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. OPTION 1 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. OPTION 2 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.).
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