Common use of Retirement Incentive Clause in Contracts

Retirement Incentive. If a teacher meets all of the eligibility requirements contained in paragraph A of this Section, the teacher shall be paid a retirement benefit in accordance with paragraph B of this Section. A. To be eligible for retirement incentives, a teacher: 1. Must retire from the district pursuant to the rules of the Illinois TRS. 2. Must have at least 10 years of consecutive service as a certified employee in the District. Approved, unpaid leaves and periods of time during which a teacher is on the District’s recall list for purposes of a reduction-in-force shall not count towards accrued service in the District. However, such time shall not constitute an interruption in years of consecutive service in the District. 3. Must submit an irrevocable notice of retirement to the District by July 1, prior to the school year in which benefits will begin under this program. 4. Must not give rise to a requirement that the Board make payment to the TRS pursuant to the AERO provisions of the statutes. 5. Board will not be obligated to pay a penalty imposed by TRS due to the teacher’s salary exceeding the TRS cap if the teacher retires any time after submitting his/her letter of retirement. For example, a teacher that has earned more than a 6% increase in his/her salary in any of the three years prior to the year in which the teacher would start receiving retirement benefits, would not be eligible for this program. Note: a teacher that has received a greater than 6% increase in his/her salary under a grandfathered contract may still be eligible for this program, provided he/she meets the other eligibility requirements set forth in this section. If the teacher is found to be ineligible for this program pursuant to the 6% salary increase limitation discussed in this paragraph, the teachers may reapply for this program in any subsequent year and will be eligible for the retirement incentive when he/she would no longer cause the Board to have to pay a penalty to TRS in the event the teacher were to retire any time after submitting his/her letter of retirement, provided the teacher meets all the other eligibility requirements of this Section A. 6. The parties to this Agreement may waive the eligibility requirement contained in 2.A.5. of Article XVIII of this Agreement on the condition the teacher executes a promissory note promising to repay all or a portion of the Retirement Benefits provided under 2.B. of Article XVIII. In the event the teacher retires prior to the date stated in the teacher’s irrevocable Notice of Retirement, the teacher shall be responsible for the payment defined in the promissory note. Before a teacher executes a promissory note, the Board and Association will come to agreement as to the amount. 7. May not be receiving retirement benefits from previous contracts. 8. May retire before reaching full retirement if there are no additional costs to the District. 9. If there is a change in the law that causes a penalty to the district, the incentive will be modified at the beginning of the next fiscal year, July 1, to eliminate the penalty. Staff currently in the 4-year incentive are held harmless. Changes will only apply to members making new requests for the retirement incentive after the July 1 deadline each year.

Retirement Incentive. If To recognize the contribution of those employees who have provided long and dedicated service to the district, the Board shall provide a retirement incentive to teachers who meet the following eligibility requirements: a. the teacher meets all must have completed 15 years of service to District #34 by the date of his or her retirement; b. the teacher must submit a written, irrevocable, notice of intent to retire to the Superintendent by no later than August 1 of the eligibility requirements contained start of the retirement incentive period; and c. the teacher must not have received an increase of greater than 6% in paragraph A creditable earnings (excluding any grandfathered or exempt earnings) in the three (3) school years immediately preceding the proposed start of this Sectionthe retirement incentive. In up to each of the final four years of his/her employment, the teacher shall be paid a retirement benefit in accordance with paragraph B receive an incentive of this Section. A. To be eligible for retirement incentives, a teacher: 1. Must retire from the district pursuant to the rules of the Illinois TRS. 2. Must have at least 10 years of consecutive service as a certified employee in the District. Approved, unpaid leaves and periods of time during which a teacher is on the District’s recall list for purposes of a reduction-in-force shall not count towards accrued service in the District. However, such time shall not constitute an interruption in years of consecutive service in the District. 3. Must submit an irrevocable notice of retirement to the District by July 1, prior to the school year in which benefits will begin under this program. 4. Must not give rise to a requirement that the Board make payment to the TRS pursuant to the AERO provisions of the statutes. 