Retirement Incentive Eligibility Sample Clauses

Retirement Incentive Eligibility. To be eligible for any of the following Plans, an employee must have at least (7) seven years of full-time service in the District and either: 1. Be at least sixty (60) years of age by the last day of service in the District; or 2. Be at least fifty-five (55) years of age with thirty-five (35) years of creditable service as defined by the Illinois Teacher Retirement System by the last day of service in the District. The District may, but is not required to waive the years of service requirements in subsection 2 above following discussions under 9.7.
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Retirement Incentive Eligibility. To be eligible for the retirement incentive the following qualifications must be met: 1. The teacher must have twenty years as an employee of Xxxxxx XXXX 100; 2. Non-discounted TRS annuity with no ERO (Early Retirement Option) Penalty. The District may require proof of eligibility. TRS creditable compensation (earnings) include (but are not limited to): ● Salary for regular contractual teaching duties ● Wages for substitute teaching ● Wages for homebound teaching or tutoring ● Earnings for extra duties performed that relate to teaching or supervision of students, and other assignments related to the academic program ● Earnings for summer school If an eligible employee gives the Board an irrevocable letter of retirement prior to May 1 four (4) years prior to the year of retirement, the employee will be removed from the salary schedule and for the final four (4) years of employment the employee’s TRS creditable earnings shall be increased by six percent (6%) over the employee’s TRS creditable earnings for the prior years of employment respectively.
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Retirement Incentive Eligibility. If a teacher meets all of the eligibility requirements contained in L.2, the teacher shall be paid retirement benefits in accordance with Sections M and N of this Article. Once the teacher enters into the irrevocable retirement agreement, the benefits of this section in place at the time of the retirement agreement will be locked in. Modifications in successor collective bargaining agreements will not modify retirement agreements already in effect. To be eligible for retirement incentives, a teacher: a. Must have at least fifteen (15) years of full-time teaching service as an employee of the District, Full-time teaching service as an employee of GCSC teaching District students shall be deemed to be teaching service as an employee of the District for purposes of this Section. b. Must be at least 55 years old and be eligible to retire from the District pursuant to the rules of the Illinois TRS. c. Must submit to the District by June 1 prior to the school year in which they intend to retire an irrevocable notice of retirement and a TRS statement of benefit or other TRS documentation confirming the teacher’s total years of service and creditable earnings. Such notice can only be rescinded due to a significant life event and upon repayment of any retirement incentive earned. d. Must not obligate the Board to pay an additional contribution to TRS due to the teacher's creditable earnings exceeding six percent (6%) if the teacher retires any time after submitting his/her letter of retirement. For example, if a teacher receives more than a six percent (6%) increase in his/her creditable earnings in any of the three years prior to the year in which the teacher starts receiving benefits under L.3 or any of the years, used to determine a teacher’s final average salary (FAS), the teacher will not be eligible for the retirement incentives in Sections M and N. e. May not be receiving retirement benefits from previous contracts.
Sample 1
Retirement Incentive Eligibility. In order for a teacher to qualify for the retirement incentive under this section. the following conditions must be met: 1. The teacher must be a full-time teacher of the District prior to the submission of the irrevocable letter of retirement and resignation. 2. The teacher must submit an irrevocable letter of retirement and resignation on or before May 1 of the school year, beginning May 1, 2025. Notwithstanding the foregoing, there are two (2) teachers expected to retire at the end of the 2024- 2025 school year. If they notify the Board of Education in writing within sixty (60) days after the parties execute this agreement, they will receive the retirement incentive during the 2024-2025 school year. 3. The Board of Education and the Union shall meet to discuss the terms of the application of Section 14.6 in the event more than five (5) teachers qualify for the benefits described in this section in any one (1) year. 4. Any reference to TRS creditable earnings means the compensation paid to the teacher which is determined by TRS pursuant to its rules and regulations to constitute “creditable earnings”. 5. Once an irrevocable letter of retirement and resignation is submitted, the teacher shall not be assigned additional extra duties beyond those duties currently assigned in the school year in which the irrevocable letter is submitted. The teacher agrees to continue to perform the extra duties in any subsequent school year until the retirement and resignation as an employee of the school district is effective. If after submitting an irrevocable letter of retirement and resignation, the employee is removed from an extra duty assignment for performance reasons, then the employee’s retirement incentive shall be adjusted to reflect the change in the employee’s TRS creditable earnings. If an eligible teacher submits to the Board of Education an irrevocable letter of retirement and resignation on or before May 1st effective at the end of the first, second, third or fourth school year (e.g., submits letter on May 1, 2025 for retirement effective June 30, 2029), the teacher will receive for each of the four final school years of employment an increase of six percent (6%) on the teacher’s TRS creditable earnings over the immediately preceding year (e.g., for 2025-2026 the TRS creditable earnings would be based upon the 2024-2025 school year). Notwithstanding any other provision in this Agreement, no employee shall either receive and/or be paid by the school district...
Sample 1
Retirement Incentive Eligibility. A teacher who, at the date of retirement, (a) has a minimum of fifteen (15) years of creditable teaching experience with the District, (b) is eligible to retire under TRS; (d) has provided four years notice to the district and (d) can demonstrate, before participation, that the District will incur no TRS penalties or one- time refundable contributions; and meets the participation deadlines set forth below, will be eligible to participate in the District's retirement incentive plan as set forth below. If a teacher decides to retire before the intended retirement date, the Retirement Track Incentive Plan will not be adjusted retroactively from the date of the original retirement notice. Eligible teachers applying for this incentive must submit a written notice to the Superintendent on or before the last day of the school term prior to the first year in which the teacher expects a 6.0% base increase in the Retirement Track Incentive Plan.
Sample 1
Retirement Incentive Eligibility. The School District provides benefits under the District’s Early Notification Retirement Program.
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Retirement Incentive Eligibility. To be eligible for any of the following Plans, an employee must have completed at least
Sample 1
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Retirement Incentive Eligibility. To be eligible for any of the following Plans, an employee must meet the following requirements: 1. Be an employee with at least fifteen (15) years of teaching experience in the Selmaville School District; and 2. Be at least sixty (60) years of age by the last day of service in the District; or 3. Be at least fifty-five (55) years of age with thirty-five (35) years of creditable service as defined by the Illinois Teacher Retirement System by the last day of service in the District. The District may require proof of eligibility.
Sample 1
Retirement Incentive Eligibility. To be eligible for any of the following Plans, an employee must meet the following requirements: 1. Be at least sixty (60) years of age by the last day of service in the District; or 2. Be at least fifty-five (55) years of age with thirty-five (35) years of creditable service, as defined by the Illinois Teacher Retirement System (TRS) by the last day of service in the District. The District may require proof of eligibility.
Sample 1

