Retirement Incentive Sample Clauses

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 ▇▇▇▇▇ 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 ▇▇▇▇▇ 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...

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. An employee tendering an irrevocable letter of resignation to a Teacher Retirement System (TRS) Retirement program on a date certain in the future in conformance with the following conditions shall be eligible for a retirement incentive in up to each of his or her final three years of teaching service subject to the following conditions: 1) The teacher shall have a minimum of twenty (20) years of continuous full- time service in the Harrisburg CUSD #3 on the intended date of retirement. Teachers with at least eighteen (18) years may petition the Board on a case by case basis to receive incentive. Decisions on these specific cases will not be precedent setting. 2) The teacher shall be at least sixty (60) years of age on or before December 31 of the year of retirement or will be at least fifty-five (55) years of age and will have at least thirty-five (35) years of creditable service an will not retire under the statutory Early Retirement Option. 3) The teacher shall have tendered to the Board a binding, irrevocable resignation for a date certain in the future. The teacher’s notice may be given up to three (3) years prior to retirement or by September 1st during the year up to and including the school year of retirement. The pre-retirement period may be from one (1) to three (3) years in length depending upon the date the letter of resignation is received by the Board and the specified date of retirement. 4) Those hired after July 1, 2013 are not eligible. For those hired after July 1, 2009 with no previous full time teaching experience, the benefit is 3%/3%/3%. “TRS Creditable earnings,” wherever that phrase is used in the entirety of this provision (Retirement Incentive Award Payment), shall mean total TRS creditable earnings including pension payment. This agreement presumes the teacher will fully perform all his or her duties during the term of this agreement. Any reduction in teaching performance (dock days or leave of absence without pay, for example) during the term of this agreement shall result in a corresponding reduction in salary and benefit amount. In exchange for the teacher’s binding, irrevocable resignation on a date certain, the District agrees to remove the teacher from the salary schedule and for each year of eligibility, the teacher’s TRS creditable earnings will be increased by six percent (6%) over the teacher’s TRS creditable earnings for the prior year of employment except as otherwise provided herein.

Retirement Incentive. Employees in benefit category ▇-▇, ▇-▇ 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. 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. ‌ 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. 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. The following retirement program shall be available to eligible bargaining unit members hired prior to June 5, 2017. 1) A bargaining unit member will be eligible for this program if he/she is at least 55 years of age and has at least 15 years of service credit in the District and is eligible to retire under the provisions of the Illinois Municipal Retirement Fund. 2) To be eligible for participation, the employee must apply at least six (6) months but no more than ten (10) months prior to retirement. 3) A one-time bonus will be paid over the last four months of employment. The bonus will be in an amount that is sufficient to increase the employee’s IMRF reported earnings in the final twelve months of employment by exactly 6.0% over the employee’s IMRF reported earnings in the immediately preceding twelve (12) months, so long as such amount does not cause the Board to be subject to accelerated payments to IMRF under Section 7-172(k) of the Illinois Pension Code or other applicable law. 4) The District will offer single health insurance coverage and pay 50% of the current single rate (up to a maximum of $4,000 per year) until the retiree reaches the age of Medicare eligibility or has received this benefit for 60 months, whichever comes first. The remainder of the individual cost and any family coverage cost would be the responsibility of the retiree. Any subsequent increase in the individual cost and/or cost of family coverage would be paid by the retiree. 5) The employee may revoke his/her election to retire in the case of death or total disability of the spouse, or for a major life change as deemed acceptable by Human Resources. An employee who revokes his/her election to retire must repay all monies paid as an incentive. The Board shall honor the request of all eligible employees annually who provide notice of intent to select the retirement incentive with the insurance option. There shall be no restriction on the number of employees applying for the retirement incentive without the insurance benefit.