5. Board will not be obligated to pay a penalty imposed by TRS due to the teacher’s salary exceeding the TRS cap if the teacher retires any time after submitting % over his/her letter prior year’s base salary (which in the second, third and fourth year of retirementthe incentive includes the prior year’s retirement incentive). For exampleIn the event that the State of Illinois should raise the maximum allowable percent increase, a teacher that has earned more than a the Board will honor an increase up to 6% increase in his/her salary in so long as the district does not incur any of the three years prior to the year in which penalty. Once the teacher would start receiving begins to receive the retirement benefitsincentive, would he/she shall not be eligible for this programearnings from extra duties or summer school, stipends, and/or any other type of compensation that could result in the Board’s obligation to pay any additional contribution or “penalty” to TRS. Note: However, the teacher may submit a request to the Superintendent’s office to continue performing paid extra duties or to earn additional compensation, so long as any such additional compensation would not result in the teacher that has received receiving a greater than 6% increase in over his/her salary under prior year’s creditable earnings. The Superintendent’s grant or denial of such request shall be non-precedential and non-grievable. Any payment necessary to ensure the retiring employee receives an incentive of 5% shall be made in a grandfathered contract may still be eligible for this program, provided he/she meets lump sum each year by no later than June 30th. In the other eligibility requirements set forth event a certified employee who tenders his or her irrevocable letter of resignation experiences a drastic and unanticipated change in this section. If the teacher is found to be ineligible for this program pursuant to the 6% salary increase limitation discussed in this paragraphpersonal circumstances, the teachers may reapply for this program in any subsequent year and will be eligible for Board may, at its option, permit the retirement incentive when he/she would no longer cause the Board certified employee to have to pay a penalty to TRS in the event the teacher were to retire any time after submitting his/revoke his or her irrevocable letter of retirement, provided the teacher meets all the other eligibility requirements of this Section A. 6. The parties to this Agreement may waive the eligibility requirement contained in 2.A.5. of Article XVIII of this Agreement on the condition the teacher executes a promissory note promising to repay all or a portion of the Retirement Benefits provided under 2.B. of Article XVIIIresignation. In the event the teacher retires Illinois General Assembly enacts any legislation during the term of this Agreement, which legislation would require the District to pay any additional moneys (or lose any additional revenues) to the State of Illinois and/or the Illinois Teachers’ Retirement System on account of its payment of this retirement incentive, then this retirement incentive shall cease to exist at the end of the current school term. However, prior to the date stated in cessation of the teacher’s irrevocable Notice benefit, either party may demand to bargain concerning whether some or all of Retirement, the teacher shall retirement incentive can be responsible for the payment defined in the promissory note. Before a teacher executes a promissory note, the Board and Association will come to agreement as to the amount. 7. May not be receiving retirement benefits from previous contracts. 8. May retire before reaching full retirement if there are no continued without adding any additional costs to the District. 9. If there is Eligibility to submit a change in request to receive this incentive shall terminate on August 1, 2021, and any such request received prior to August 1, 2021, must be for retirement to occur no later than the law that causes a penalty to the district, the incentive will be modified at the beginning end of the next fiscal year, July 1, to eliminate the penalty. Staff currently in the 42024-year incentive are held harmless. Changes will only apply to members making new requests for the retirement incentive after the July 1 deadline each 2025 school year.

Retirement Incentive. a) If an employee gives the Board an irrevocable notice of retirement by February 1st four (4) years prior to the school year of retirement, the Board shall pay him/her a teacher meets six percent (6%) retirement incentive, inclusive of all other increases in TRS creditable compensation, for each of his/her remaining four (4) years of service. If an employee gives the Board an irrevocable notice of retirement by February 1st three (3) years prior to the school year of retirement, the Board shall pay him/her a six percent (6%) retirement incentive, inclusive of all other increases in TRS creditable compensation, for each of his/her remaining three (3) years of service. If an employee gives the Board an irrevocable notice of retirement by February 1st two (2) years prior to the school year of retirement, the Board shall pay him/her a six percent (6%) retirement incentive, inclusive of all other increases in TRS creditable compensation, for each of his/her remaining two (2) years of service. If an employee gives the Board an irrevocable notice of retirement by