Related to Retirement Incentive Eligibility

  • 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 the teacher’s irrevocable Notice of Retirement, the teacher shall be responsible for the payment defined in the promissory note. Before a teacher executes a promissory note, the Board and Association will come to agreement as to the amount. 7. May not be receiving retirement benefits from previous contracts. 8. May retire before reaching full retirement if there are no additional costs to the District. 9. If there is a change in the law that causes a penalty to the district, the incentive will be modified at the beginning of the next fiscal year, July 1, to eliminate the penalty. Staff currently in the 4-year incentive are held harmless. Changes will only apply to members making new requests for the retirement incentive after the July 1 deadline each year.

  • Benefit Eligibility For purposes of the Benefit Plan entitlement, common-law and same sex relationships will apply as defined.

  • Incentive, Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all incentive, savings and retirement plans, practices, policies and programs applicable generally to other peer executives of the Company and its affiliated companies, but in no event shall such plans, practices, policies and programs provide the Executive with incentive opportunities (measured with respect to both regular and special incentive opportunities, to the extent, if any, that such distinction is applicable), savings opportunities and retirement benefit opportunities, in each case, less favorable, in the aggregate, than the most favorable of those provided by the Company and its affiliated companies for the Executive under such plans, practices, policies and programs as in effect at any time during the 120-day period immediately preceding the Effective Date or if more favorable to the Executive, those provided generally at any time after the Effective Date to other peer executives of the Company and its affiliated companies.

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