determined by using the following assumptions mutually agreed to by the Corporation and MPTO used to calculate the present value of the retirement and early retirement benefits that teachers eligible for the retirement and early retirement buy-out would receive under Article VI of the 2002-03 Contract as of July 1, 2004, unless such teacher is eligible for retirement at the end of the school year 2004-05 or at the end of school year 2005-06. Such teacher must submit to the Superintendent an unconditional and irrevocable letter of resignation/retirement on or before September 30, 2004. The letter shall state the teacher’s election of the buy-out or retirement benefits under the 2002-03 Contract. The buy-out dollars generated by these assumptions will replace the Corporation’s obligation for s...
