Common use of Retirement Incentive Program Clause in Contracts

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 of the Board, be limited to a maximum of six (6) at the end of the school year, with the right to participate to be allocated among those applying on the basis of District seniority as defined in Section 5.1 of this Agreement. There is no limitation on the number of teachers who may elect to participate in this Retirement Incentive Program if said teachers are not retiring under the Early Retirement Option (ERO) or the Adjustable Early Retirement Option (AERO) of the Downstate Teachers' Retirement System. It is understood that the payments set forth above will be subject to all legally required with- holdings (taxes, TRS, etc.).

Retirement Incentive Program. A retirement program will be available The District’s Retirement Incentive Program is designed to recognize the professional contributions made to the District by eligible, full-time teachers. In order to qualify, a teacher The following conditions must be met: • An eligible teacher may elect to participate in the program any time after he/she reaches the age of fifty-six five (56) years of 55), or if he/she will receive maximum pension and be age or older. Teachers who are fifty-five (55) years old will also be allowed within six (6) months of retirement. • Teachers wishing to participate if they are not electing to retire under access the Early Retirement Option (ERO) or the Adjustable Early Retirement Option (AERO) benefits of the Downstate Teachers' Retirement System. All participating teachers must this article shall have at least completed a minimum of fifteen (15) consecutive years of fullservice in a certified position with the District upon retirement. • End of Career 6% Increase(s) Eligible participants’ TRS creditable earnings will be increased by six percent (6%) for the last four years only prior to retirement. A one, two, or three-time employment year notice may also be given. Six percent (6%) increases will only be given for the years of the formal notice received. For example, if a teacher gives a two-year notice, six percent (6%) increases will only be applied for two (2) years. • All retirements must occur before June 30 of the summer of the last year of teaching in the District on District. • Appropriate deductions for income taxes, FICA, and TRS contributions shall be made from all payments made to the last day teacher. • Members who gave notice of retirement by November 1, 2023, will retain the Employer/Employee contribution of the retirement year85/15 insurance formula until retirement. This Option 1 will not be available to those teachers who elect (Added May 13, 2024) • Once given and accepted by the Early Retirement Option (ERO) of the Downstate Teachers' Retirement System. If written notice Board, a teacher’s notification of intent to retire is provided may not be rescinded. If an employee ends his/her employment prior to the Superintendent Board approved date of retirement, the employee will not receive District payment of the individual employee health insurance premium to TRS/IMRF as set forth in Section 7.2 below. • Creditable earnings paid during the retirement notice period shall be inclusive of approved extra-duty compensation. A teacher who takes on a new extra duty assignment during the notice period shall receive no additional compensation. If during the notice period the Board discontinues an extra duty position filled by a teacher who gave a four, three, two, or before October one year retirement notice, no deduction shall be made from the specified annual increases. If, however, a teacher voluntarily discontinues such an assignment, or if the teacher is removed from the position for just cause, compensation for the position will be deducted from the total creditable earnings received for that year. • An eligible teacher must notify the Board of his/her intent, in writing, no later than November 1 of the fourth year prior to retirement to receive full post- retirement benefits as depicted within this section. • In 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 event that an employee gives notice 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 participates 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 of the Board, be limited to a maximum of six (6) at the end of the school year, with the right to participate to be allocated among those applying on the basis of District seniority as defined in Section 5.1 of this Agreement. There is no limitation on the number of teachers who may elect to participate in this Retirement Incentive Program if said teachers are not retiring under and a TRS penalty is triggered, the Early Retirement Option (ERO) or District will facilitate a meeting with the Adjustable Early Retirement Option (AERO) of certified staff member, a union representative and a Superintendent designee to resolve any penalty issues. If there is no resolution, the Downstate Teachers' Retirement System. It is understood that District may stop the payments set forth above will be subject to all legally required with- holdings (taxes, TRS, etcincentive.).