February 1st one (1) year prior to the school year of retirement, the Board shall pay him/her a six percent (6%) retirement incentive, inclusive of all other increases in TRS creditable compensation, for his/her remaining year of service. Once an employee submits an irrevocable notice of retirement by February 1st, that employee shall be removed from the salary schedule contained in Article IX of this Agreement. All calculations for increased TRS creditable earnings will be based on the TRS creditable earnings in the year prior to the submission of the eligibility requirements contained irrevocable notice of retirement. Once the employee submits an irrevocable notice of retirement an employee’s creditable earnings shall be increased by six percent (6%) of the previous year, but in paragraph A no case will the employee’s TRS creditable earnings increase exceed six percent (6%) of this Sectionthe previous year. If, after submitting an irrevocable notice of retirement by February 1st, the teacher shall be employee resigns from, or is dismissed from duties for which the employee was paid a stipend or additional compensation the previous year, the retirement benefit in accordance with paragraph B of this Sectionincentive for that employee will be recalculated accordingly. A. b) To be eligible for retirement incentiveseligible, a teacher: 1. Must retire from the district pursuant to the rules of the Illinois TRS. 2. Must have at least 10 years of consecutive service as a certified an employee in the District. Approved, unpaid leaves and periods of time during which a teacher is on the District’s recall list for purposes of a reduction-in-force shall not count towards accrued service in the District. However, such time shall not constitute an interruption in years of consecutive service in the District. 3. Must must submit an irrevocable notice of retirement by February 1st which must be accompanied by a Teachers’ Retirement System (TRS) member requested “Personal Statement of Benefits” and a “Benefit Estimate” confirmation of total years of service. An employee with ten (10) years of full-time service with Neoga C.U.S.D. No. 3 is considered to the District by July 1, prior to the school year in which benefits will begin under this program. 4. Must not give rise to a requirement that the Board make payment to the TRS pursuant to the AERO provisions of the statutes. 5. Board will not be obligated to pay a penalty imposed by TRS due to the teacher’s salary exceeding the TRS cap if the teacher retires any time after submitting his/her letter of retirement. For example, a teacher that has earned more than a 6% increase in his/her salary in any of the three years prior to the year in which the teacher would start receiving retirement benefits, would not be eligible for this program. Note: a teacher that has received a greater than 6% increase in his/her salary under a grandfathered contract may still be eligible for this program, provided he/she meets the other eligibility requirements set forth in this section. If the teacher is found to be ineligible for this program pursuant to the 6% salary increase limitation discussed in this paragraph, the teachers may reapply for this program in any subsequent year and will be eligible for the retirement incentive when he/she would no longer cause by meeting one of the Board to have to pay a penalty to TRS in following conditions at the event the teacher were to retire any time after submitting his/her letter of retirement: 1) The employee is sixty (60) years of age and has ten (10) years of creditable TRS service. 2) The employee is at least fifty-five (55) years of age and has thirty- five (35) years of creditable TRS service. c) If, provided during the teacher meets all the other eligibility requirements term of this Section A. 6. The parties to this Agreement may waive the eligibility requirement contained Agreement, any legislation and/or TRS rules/regulations are enacted or not reenacted and/or adopted or amended that result in 2.A.5. of Article XVIII of this Agreement on the condition the teacher executes a promissory note promising to repay all or a portion of the Retirement Benefits provided under 2.B. of Article XVIII. In the event the teacher retires prior greater cost to the date stated in District than the teacher’s irrevocable Notice costs generated by this Agreement, or that change the definition of Retirementwhat is subject to the 6% TRS cap, the teacher parties agree that this Section shall be responsible for null and void and upon the payment defined in the promissory note. Before a teacher executes a promissory note, the Board and Association will come demand of any party shall meet to agreement as bargain language to the amountsucceed this paragraph. 7. May not be receiving retirement benefits from previous contracts. 8. May retire before reaching full retirement if there are no additional costs to the District. 9. If there is a change in the law that causes a penalty to the district, the incentive will be modified at the beginning of the next fiscal year, July 1, to eliminate the penalty. Staff currently in the 4-year incentive are held harmless. Changes will only apply to members making new requests for the retirement incentive after the July 1 deadline each year.

