Common use of Retirement Incentive Program Clause in Contracts

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 schedule. All participants in this plan must agree that they will never file for unemployment or Worker’s Compensation benefits as a result of their employment status with the Vicksburg Community Schools. Once an employee retires under the provisions of this plan, no subsequent negotiations may withdraw or reduce said benefits.

Retirement Incentive Program. To qualify for the District a retirement incentive plan, an employee must be eligible to retire under the Public School Employees Retirement System, System and have accrued thirty (30) years of MPSERS service credit credit, with no fewer than twenty (20) years actual employment has been 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 schedule. All participants in this plan must agree that they will never file for unemployment or Worker’s Compensation benefits as a result of their employment status with the Vicksburg Community Schools. Once an employee retires under the provisions of this plan, no subsequent negotiations may withdraw or reduce said benefits.

Retirement Incentive Program. To qualify for the District retirement incentive plan, an employee must be 3.4.1 A unit member becomes "eligible to retire under the Public School Employees Retirement System, have accrued thirty (30) for incentive purposes" when that unit member has both accumulated ten 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 and is eligible to retire without penalty according to the rules and regulations of the New York State Teachers’ Retirement System. 3.4.2 Any unit member who becomes eligible to retire for incentive purposes between September 1 of any school year and September 1 of the following school year will be eligible for a retirement incentive payment provided such unit member gives notice to the District in writing on or before January 1 of that year. His/Her retirement will be effective on June 30 of that school year in which the unit member gives notice of intent to retire. Such incentive payment will be in the areas amount of their certification $14,000, together with any amounts due and qualifications may authorize owing to such unit member pursuant to paragraph 3.1.4 of this Agreement up to a maximum amount of $4,000. 3.4.3 Nothing contained herein shall require 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 yearreplace any retiring unit member. 3. In the event that employees elect 3.4.4 All payments due and owing to receive health insurance any unit member who retires and do not qualify is eligible 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 paid to such designated beneficiary that unit member on the first regular pay day following October 15 of the year in which that unit member's retirement becomes effective. 3.4.5 Notwithstanding the event the teacher expires prior foregoing, any unit member who is eligible to the above mentioned schedule. All participants in this plan must agree that they will never file for unemployment or Worker’s Compensation benefits as receive a result of their employment status retirement incentive payment may elect to establish with the Vicksburg Community Schools. Once District an employee retires under insurance account, which account shall be credited with all or part of the monies, at the unit member's option, which that unit member may be eligible to receive pursuant to the provisions of this planAgreement and paragraph 3.1.4 of the current Agreement multiplied by 1.31. The District, on behalf of the unit member, shall pay the premiums for health insurance for that unit member until said account is reduced to zero. Should said unit member die before said account is reduced to zero, the District shall pay the premiums for said insurance for the benefit of the unit member's surviving spouse, if any, until the account is reduced to zero. If no subsequent negotiations may withdraw spouse survives such unit member, all obligations of the District with respect to this account shall cease and the account shall be canceled. No interest on said account shall be payable to or reduce on behalf of any unit member and nothing herein shall require the District to establish an actual fund or segregate monies for purposes of establishing any account. 3.4.6 For any unit member who is eligible to retire for incentive purposes in any given year, the District may, in its sole discretion and for good cause involving serious, life threatening illness, waive the requirements of this Agreement respecting effective dates of retirement, provided that said benefitsunit member has given or does give written notice to the District of his intention to retire on or before the dates specified herein for any given year. 3.4.7 The terms of this Section 3.4 shall not be applicable to any unit member hired on or after July 1,1995. 3.4.8 THIS AGREEMENT is entered into as of the 24th day of May, 2004, by and between the East Aurora Union Free School District (“Employef) and the East Aurora Faculty Association ("the Association*1’) does hereby amend the terms of the existing collective bargaining agreement (“CBA") that governs the employment relationship between Employer and the Association, as follows: Effective May 24,2004, the Employer and Association agree to the following:

Retirement Incentive Program. To qualify for 19.1 The Board itself shall offer an annual employment contract, as provided in this article, to any regular or contract faculty employee who will become a retired faculty employee prior to the next academic year and is at least 55 years of age and who has been employed by the District retirement incentive plan, an as a faculty employee must at least half time for at least ten years. Employment under this article shall commence in the next academic year and shall be eligible limited to retire under the Public School Employees Retirement System, have accrued thirty (30) a maximum of five years of MPSERS service credit with no fewer than twenty (20) years actual employment completed with participation. 19.1.1 Notwithstanding the Vicksburg Community Schoolsabove, the Board itself may decline to offer an initial contract under this article to an otherwise qualified faculty employee if, in the judgment of the Board, the faculty employee cannot perform the principal duties of the assignment. This judgment shall be based upon evaluation material, legally appropriate medical information, and other materials properly included in the faculty employee’s personnel file. If the faculty employee believes this decision to be on step 14 arbitrary or higher as of capricious, he or she may submit the 14th pay of the 2013-14 school year. Notice of intent to retire must be made matter 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 grievance procedures set forth in the retirement incentive program, Article 5. 19.2 An eligible faculty employee may elect to continue to receive hospitalization insurance through the School District until age 65 and shall pay the cost of the insurance an employment contract under this article 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 submitting a written request 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 College President with a year-end retirement payment, or if there are insufficient substitute services, the employee will submit the monthly premium copy to the District Division Xxxx or appropriate administrator as required by the insurance carrier. Employees who elect to purchase health insurance, shall notify the school of same early as possible but no later than two months before the first day effective date 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 the employee’s resignation from the District for the receipt purpose of retirement. The Board may waive all or a portion of this time period when, in the lump sum payment and payment Board’s opinion, it is appropriate to do so. Within 10 working days of Board approval the faculty employee shall be made to such designated beneficiary sent an Article 19 Annual Plan which shall be completed in the event the teacher expires prior to the above mentioned schedule. All participants in this plan must agree that they will never file for unemployment or Worker’s Compensation benefits as a result of their employment status accordance with the Vicksburg Community Schools. Once an employee retires under the provisions of 19.6 and 19.7. 19.3 A retired faculty employee employed under this planarticle shall, no subsequent negotiations may withdraw or reduce said benefits.within the limits established by the applicable retirement laws governing post-retirement service, up to the STRS allowable maximum earnings limit at the time of retirement in accordance with Section 19.3.1, be entitled to part-time employment during the academic year at the appropriate pro rata share of the salary and load the employee was receiving during the last academic year prior to retirement. The retired faculty employee shall also receive all paid benefits as provided in Article

Retirement Incentive Program. To qualify The Retirement Incentive Program of the Utica City School District shall be in effect for the Utica City School District retirement incentive plan, an employee Custodial and Maintenance Employees that are represented by Teamsters Local Union 294 in the Utica City School District under the following terms and conditions: 1. All employees will be entitled to benefits as provided for the Family Medical Leave Act (FMLA). 2. Participants must be eligible to retire under in accordance with all of the Public School rules and regulations o f the New York State Retirement System or the New York State Employees Retirement SystemSystem as of the effective date of retirement. 3. Participants must send to the school district, have accrued by certified mail, return receipt requested, a letter of retirement which shall be irrevocable. Such letter shall be completed on the form attached and addressed to: Director of Human Resources Utica City School District 000 Xxxxxxxx Xxxxxxx Utica, NY 13501 4. Participants with an effective date of retirement must submit a retirement letter as provided for in subparagraph "3" above, no later than thirty (30) years calendar days from time o f anticipated retirement date. 5. Participants in this.plan will receive, as an incentive for retirement, one-half (1/2) year's base pay salary for the school year, to be paid as follows: one-third (1/3) at the time of MPSERS service credit with no fewer than twenty retirement; one-third (201/3) years actual employment completed with six (6) months later; and one-third (1/3) twelve (12) months later. One-half (1/2) of the Vicksburg Community Schoolsbase salary will be received, less appropriate deductions, and will specifically exclude any and all additional compensations received above their base salary schedule pay. 6. Participants shall 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 workallowed, or at their election option, to continue dependent health insurance coverage, if eligible, as provided by 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 programsUtica City School District. In the event this occursa participant chooses to continue said coverage, members who have already retired under the District Retirement Incentive Program will continue to receive shall have 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 right to deduct from the year-end retirement payments the cost of the insurance premiums for that year. 2. Teachers providing substitute teacher service made pursuant 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 schedule. All participants in this plan must agree that they will never file for unemployment or Worker’s Compensation benefits as a result of their employment status with the Vicksburg Community Schools. Once an employee retires under the provisions of this plan, no subsequent negotiations may withdraw or reduce said benefitsany and all health insurance premiums attributable to the continued health insurance coverage from each o f the three (3) payments made to the participant.

