Retirement Incentive Program. A. A Retirement Incentive Program will be provided by the District based upon the conditions stipulated below:
1. Any certificated employee of the Ceres Unified School District who is eligible for retirement under the California State Teachers’ Retirement System shall be eligible to participate in the District’s Retirement Incentive Program providing the following provisions are met:
a. The certificated employee must be vested and be on Column D (or higher) of the salary schedule.
b. The certificated employee must have reached the age of fifty-five (55) years prior to the first day of the next certificated employees’ work year.
c. The certificated employee shall notify the District superintendent of his/her intention to retire no later than April 15 of the last year of employment.
d. The maximum base salary for determining the Retirement Incentive pay for any certificated employee may not exceed the top of the certificated salary schedule, including the master’s degree. The base salary is the certificated employee’s present placement on the certificated salary schedule. This does not include extended contracts and extra duty pay.
e. No certificated employee who is to receive a Retirement Incentive payment may accept a teaching, counseling, or school administrative position in any school district in California. Substituting and short-term contracts allowed by the S.T.R.S., and not affecting S.T.R.S. retirement payments, are accepted. If this provision is violated, the amount of the Retirement Incentive payment paid to the certificated employee shall be returned to the Ceres Unified School District within six (6) months, and subsequent payments shall be terminated.
Retirement Incentive Program. Retirement incentives for Xxxxxxxx Charter School certificated staff members shall be as provided in Article XXIII of this Agreement.
Retirement Incentive Program. To qualify for the District retirement incentive plan, an employee must be eligible to retire under the Public School Employees Retirement System, have accrued thirty (30) years of MPSERS service credit with no fewer than twenty (20) years actual employment completed with the Vicksburg Community Schools, and be on step 14 or higher as of the 14th pay of the 2013-14 school year. Notice of intent to retire must be made to the Board of Education by April 1. Employees who retire as of June 30 shall receive a lump sum payment of $10,000 before September 1 following their last day of work, or at their election the following January 1. This Retirement Incentive Plan shall be offered until the date legislation is signed into state law, which would impose any kind of financial penalty to districts with retirement incentive programs. In the event this occurs, members who have already retired under the District Retirement Incentive Program will continue to receive the full benefit for which they qualify under Appendix D. Employees, who participate in the retirement incentive program, may elect to continue to receive hospitalization insurance through the School District until age 65 and shall pay the cost of the insurance by one of the following methods:
1. Employees may authorize the business office to deduct from the year-end retirement payments the cost of the insurance premiums for that year.
2. Teachers providing substitute teacher service to the District in the areas of their certification and qualifications may authorize the District to apply the substitute pay toward the cost of hospitalization insurance premiums. Substitute pay for teachers in the retirement program shall be at least the basic District substitute teacher rate for the current year.
3. In the event that employees elect to receive health insurance and do not qualify for a year-end retirement payment, or if there are insufficient substitute services, the employee will submit the monthly premium to the District as required by the insurance carrier. Employees who elect to purchase health insurance, shall notify the school of same no later than the first day of each school year and shall declare which payment option will be selected for that year. Employees, who participate in this retirement incentive plan, shall designate a beneficiary for the receipt of the lump sum payment and payment shall be made to such designated beneficiary in the event the teacher expires prior to the above mentioned sched...
Retirement Incentive Program. A retirement program will be available to teachers. In order to qualify, a teacher must be fifty-six (56) years of age or older. Teachers who are fifty-five (55) years old will also be allowed to participate if they are not electing to retire under the Early Retirement Option (ERO) or the Adjustable Early Retirement Option (AERO) of the Downstate Teachers' Retirement System. All participating teachers must have at least fifteen (15) years of full-time employment in the District on the last day of the retirement year. This Option 1 will not be available to those teachers who elect the Early Retirement Option (ERO) of the Downstate Teachers' Retirement System. If written notice of intent to retire is provided to the Superintendent on or before October 1 of the year prior to the final year of employment, qualified teachers will receive a twelve thousand dollar ($12,000.00) incentive payable in one of the following ways: (1) the teacher may elect to have the twelve thousand dollar ($12,000.00) incentive retained by the District and available to the teacher for reimbursement of insurance premium payments for the teacher after his/her retirement so long as the teacher is enrolled in the TRS health insurance plan, or (2) the teacher may elect to receive a twelve thousand dollar ($12,000.00) payment not added to the teacher’s final salary and payable after the teacher’s last regularly-scheduled paycheck for the teacher’s final year of employment. This Option 2 will be available to teachers who elect to participate in the TRS ERO or AERO (effective beginning June 1, 2005) program as well as to those who do not. If written notice of intent to retire is provided to the Superintendent on or before January 15 of the final year of employment, qualified teachers will receive a six thousand dollar ($6,000.00) incentive payable in one of the following ways: (1) the teacher may elect to receive a six thousand dollar ($6,000.00) payment not added to the teacher’s final salary and payable after the teacher’s last regularly scheduled paycheck, or (2) the teacher may elect to receive six thousand dollars ($6,000.00) paid by the Board toward the cost of the individual health insurance in the TRS health insurance plan. The number of teachers electing retirement under the Early Retirement Option (ERO) or the Adjustable Early Retirement Option (AERO) of the Downstate Teachers' Retirement System who may receive the retirement incentive set forth in Option 2 above may, at the option ...
