Common use of Retirement Incentive Payment Clause in Contracts

Retirement Incentive Payment. An employee tendering an irrevocable letter of resignation, in conformance with the following conditions shall be eligible for a retirement incentive in each of his or her final four years of teaching service, subject to the following conditions: 1. A teacher shall have a minimum of fifteen (15) years of full-time service in the Shiloh Community Unit School District No. 1 by the intended date 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. 3. The teacher shall have tendered to the superintendent a final, binding, and irrevocable resignation and application for the incentive. The District may prepare a standard form for this purpose. The teacher’s notice may be given up to four (4) years prior to retirement, including the school year of retirement, but must be received by the superintendent before August 1st of a school year to be effective to increase the teacher’s salary for that school year, unless the Board waives the delay. The pre-retirement period may be from one (1) to four (4) school years in length, depending upon the date the final, binding, and irrevocable resignation and incentive application is received by the superintendent, and the date of retirement specified by the employee. In exchange for the teacher’s final, binding, and irrevocable resignation, the District agrees to remove the teacher from compensation based upon the salary schedule and for each year of eligibility the teacher’s creditable earnings will be increased by six percent (6%) over the teacher’s reportable creditable earnings for the prior year of employment. For purposes of this calculation the previous year’s creditable earnings shall not include the District’s TRS contribution made on behalf of the teacher. The District and the teacher agree to execute a Retirement Incentive Agreement that governs the payment of the retirement incentive.

Retirement Incentive Payment. An employee tendering an irrevocable letter of resignation, in conformance with the following conditions shall be eligible for a retirement incentive in each of his or her final four years of teaching service, subject to the following conditions: 1. A teacher shall have a minimum of fifteen twenty (1520) years of full-time service in the Shiloh Community Unit School District No. 1 by the intended date 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 serviceservice and will not retire under the statutory Early Retirement Option (ERO) causing the District to have to pay a contribution or other monies to the Teachers’ Retirement System in respect to that teacher’s ERO retirement. 3. The teacher shall have tendered to the superintendent a final, binding, and irrevocable resignation and application for the incentive. The District may prepare a standard form for this purpose. The teacher’s notice may be given up to four (4) years prior to retirement, including the school year of retirement, but must be received by the superintendent before August 1st of a school year to be effective to increase the teacher’s salary for that school year, unless the Board waives the delay. The pre-retirement period may be from one (1) to four (4) school years in length, depending upon the date the final, binding, and irrevocable resignation and incentive application is received by the superintendent, and the date of retirement specified by the employee. In exchange for the teacher’s final, binding, and irrevocable resignation, the District agrees to remove the teacher from compensation based upon the salary schedule and for each year of eligibility the teacher’s creditable earnings will be increased by six percent (6%) over the teacher’s reportable creditable earnings for the prior year of employment. For purposes of this calculation the previous year’s creditable earnings shall not include the District’s TRS contribution made on behalf of the teacher. The District and the teacher agree to execute a Retirement Incentive Agreement that governs the payment of the retirement incentive.

Retirement Incentive Payment. An employee tendering an irrevocable letter of resignation, in conformance with the following conditions shall be eligible for a retirement incentive in each of his or her final four years of teaching service, subject to the following conditions: 1. A teacher shall have a minimum of fifteen twenty (1520) years of full-time service in the Shiloh Community Unit School District No. 1 by the intended date 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. 3. The teacher shall have tendered to the superintendent a final, binding, and irrevocable resignation and application for the incentive. The District may prepare a standard form for this purpose. The teacher’s notice may be given up to four (4) years prior to retirement, including the school year of retirement, but must be received by the superintendent before August 1st of a school year to be effective to increase the teacher’s salary for that school year, unless the Board waives the delay. The pre-retirement period may be from one (1) to four (4) school years in length, depending upon the date the final, binding, and irrevocable resignation and incentive application is received by the superintendent, and the date of retirement specified by the employee. In exchange for the teacher’s final, binding, and irrevocable resignation, the District agrees to remove the teacher from compensation based upon the salary schedule and for each year of eligibility the teacher’s creditable earnings will be increased by six percent (6%) over the teacher’s reportable creditable earnings for the prior year of employment. For purposes of this calculation the previous year’s creditable earnings shall not include the District’s TRS contribution made on behalf of the teacher. The District and the teacher agree to execute a Retirement Incentive Agreement that governs the payment of the retirement incentive.

Retirement Incentive Payment. An employee tendering an irrevocable letter of resignation, in conformance with the following conditions shall be eligible for a retirement incentive in each of his or her final four years of teaching service, subject to the following conditions: 1. A teacher shall have a minimum of fifteen twenty (1520) years of full-time service in the Shiloh Community Unit School District No. 1 by the intended date 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 serviceservice and will not retire under the statutory Early Retirement Option (ERO) causing the District to have to pay a contribution or other monies to the Teachers’ Retirement System in respect to that teacher’s ERO retirement. 3. The teacher shall have tendered to the superintendent a final, binding, and irrevocable resignation and application for the incentive. The District may prepare a standard form for this purpose. The teacher’s notice may be given up to four (4) years prior to retirement, including the school year of retirement, but must be received by the superintendent before August 1st of a school year to be effective to increase the teacher’s salary for that school year, unless the Board waives the delay. The pre-pre- retirement period may be from one (1) to four (4) school years in length, depending upon the date the final, binding, and irrevocable resignation and incentive application is received by the superintendent, and the date of retirement specified by the employee. In exchange for the teacher’s final, binding, and irrevocable resignation, the District agrees to remove the teacher from compensation based upon the salary schedule and for each year of eligibility the teacher’s creditable earnings will be increased by six percent (6%) over the teacher’s reportable creditable earnings for the prior year of employment. For purposes of this calculation the previous year’s creditable earnings shall not include the District’s TRS contribution made on behalf of the teacher. The District and the teacher agree to execute a Retirement Incentive Agreement that governs the payment of the retirement incentive.