Retirement Incentive Program. To qualify for Teachers who meet the District eligibility requirements set forth in this Section 6 and who provide the notice as described below will receive as a retirement incentive plan, an employee must be eligible bonus a salary increase of six percent (6%) applied 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 scheduled salary amount due 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 scheduleschool year in which they gave their notice of retirement (the Abase year@). All participants The teacher may give one (1), two (2), or three (3) years of notice, provided that the teacher is eligible to do so and further provided that the notice is received by August 1, 2010 for the first year only, June 1st for the remainder of this contract in order for any retirement incentive to be effective for the following school year. This retirement bonus is limited to those teachers who are or will be able to retire without penalty under applicable law on or before their noticed retirement date. To be eligible for this plan benefit, a teacher must: (1) be eligible to receive a retirement annuity without discount under applicable law on or before their noticed retirement date; and (2) have served as a teacher in the District for 20 or more years, including the last 5 consecutive years. No retirement benefit under this Section 6 shall be available to any teacher whose retirement requires the payment of any penalty, contribution, or additional charge by the District (for example, the ERO penalty or a penalty for payment in excess of 6%). An eligible teacher who elects any benefit under this Section must submit to the Superintendent a written notice of irrevocable (except by mutual agreement of the teacher and the Board) resignation from employment due to retirement, effective at the end of the notice period. Said written notice must be submitted according to the timelines herein. It is understood and agreed to that no payment under this paragraph will result in any TRS penalty to the District, and the parties agree that they will never file for unemployment if any such penalty is or Workermay be assessed the District may adjust any employee’s Compensation benefits as a result salary retroactively or take any other action it deems necessary, to avoid such penalty. Any teacher who submits their notice of their employment status with retirement under this contract 2010-2013 and begins receiving or is scheduled to receive one or more six percent (6%) salary increases shall be removed from the Vicksburg Community Schools. Once an employee retires under salary schedule and shall not receive any other additional compensation from the provisions District regardless of any additional activities the teacher may choose to perform or any horizontal or vertical movement the teacher would otherwise experience on the salary schedule, notwithstanding any other provision of this plan, no subsequent negotiations may withdraw or reduce said benefits.Agreement. It is the intent of the parties that the compensation increases of such teachers should be capped at six percent (6%) in any of the three