Retirement Incentive. 1. If a teacher meets all of the eligibility requirements contained in this paragraph A 1 of this SectionSection 11.L, the teacher shall be paid a retirement benefit in accordance with paragraph B of this Section2, below. A. To a. Must be eligible for retirement incentives, a teacher: 1. Must to retire from the district TRS pursuant to the rules of the Illinois TRS.TRS upon his/her resignation date; 2. b. Must have at least 10 fifteen (15) years of partial or full years of consecutive service as a certified certified/licensed (TRS) employee in the District. Approved, unpaid leaves and periods of time during which a teacher is on the District’s recall list for purposes of a reduction-in-force shall not count towards accrued service in the District. However, such time shall not constitute an interruption in years of consecutive service in the District.; 3. c. Must submit an irrevocable notice of retirement to the District by July 1, March 1 prior to the school year in which benefits will begin under this program.Program; 4. Must d. May not give rise to a requirement that cause the Board make payment to the TRS pursuant to the AERO provisions of the statutes. 5. Board will not be obligated to pay a penalty imposed by TRS due to the teacher’s salary exceeding the TRS cap if the teacher retires any time after submitting his/her letter of retirement. For example, a teacher that has earned more than a six percent (6% %) increase in his/her salary in any of the three (3) years prior to the year in which the teacher would start receiving retirement benefitsthe salary increases under paragraph 2, would not be eligible for this program. Note: a teacher that has received a greater than 6% increase in his/her salary under a grandfathered contract may still be eligible for this program, provided he/she meets the other eligibility requirements set forth in this section. If the teacher is found to be ineligible for this program pursuant to the 6% salary increase limitation discussed in this paragraph, the teachers may reapply for this program in any subsequent year and will be eligible for the retirement incentive when he/she would no longer cause the Board to have to pay a penalty to TRS in the event the teacher were to retire any time after submitting his/her letter of retirement, provided the teacher meets all the other eligibility requirements of this Section A.Program; and 6. The parties to this Agreement may waive the eligibility requirement contained in 2.A.5. of Article XVIII of this Agreement on the condition the teacher executes a promissory note promising to repay all or a portion of the Retirement Benefits provided under 2.B. of Article XVIII. In the event the teacher retires prior to the date stated in the teacher’s irrevocable Notice of Retirement, the teacher shall be responsible for the payment defined in the promissory note. Before a teacher executes a promissory note, the Board and Association will come to agreement as to the amount. 7. e. May not be receiving retirement benefits from previous contracts. 82. May retire before reaching full retirement if there Retirement benefits are no additional costs to as follows: a. Provided the Districtteacher meets all the eligibility requirements outlined in Section 11.L.1, the teacher shall be taken “off-schedule” and receive a six percent (6%) salary increase over the prior year’s creditable earnings for a maximum of four (4) years. 9. If there is a change b. Such increases shall be six percent (6%) of the employee’s creditable earnings of the prior year’s total TRS creditable earnings, and such increases shall be in lieu of any other base salary increases provided for in the law contract. The increases shall be paid with the regular paychecks. c. The teacher shall perform all duties that causes a penalty are used in determining creditable earnings in the years in which Program benefits are received. A teacher who does not perform such duties shall have his/her compensation reduced accordingly. d. A teacher under this retirement Program will not be able to earn more than six percent (6%) of the districtprevious year’s creditable earnings, regardless of assignment or possible movement, lane advancement, salary increase or extra duty schedule. e. To the extent that the benefits described under this Section shall cause the Board to pay additional penalties to TRS (e.g., excess 6% salary increase), the incentive Board shall have the right to reduce the payment of such benefits so that the Board will be modified at the beginning of the next fiscal year, July 1, to eliminate the penalty. Staff currently in the 4-year incentive are held harmless. Changes will only apply to members making new requests for the retirement incentive after the July 1 deadline each yearnot incur such penalties.

