Retirement Incentive. If a teacher meets all of the eligibility requirements contained in paragraph A of this Section, the teacher shall be paid a retirement benefit in accordance with paragraph B of this Section.
A. To be eligible for retirement incentives, a teacher:
1. Must retire from the district pursuant to the rules of the Illinois TRS.
2. Must have at least 10 years of consecutive service as a certified employee in the District. Approved, unpaid leaves and periods of time during which a teacher is on the District’s recall list for purposes of a reduction-in-force shall not count towards accrued service in the District. However, such time shall not constitute an interruption in years of consecutive service in the District.
3. Must submit an irrevocable notice of retirement to the District by July 1, prior to the school year in which benefits will begin under this program.
4. Must not give rise to a requirement that the Board make payment to the TRS pursuant to the AERO provisions of the statutes.
5. Board will not be obligated to pay a penalty imposed by TRS due to the teacher’s salary exceeding the TRS cap if the teacher retires any time after submitting his/her letter of retirement. For example, a teacher that has earned more than a 6% increase in his/her salary in any of the three years prior to the year in which the teacher would start receiving retirement benefits, would not be eligible for this program. Note: a teacher that has received a greater than 6% increase in his/her salary under a grandfathered contract may still be eligible for this program, provided he/she meets the other eligibility requirements set forth in this section. If the teacher is found to be ineligible for this program pursuant to the 6% salary increase limitation discussed in this paragraph, the teachers may reapply for this program in any subsequent year and will be eligible for the retirement incentive when he/she would no longer cause the Board to have to pay a penalty to TRS in the event the teacher were to retire any time after submitting his/her letter of retirement, provided the teacher meets all the other eligibility requirements of this Section A.
6. The parties to this Agreement may waive the eligibility requirement contained in 2.A.5. of Article XVIII of this Agreement on the condition the teacher executes a promissory note promising to repay all or a portion of the Retirement Benefits provided under 2.B. of Article XVIII. In the event the teacher retires prior to the date stated in...
Retirement Incentive. Bargaining unit members who have been employed by the District for at least 10 years and who opt to retire at the end of any school year and have been approved by STRS/SERS to receive retirement benefits other than disability retirement with thirty (30) years or fewer of service credit and who notify the Board of their intention to retire in writing, no later than March 1 of the year they intend to retire will receive 2 equal lump sums of $12,000, one on July 1 of the calendar year of retirement and the second on the following July 1. Payment under this paragraph does not affect the right to Retirement Severance Pay under Paragraph K.2., above The Board and the Union may mutually agree to reconvene a Retirement Options Committee to review annual payment options for this incentive. A member of the bargaining unit employed part time who is eligible for the retirement incentive shall receive an incentive amount proportional to his/her percentage of full-time employment based on his/her final year of service unless such employee was involuntarily reduced in hours of employment to part-time status, in which case such employee shall be eligible for the incentive as though he/she were a full-time employee.
Retirement Incentive a) If an employee gives the Board an irrevocable notice of retirement by February 1st four (4) years prior to the school year of retirement, the Board shall pay him/her a six percent (6%) retirement incentive, inclusive of all other increases in TRS creditable compensation, for each of his/her remaining four (4) years of service. If an employee gives the Board an irrevocable notice of retirement by February 1st three (3) years prior to the school year of retirement, the Board shall pay him/her a six percent (6%) retirement incentive, inclusive of all other increases in TRS creditable compensation, for each of his/her remaining three (3) years of service. If an employee gives the Board an irrevocable notice of retirement by February 1st two (2) years prior to the school year of retirement, the Board shall pay him/her a six percent (6%) retirement incentive, inclusive of all other increases in TRS creditable compensation, for each of his/her remaining two (2) years of service. If an employee gives the Board an irrevocable notice of retirement by February 1st one (1) year prior to the school year of retirement, the Board shall pay him/her a six percent (6%) retirement incentive, inclusive of all other increases in TRS creditable compensation, for his/her remaining year of service. Once an employee submits an irrevocable notice of retirement by February 1st, that employee shall be removed from the salary schedule contained in Article IX of this Agreement at the beginning of the following school year. All calculations for increased TRS creditable earnings will be based on the TRS creditable earnings in the year of the submission of the irrevocable notice of retirement. Once the employee submits an irrevocable notice of retirement an employee’s creditable earnings shall be increased by six percent (6%) of the year of submission, but in no case will the employee’s TRS creditable earnings increase exceed six percent (6%) of the year of submission. If, after submitting an irrevocable notice of retirement by February 1st, the employee resigns from, or is dismissed from duties for which the employee was paid a stipend or additional compensation the previous year, the retirement incentive for that employee will be recalculated accordingly.
b) To be eligible, an employee must submit an irrevocable notice of retirement by February 1st which must be accompanied by a Teachers’ Retirement System (TRS) member requested “Personal Statement of Benefits” and a “Benefit Estimat...
Retirement Incentive. Employees in benefit category X-0, X-0 or B-3 who have completed at least 20 years of full-time equivalent service in the School District and who are at least 55 years of age shall be eligible for this retirement incentive program. Employees must submit notice of their intention to retire under this program to the Superintendent no later than March 1st of the last full school year of employment. Under extraordinary circumstances, a maximum of one employee per school year may withdraw such notice or submit such notice after March 1st. If more than one employee in a school year seeks to withdraw or submit such notice after March 1st, the employee who shall be permitted to withdraw or submit such notice shall be the first employee who notifies the Superintendent in writing of extraordinary circumstances that justify the late withdrawal or submission. The amount of the retirement incentive shall equal 1.25% of the employee’s last annual wages times the number of full-time equivalent years of service in the School District; however, in no event shall the amount paid exceed 45% of the employee’s last annual wages. The retirement benefit shall be paid as a one-time lump sum in or before August following the date of the employee’s retirement.
