Retirement Incentive Benefits this section of the Agreement contains three alternate plans that provide severance benefits to a teacher or an early buyout of any individual benefit. The plans are mutually exclusive. That is, an eligible teacher covered by this Agreement cannot participate in more than one of the alternate plans.
Retirement Incentive Benefits. 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 four (4) years of teaching service subject to the following conditions:
1. The teacher shall have a minimum of Five (5) years of continuous full-time service in the Xxxxxxxx-Industry CUSD #5 on the intended dated of retirement.
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 and 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 four (4) years prior to retirement or by September 15 during the year up to and including the school year of retirement. The pre-retirement period may be from one (1) to four (4) years in length depending upon the date the letter of resignation is received by the Board and the specified date of retirement.
4. Any employee considering retirement and qualification for this incentive must meet with the district Superintendent prior to submitting application for retirement to determine eligibility. "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 of his or her duties during the term of this agreement. Any reduction in teacher performance (dock days, quitting an extra duty, or leaves 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 the following percentages over the teacher's TRS creditable earnings for the prior year of employment except as otherwise provided herein: 3% the first year and by six percent (6%) each of the last three years of the retirement agreement.
Retirement Incentive Benefits. A. 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 five (5) years of continuous full-time service in Havana CUSD #126 on the intended dated of retirement.
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
Retirement Incentive Benefits. Unit members who retire on or after the age of fifty-five (55) but prior to the age of sixty- five (65) with a minimum of twenty (20) years continuous service with the District immediately preceding retirement, may continue to receive the District paid Health Insurance monthly maximum contribution set forth in Article 6.
3.1 at the time of retirement, for the unit member and spouse, until the unit member's sixty-fifth (65th) birthday. The unit member shall be responsible for the difference in cost above the cap. This provision shall only be applicable to unit members who retire during the term of this Agreement.
Retirement Incentive Benefits. Professional staff who have completed fifteen (15) or more years of service in the Brookline School District who are eligible for retirement benefits under the New Hampshire Retirement System, shall be eligible to retire at a minimum age of fifty-five (55) with a retirement benefit of thirty (30) percent of the last full year's salary. For retirement requests made prior to December 1st of any school year, payment shall be made in the first check run after July 1st at the beginning of the next fiscal year. If notice is given after December 1st, payment shall be made in the first check run after July 1st following the end of the next fiscal year. For requests made and approved prior to December 1st, notice of retirement will not be made public until December of the same school year. Up to four (4) retirement applications per year shall be approved by the Board. Those staff members who have the greatest seniority will be given first consideration. At the discretion of the Board, more than four (4) staff members may be granted this early retirement benefit. If a staff member is not granted early retirement for the year of the initial request and s(he) re-applies the following year, the staff member will be given preference. The approval of early retirement shall be treated as a voluntary termination, and the teacher shall have no right to continue teaching in the District after that date.
Retirement Incentive Benefits. In the event an employee can retire without any additional payment or penalty by the Board to the TRS for early retirement, the employee shall receive the following benefits (which are not intended to be retroactive)
a. A teacher, meeting the criteria and giving the proper notice, and after approval the teacher will be removed by the salary/stipend agreements in the CBA and receive:
i. With notice in the fourth year prior to retirement, an increase of 6% over the previous year’s TRS for the last three years of employment.
ii. With notice in the third year prior to retirement, an increase of 6% over the previous year’s TRS for the last two years of employment.
iii. With notice in the second year prior to retirement, an increase of 6% over the previous year’s TRS for the last year of employment.
b. Additionally, the teacher will receive, after payment of final compensation the following: i. Sick leave termination allowance- A lump sum sick leave termination allowance equal to $75 for each day of accumulated sick leave not to exceed
Retirement Incentive Benefits. In the event an employee can retire without any additional payment or penalty by the Board to IMRF for early retirement, the employee shall receive the following benefits (which are not intended to be retroactive)
a. An educational support personnel employee, meeting the criteria and giving the proper notice, and after approval the educational support personnel employee will be removed by the salary agreements in the CBA and receive:
i. With notice in the fourth year prior to retirement, an increase of 6% over the previous year’s salary for the last three years of employment.
ii. With notice in the third year prior to retirement, an increase of 6% over the previous year’s salary for the last two years of employment.
iii. With notice in the second year prior to retirement, an increase of 6% over the previous year’s salary for the last year of employment.
b. Additionally, the educational support personnel will receive, after payment of final compensation the following:
i. Sick leave termination allowance- A lump sum sick leave termination allowance equal to $50 for each day of accumulated sick leave not to exceed $5,000.
ii. Severance Benefit - A severance benefit of $100 for each year of continuous service to the District.
iii. To receive the sick leave termination allowance and severance benefit, the educational support personnel employee must submit a written request to receive these benefits within thirty days of the last day of employment to the Superintendent copying the Business Manager. These benefits will be remitted to the educational support personnel employee within 45 days of receipt of this written request.
Retirement Incentive Benefits. For unit members who retire on or after the age of 55 who have completed a minimum of ten (10) years of continuous service with the District immediately preceding retirement, the District shall pay the hospital and medical insurance premiums pursuant to sections 9.2 and 9.3 until they qualify for Medicare or reach age seventy (70), whichever occurs first. Thereafter, the District shall pay one- half (1/2) of the amount of the premiums for Medicare supplement plans up to a maximum of $2400 annually until they qualify for Medicare or reach age seventy
Retirement Incentive Benefits. 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 four
Retirement Incentive Benefits