Retirement Incentive. If In order to be eligible for this incentive, teachers at the date of retirement must: A. have served a teacher meets all minimum of ten (10) years of teaching in the District (excluding time on unpaid leave of absence), AND B. have attained at least age 60 or have attained at least thirty-five (35) years of service credit with the Illinois Teachers’ Retirement System (ITRS), OR C. have attained whatever requirements may be necessary under Illinois Pension Code to eliminate any employer paid retirement penalty on behalf of the eligibility requirements contained in paragraph A teacher. For up to the last four (4) years of this Sectionthe eligible teacher’s employment, the teacher shall be paid receive a retirement benefit six percent (6%) increase in accordance with paragraph B basic compensation over the basic compensation of the preceding year. Basic compensation is defined as salary compensation inclusive of longevity plus the Sheltering Teacher Retirement Contribution as set forth in Section 9.3. Eligible teachers applying for this Section. A. To be eligible for retirement incentives, incentive must submit a teacher: 1. Must retire from the district pursuant written notice to the rules Superintendent on or before the last day of the Illinois TRS. 2. Must have at least 10 years school term of consecutive service as a certified employee in the District. Approved, unpaid leaves and periods of time during which a teacher is on the District’s recall list for purposes of a reduction-in-force shall not count towards accrued service in the District. However, such time shall not constitute an interruption in years of consecutive service in the District. 3. Must submit an irrevocable notice of retirement to the District by July 1, year prior to the school year in which benefits will begin under this program. 4. Must not give rise to a requirement that the Board make payment to the TRS pursuant to the AERO provisions of the statutes. 5. Board will not be obligated to pay a penalty imposed by TRS due to the teacher’s salary exceeding the TRS cap if the teacher retires any time after submitting his/her letter of retirement. For example, a teacher that has earned more than a 6% increase in his/her salary in any of the three years prior to the first year in which the teacher would start receiving retirement benefits, would not be eligible for this program. Note: expects a teacher that has received a greater than six percent (6% %) increase in his/her salary under a grandfathered contract may still be eligible for this programbasic compensation. A teacher who gives written notice of retirement shall, provided he/she meets upon the other eligibility requirements set forth in this section. If the teacher is found to be ineligible for this program pursuant to the 6% salary increase limitation discussed in this paragraphBoard’s approval of such notice, the teachers may reapply for this program in any subsequent year and will be eligible for the retirement incentive when he/she would no longer cause the Board to have to pay a penalty to TRS in the event the teacher were to retire any time after submitting his/her letter of retirement, provided the teacher meets all the other eligibility requirements of this Section A. 6. The parties to this Agreement may waive the eligibility requirement contained in 2.A.5. of Article XVIII of this Agreement on the condition the teacher executes execute a promissory note promising payable to repay all the Board for the amount of retirement incentives to be paid hereunder by the Board, provided nothing herein shall preclude the teacher and the Board from adjusting the original proffered date of retirement to a later date which would qualify the teacher to full retirement incentives without discount and without giving rise to any required Board payment to ITRS as a consequence of such retirement. I, , assert and promise as follows: On the date of my retirement as a full-time teacher at Xxxxxx Xxxxxx Xxxxxxxx #00, X will have attained at least age sixty (60) or a portion have attained at least thirty-five (35) years of service credit with the Illinois Teachers’ Retirement Benefits provided System (ITRS), OR I will have attained whatever requirements may be necessary under 2.B. of Article XVIIIIllinois Pension Code to eliminate any employer paid retirement penalty on my behalf. In the event that unforeseen circumstances prevent me from attaining the above, I agree to remain a full-time teacher retires prior at Gurnee School District #56 until such time as I do and to otherwise comply with the applicable provision of the Collective Bargaining Agreement in force between the Board of Education of Xxxxxx Xxxxxx Xxxxxxxx Xx. 00 and the Gurnee Federation of Teachers of the Lake County Federation of Teachers, Local 504, IFT-AFT/AFL-CIO. If for any reason I should default on the above requirements, then for value received, I promise to pay to the date stated order of the Board of Education of Gurnee School District #56, the total sum of all amounts (including withholding and other taxes) added to my compensation by the Board of Education of Gurnee School District #56 as a consequence of my having elected retirement pursuant to Article VIII.7.B. of the Collective Bargaining Agreement in effect between said Board of Education and the Gurnee Federation of Teachers of the Lake County Federation of Teachers, Local 504, IFT-AFT/AFL-CIO. Such payment shall be made no later than my final day of service with Gurnee School District #56. I agree that should I default in the teacher’s irrevocable Notice above referenced payment, I hereby waive any notice of Retirement, the teacher shall default and service of process and confess to a judgment that may be responsible for the payment defined entered against me in a court of competent jurisdiction. I further agree that in the promissory note. Before event of a teacher executes a promissory notedefault of this agreement, I will pay all costs and fees (including attorney’s fees) incurred by the Board and Association will come to agreement as to of Education of Gurnee School District #56 in collecting the amount. 7balance due. May not be receiving retirement benefits from previous contracts. 8. May retire before reaching full retirement if there are no additional costs to the District. 9. If there is a change in the law that causes a penalty to the district, the incentive will be modified at the beginning of the next fiscal year, July 1, to eliminate the penalty. Staff currently in the 4-year incentive are held harmless. Changes will only apply to members making new requests for the retirement incentive after the July 1 deadline each year.Signed Date WITNESSES:

Retirement Incentive. If a teacher meets all of the eligibility requirements contained in paragraph A of this Section, the teacher shall be paid a retirement benefit in accordance TRS Eligible Licensed Professionals with paragraph B of this Section. A. To be eligible for retirement incentives, a teacher: 1. Must retire from the district pursuant to the rules of the Illinois TRS. 2. Must have at least 10 years of consecutive service as a certified employee in the District. Approved, unpaid leaves and periods of time during which a teacher is on the District’s recall list for purposes of a reduction-in-force shall not count towards accrued service in the District. However, such time shall not constitute an interruption in twenty (20) or more years of consecutive service in the District.district are eligible to receive additional benefits under the terms of this Early Retirement Incentive (ERI). A TRS Eligible Licensed Professional member may receive this ERI if he or she retires at the first of the following to occur: 31. Must submit an irrevocable notice at the end of retirement to the District by school year (July 1, prior to -June 30) in which he or she first accumulates at least thirty-five (35) years of creditable service in the Teacher’s Retirement System (TRS); or 2. at the end of the school year in which benefits will begin under this program. 4. Must not give rise to a requirement that the Board make payment to the TRS pursuant to Eligible Licensed Professional member reaches age 60. The incentive is not available unless the AERO provisions of TRS Eligible Licensed Professional member can retire without obligating the statutes. 5. Board will not be obligated member or the District to pay a penalty imposed by TRS due or any other payment to the teacher’s salary exceeding TRS. In addition, the TRS cap if Eligible Licensed Professional member's effective retirement date must occur at the teacher retires any time after submitting his/her letter of retirement. For example, a teacher that has earned more than a 6% increase in his/her salary in any end of the three years prior to the school year in which the teacher would start receiving retirement benefits, would not be TRS Eligible Licensed Professional member is first eligible for a non-discounted annuity from TRS so that the additional compensation remains an incentive to retire early rather than a mere severance payment. In determining these dates, the member must consider and utilize all of their available sick leave for creditable service purposes in TRS as well as any available service obtained from other pension systems. In order to receive the additional compensation available under this programEarly Retirement Incentive, eligible employees must submit an irrevocable letter of resignation without contingency to the Superintendent no later than March 1st prior to the first year in which the incentive is to go into effect. Note: The letter of resignation must be accompanied by the TRS member requested “Personal Statement of Benefits" and a teacher that has "Benefit Estimate” indicating total years of service. TRS Eligible Licensed Professionals who elect to receive this Early Retirement Incentive by submitting a timely resignation as provided above shall be entitled to an increase in salary during the final year(s) of employment. Such TRS Eligible Licensed Professionals shall be exempt from contractual raises during their final year(s) of employment and will be paid according to one of the following three options: 1. If the resignation is received a greater than on or before March 1st three years and three months prior to the retirement date, the TRS Eligible Licensed Professional member's base* salary for the last three years of employment shall increase by 6% per year. 2. If the resignation is received on or before March 1st two years and three months prior to the retirement date, the TRS Eligible Licensed Professional member's base* salary for the last two years of employment shall increase in his/her by 6% per year. 3. If the resignation is received on or before March 1st one year and three months prior to the retirement date, the TRS Eligible Licensed Professional member's base* salary under a grandfathered contract may still be eligible for this programthe last year of employment shall increase by 6% per year. The District shall endeavor to spread the increase throughout the school year. However, provided he/she meets the other eligibility requirements set forth in District retains the right to make necessary adjustments to periodic pays during the years of the retirement incentive to insure that the total received by the TRS Eligible Licensed Professional member is consistent with this section. If the teacher is found to be ineligible for this program pursuant to the In no event shall a TRS Eligible Licensed Professional member receive more than a six-percent (6% salary %) increase limitation discussed in this paragraph, the teachers may reapply for this program overall compensation during any year in any subsequent year and will be eligible for the which a retirement incentive when he/she would no longer cause the Board to have to pay a penalty to TRS in is paid. In the event that a TRS Eligible Licensed Professional member's resignation date contemplates use of sick leave benefits for creditable service purposes and the teacher were to retire any time after submitting his/her letter of retirement, provided the teacher meets all the other eligibility requirements of this Section A. 6. The parties to this Agreement may waive the eligibility requirement contained in 2.A.5. of Article XVIII of this Agreement on the