Retirement Incentive. (See Common Agreement, Article 11) The College may offer to an employee or an employee may request a choice of one of the retirement incentive alternatives described herein, provided the employee meets the following criteria. The Association shall be advised in writing of any offer of retirement made to an employee.
Retirement Incentive. If an employee submits his/her written notice to the Board of Education of the employee’s retirement through SERS at least six months prior to the effective date of the employee’s resignation on which the employee is going to retire, the Board of Education shall pay to the employee a stipend in the amount of one thousand dollars ($1,000).
Retirement Incentive. Staff members eligible for incentive Plan B must be eligible for IMRF retirement and have a minimum of 10 years’ experience in District 21. Staff members who qualify and who declare their intent to retire four years before actual retirement shall receive a 5.5% salary increase over their previous year’s base salary for each of the four years prior to retirement. To be eligible for this benefit, the staff member shall notify Human Resources of their intent to retire four years before their actual retirement date. At the discretion of the Board, a staff member who has so notified the District and who may have begun receiving the salary increases may withdraw from this retirement incentive and return to regular employment status just as if participation in this incentive had not begun. In such case the staff member shall reimburse the District any salary increases received under this sub-section on a repayment schedule to be agreed upon by the Superintendent or designee and the staff member. If the staff member retires mid-year, this benefit shall be for the 48 months prior to the actual date of retirement. The District shall report this salary bonus to the IMRF as part of the staff member’s salary.
Retirement Incentive.
22.1 In each fiscal year during the life of the 2019-2022 collective agreement, the College shall make available to eligible faculty members five (5) full-time equivalent retirement incentives. The College may offer to a faculty member or a faculty member may request a retirement incentive as described herein, provided the faculty member meets the eligibility criteria set out below. The Association shall be advised in writing of any retirement incentive offer made to a faculty member.
Retirement Incentive. A retirement incentive program shall be established. The Rolling Hills Local Board of Education will offer to each certified staff member who is eligible (as defined below) for retirement under the State Teachers Retirement System, who elects to retire, and who does retire in accordance with the provisions below, an incentive payment. The incentive payment shall be $10,000.00 if an employee retires during or at the conclusion of the school year in which they are credited with 30 years of service. The incentive shall be $7,500.00 if an employee retires during or at the conclusion of the school year in which they are credited with 25 years of service. Any additional severance due upon retiring shall also be paid. The payment is subject to the following:
1. The bargaining unit member must have at least five years consecutive service in the Rolling Hills Local School District.
2. A bargaining unit member who is eligible for "full retirement" and elects to receive the incentive must give a written letter of resignation to the Superintendent by March 15, and retire by June 30. Those teachers who were eligible for the retirement incentive payment and did not resign by March 15, waive any rights or claims to receive such incentive payment.
3. Full retirement" for the purpose of this provision means having at least 30 years service credit to apply toward pension calculation; or having twenty-five (25) years of service and being 55 years old or older.
4. The bargaining unit member shall receive a lump sum payment after January 1, but before January 30 of the year after they retire.
5. Each bargaining unit member in the year of retirement shall be responsible for providing documentary evidence from the appropriate retirement system from which he/she is eligible to retire.
6. Failure to apply as set forth herein shall forfeit any right to participate in the incentive. It shall be the responsibility of the bargaining unit member to be aware of when he/she becomes eligible for full retirement. Lack of knowledge or "innocent" errors shall not extend a bargaining unit member's deadline for written notice. The deadline is absolute.
7. Any bargaining unit member who may have been eligible for retirement prior to the effective date of this memorandum shall be deemed eligible to receive a retirement incentive payment as long as they comply with all provisions and requirements of this memorandum.
8. Service credit shall be defined as the number of years of service acknowledged...
Retirement Incentive. For the duration of this agreement, any teaching assistant who is within twelve (12) months of the age at which he/she is eligible to retire from the New York State Teachers Retirement System with full benefits and has a minimum of fifteen (15) years of service as a teaching assistant in the Xxxxx Central School District will be eligible to receive a retirement incentive in the amount of twenty-five percent (25%) of his/her base salary. The incentive shall be paid as a non-elective employer contribution in the retiring member's 403(b) tax sheltered annuity account. The non-elective employer contribution shall be made in accordance with the Memorandum of Agreement for Retirement Incentive. Base salary is to exclude any extra- curricular or co-curricular payments. Notice of the employee's election of this incentive must be made in writing and be received by the district no later than January 15 of the current year. The employee must also submit a letter of resignation by January 15 of the current year, which shall be irrevocable once submitted. Any employee has the right to appeal to the Superintendent of Schools if there are conditions regarding tiers, years of service, etc. that are not defined in this agreement. Retirement must take place by June 30 of the school year in which the individual is first eligible to retire. Payment will be made within sixty (60) days following the retirement date. For the duration of this agreement, any teaching assistant who is within twelve (12) months of the age at which he/she is eligible to retire from the New York State Teachers Retirement System with full benefits and has a minimum of fifteen (15) years of service as a teaching assistant in the Xxxxx Central School District will be eligible to receive a retirement incentive in the amount of twenty-five percent (25%) of his/her base salary. The incentive shall be paid as a non-elective employer contribution in the retiring member's 403(b) tax sheltered annuity account. The non-elective employer contribution shall be made in accordance with the details outlined below. Base salary is to exclude any extra-curricular or co-curricular payments. Notice of the employee's election of this incentive must be made in writing and be received by the district no later than January 15 of the current year. The employee must also submit a letter of resignation by January 15 of the current year, which shall be irrevocable once submitted. Any employee has the right to appeal to the Superi...