Retirement Incentive Program. To qualify A Retirement Incentive Program (RIP) is available during the 2020-2021 through 2023-2024 school years for employees who have at least fifteen (15) years of service as a teacher in the District retirement incentive planon the last day of their employment, an employee must be are eligible to retire under TRS rules and whose retirement will not require the Public School Board to pay any new, additional, one-time or other contribution, penalty or payment, including but not limited to any payment to TRS under P.A. 94-0004. Employees Retirement Systemwho desire to begin participation in the RIP during the 2020-2021 school year must submit a written request to retire to the Board no later than December 1, have accrued thirty (2020. Otherwise, employees must submit a written request to retire to the Board no later than March 1st prior to the school year in which RIP participation begins. All notices shall include the employee’s resignation and a specific retirement date no later than June 30) years , 2028. The Board shall approve requests to retire that meet the requirements of MPSERS service credit with this Section and are submitted no fewer later than twenty (20) years actual employment completed with December 1, 2020 by no later than the Vicksburg Community SchoolsDecember 2020 regular Board meeting, The Board shall approve requests to retire that meet the requirements of this Section and be on step 14 or higher as are submitted no later than March 1st by no later than the March regular Board meeting of the 14th pay of the 2013-14 each school year. Notice The Board may, in its sole discretion and without establishing a practice or precedent, limit the number of intent employees participating in the RIP in any year to five (5), on the basis of seniority. Ties in seniority shall be determined by total years of TRS service credit. If this limit is imposed for any school year, and the number of eligible employees who submit a timely and proper request exceeds the limit, the requests of those employees not approved because of the limit shall receive approval priority during the next school year. Eligible employees who submit a timely and proper request who have not had their retirement approved because of the limit shall be allowed to retire must under the RIP by no later than June 30, 2028. The Board’s imposition of this limit shall be made non­reviewable and not subject to grievance. Upon acceptance by the Board, the employee’s request (including their resignation and retirement date) shall be irrevocable. However, an employee may request to rescind their retirement and withdraw from the RIP due to extreme life-altering circumstances. Such circumstances may include, but are not limited to: diagnosis of serious illness of the employee or their spouse; death of the employee’s spouse; total disability of the employee’s spouse; loss of employment by the employee’s spouse; serious illness of a medically and financially dependent child or parent of the employee; A judgment for dissolution of the employee’s marriage or for legal separation becomes final before the employee’s retirement date; Such other extreme life-altering circumstances which the Board in its sole discretion determines to be sufficient. In any of the above events, the employee may tender a written proposal to the Board of Education by April 1to rescind their retirement and withdraw from the RIP. Employees who retire as of June 30 shall receive As 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 condition of the insurance by one Board’s consideration 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 servicesproposal, the employee will submit the monthly premium agree to repay any RIP benefits paid to the District as required Employee within 180 calendar days of the Board's approval of the proposal (by lump sum payment or voluntary wage deduction). The Board may accept or deny the proposal at its discretion, and its decision shall not be reviewable or subject to grievance. If the proposal is approved, the employee will remain in their then-current position, subject to the provisions of Article 6 and Article 11 of this Agreement. An employee which submits a request to retire that meets the requirements of this Section no later than December 1, 2020 and whose RIP retirement is approved shall receive a five percent (5%) increase over their total TRS creditable earnings for the 2020-2021 school year, and each year of Board employment prior to their approved retirement date, up to a cumulative maximum of four (4) years. An employee who submits a request to retire that meets the requirements of this Section no later than March 1st and whose RIP retirement is approved shall receive a five percent (5%) increase over their total TRS creditable earnings for the prior year for each year of Board employment prior to their approved retirement date, beginning with the year after their notice of retirement is approved by the insurance carrierBoard, up to a maximum of four (4) years. No employee participating in the RIP shall, for any reason, receive any additional compensation or stipend beyond the compensation provided pursuant to the RIP, notwithstanding any contract, collective bargaining agreement, policy, practice or procedure, or any portion thereof to the contrary. All extra duties and assignments performed by the employee in the year their request is approved will continue to be performed until the employee’s effective retirement date. An employee may voluntarily resign from an extra duty or assignment, or be removed from an extra duty or assignment by the Board for cause, with a reduction in the amount of their TRS creditable earnings equal to the amount of the then-current compensation or stipend for that extra duty or assignment. If an employee is required to perform one or more additional duties that were not performed in the year their notice is approved and for which additional compensation is paid, then the District shall determine whether the employee’s duties or TRS creditable earnings for that year can be adjusted so that the increase in the employee’s total TRS creditable earnings for that school year does not exceed five percent (5%). Provided, however, that in no event shall the Board require an employee to perform any additional duty for less than the stated compensation for that additional duty. Notwithstanding any provision in this Agreement to the contrary, in no event shall the Board provide any increase or make any payment to any employee that will require the Board to make any new, additional or one-time contribution, penalty or other payment in addition to the amount paid to the employee under the RIP. The amount paid to the employee under the RIP shall be the sole retirement benefit paid by the Board. By accepting this benefit, an employee expressly waives any and all rights to participate in any early retirement initiative, benefit or incentive otherwise available (or which may become available). Employees who elect to purchase health insurance, shall notify the school of same no later than the first day of each school year accept this benefit and shall declare which payment option will be selected for that year. Employees, who participate in this any other early retirement initiative, incentive planor benefit, or whose retirement requires the Board to make any new, additional, one-time or other contribution, penalty or payment, including but not limited to any payment to TRS under P.A. 94-0004, shall designate repay to the Board an amount equal to any payments they have received pursuant to this Section. To facilitate repayment, the Board may deduct from the employee’s remaining paychecks up to the full amount due. Any remaining balance due to the Board after an employee’s separation from employment shall be repaid in equal installments over a beneficiary for twelve (12) month period following said separation from employment. If any term or provision of this section, or the receipt benefit described in this section becomes illegal, then said term, provision or benefit shall be of no force and effect, and any employee receiving such benefit shall repay same to the Board. To facilitate repayment, the Board may deduct from the employee’s remaining paychecks up to the full amount due. Any remaining balance due to the Board after an employee’s separation from employment shall be repaid in equal installments over a twelve (12) month period following said separation from employment. If the provision of the lump sum payment benefit described in this section is altered or limited in any way, or requires the Board to make any contribution, penalty, or other payment, then the terms and payment provisions of the RIP shall be made of no force and effect. The parties shall immediately negotiate the provision of this benefit in a manner that would not violate, be inconsistent with, or in conflict with applicable law, and would not require any new, additional or one­time Board contribution, penalty or other payment. In all cases an employee’s retirement shall be subject to such designated beneficiary in applicable law, including, but not limited to, the event Pension Code and Illinois Teachers’ Retirement System ("TRS") rules and regulations. The Board and the teacher expires prior Association make no representations or warranties regarding the creditable earnings or service recognition given to the above mentioned schedule. All participants benefit described in this plan must agree section, or that they any employee will never file for unemployment receive a particular level of benefits from TRS or Worker’s Compensation benefits as a result the State of their employment status with the Vicksburg Community Schools. Once an employee retires under the provisions of this plan, no subsequent negotiations may withdraw or reduce said benefitsIllinois.