Retirement Incentive Program. 24.1 The District will provide voluntary retirement incentives for the LEA bargaining unit. A certificated bargaining unit member may initiate application to participate in one of the incentive plans described below. Participation will be approved by the District.
24.2 Written application for a Retirement Incentive Program shall be the responsibility of the certificated bargaining unit member. All applications will be processed through the Human Resources Office. It shall be the responsibility of the Human Resources Office to inform the bargaining unit member of the financial implications of the retirement options available. The bargaining unit member shall analyze his/her status with regard to the benefits of each option.
24.3 All Retirement Incentive Programs as defined in this Agreement may be initiated during the term of this Agreement. Certificated bargaining unit members wishing to take advantage of one of these retirement incentive programs should make application through the Human Resources Office by February 1 of that year when the bargaining unit member plans to retire.
Retirement Incentive Program. The Board of Trustees may offer a Retirement Incentive Program, details of which will be determined at the time the Board approves the plan.
Retirement Incentive Program. 10.8.1 Upon approval of the Board of Trustees, full unit members may enter an early retirement program for up to five (5) consecutive years in accordance with the following conditions:
Retirement Incentive Program. A. For employees retiring from full-time service and who are retiring and terminating within the fiscal year (defined to allow completion of the current school year) in which they first become eligible for normal retirement as defined in 1, 2, and 3, the School Board will establish a temporary retirement incentive program, which will provide partial or full reimbursement of the retiree’s personal health insurance or health maintenance organization premiums until such time as the retiree becomes eligible for Medicare Parts A and B, at which time said reimbursement shall no longer be made.
B. The date when an employee first becomes eligible for benefits under this Section will include the earliest of the following:
1. An employee’s eligibility for normal retirement under the Florida Retirement System; or
2. An employee’s eligibility for normal retirement under the Teachers’ Retirement System; or
3. An employee’s eligibility for normal retirement under the State and County Officers and Employees Retirement System. The reimbursement will be paid once, annually, during the month of October, upon presentation of a paid premium invoice and a copy of a canceled check or money order. All substantiation must be submitted to the Office of Risk and Benefits Management by August 31 of the respective year on designated forms. The amount of reimbursement will be prorated by the complete calendar months of coverage, but limited to no more than $1,200 annually.
Retirement Incentive Program. The following retirement incentive program shall be available: An employee submitting a timely letter of resignation shall be eligible to receive the appropriate benefit below if they will be receiving retirement benefits from the MPSERS within thirty (30) calendar days of the effective date of the resignation. The benefits are based upon the number of years of consecutive credited service. The College will pay an eligible employee on the basis of the following schedule: At least fifteen (15) but less than eighteen (18) years $1,650 At least eighteen (18) but less than twenty-one (21) years $3,300 At least twenty-one (21) but less than twenty-three (23) years $4,950 At least twenty-three (23) but less than twenty-five (25) years $6,600 At least twenty-five (25) years $8,250 Section 3: Payment of Retirement Incentive Payments for the above benefits will be made according to the KCC 403(b) plan agreed to by the parties. The employee shall choose from a list of approved 403(b) vendors and the College will make payment directly to the selected vendor. Payment will be made within thirty (30) calendar days of the employee’s retirement date. FICA, Medicare and other taxes will not be deducted from this payment. It is the employee’s responsibility to establish their account prior to their retirement. The employee will be responsible for any tax liability (federal, state, and local) at the time they make their withdrawals from this account.
Retirement Incentive Program. Any eligible teacher who is retiring under the Kansas Public Employees Retirement System may elect to take advantage of the resignation incentive program (hereinafter called the program) under the terms and conditions set forth in this plan. The program is entirely voluntary and at the discretion of the eligible teacher. Teachers must take advantage of the program at the end of a contract year. However, with mutual agreement between the teacher and the superintendent, and if special health or personal circumstances are present, access to the program may be allowed during the school year.