condition the teacher executes a promissory note promising to repay TRS Eligible Licensed Professional member subsequently uses all or a portion of his or her available sick leave days and does not have enough remaining sick leave days available upon the Retirement Benefits provided originally selected retirement date to retire without discount, the TRS Eligible Licensed Professional member's resignation shall be automatically revoked and the member shall, subject to his or her health condition, continue employment until such a time that he or she is eligible to retire at the end of a school year without a discounted annuity. Further, TRS Eligible Licensed Professionals who submit a letter of resignation to obtain the retirement incentive and, prior to retirement, subsequently experience an identifiable financial hardship through either a divorce, death of a spouse, or permanent disability of a spouse which adversely affects employment compensation shall have the right to revoke their letter of resignation. If a TRS Eligible Licensed Professional member receives benefits under 2.B. this incentive and subsequently fails to retire when originally contemplated due to any of Article XVIIIthose reasons outlined above, such member shall be obligated to reimburse the District for the amount of the incentive less what the TRS Eligible Licensed Professional member would have received had the TRS Eligible Licensed Professional member not elected the retirement incentive. If the amount is not reimbursed immediately or some mutually acceptable reimbursement schedule cannot be agreed upon, the District is authorized to make deductions from subsequent paychecks in the maximum amount of 5% of the initial deficiency balance until the amount is paid in full. Any amount remaining upon retirement shall be paid to the District within 30 days. Subsequent availability and amount of the retirement incentive following revocation shall be negotiated between the Board and the Association. In the event the teacher retires prior to Illinois Pension Code, TRS regulations, or TRS interpretations are made, changed or modified during the date stated in effective period of this agreement and such interpretations or modifications have the teacher’s irrevocable Notice effect of Retirementrequiring employer or member contributions under this ERI, the teacher this incentive shall be responsible for null and void and the payment defined parties shall engage in the promissory note. Before mid-term bargaining to amend this ERI in such a teacher executes a promissory note, the Board and Association will come to agreement as to the amountway that no employer or member costs shall be incurred. 7. May not be receiving retirement benefits from previous contracts. 8. May retire before reaching full retirement if there are no additional costs to the District. 9. If there is a change in the law that causes a penalty to the district, the incentive will be modified at the beginning of the next fiscal year, July 1, to eliminate the penalty. Staff currently in the 4-year incentive are held harmless. Changes will only apply to members making new requests for the retirement incentive after the July 1 deadline each year.

Retirement Incentive. If The following retirement incentive is payable only to teachers who have made contributions to TRS on or before December 31, 2010. An employee tendering an irrevocable letter of resignation in conformance with the following conditions shall be eligible for a retirement incentive in up to each of his or her final four years of teaching service subject to the following conditions: 1) The teacher meets all shall have a minimum of twenty (20) years of continuous full-time service in the eligibility requirements contained in paragraph A Franklin School District by the intended date of this Section, the retirement. 2) The teacher shall be paid a retirement benefit in accordance with paragraph B at least sixty (60) years of this Section. A. To be eligible for retirement incentives, a teacher: 1. Must retire from age on or before the district pursuant to the rules end of the Illinois TRS. 2. Must year of retirement or will be at least fifty-five (55) years of age and will have at least 10 thirty-five (35) years of consecutive creditable service as a certified employee in and will not retire under the District. Approved, unpaid leaves and periods of time during which a teacher is on the District’s recall list for purposes of a reduction-in-force shall not count towards accrued service in the District. However, such time shall not constitute an interruption in years of consecutive service in the District. 3. Must submit an irrevocable notice of retirement to statutory Early Retirement Option causing the District by July 1, prior to the school year in which benefits will begin under this program. 4. Must not give rise to a requirement that the Board make payment to the TRS pursuant to the AERO provisions of the statutes. 5. Board will not be obligated to pay a penalty imposed by TRS due to the teacher’s salary exceeding the TRS cap if the teacher retires any time after submitting his/her letter of retirement. For example, a teacher that has earned more than a 6% increase in his/her salary in any of the three years prior to the year in which the teacher would start receiving retirement benefits, would not be eligible for this program. Note: a teacher that has received a greater than 6% increase in his/her salary under a grandfathered contract may still be eligible for this program, provided he/she meets the other eligibility requirements set forth in this section. If the teacher is found to be ineligible for this program pursuant to the 6% salary increase limitation discussed in this paragraph, the teachers may reapply for this program in any subsequent year and will be eligible for the retirement incentive when he/she would no longer cause the Board to have to pay a penalty or other monies constituting a surcharge to the Teachers’ Retirement System. The teacher shall have tendered to the Board a binding, irrevocable resignation, unless otherwise agreed to by the Board, as an application for the award. The teacher’s notice may be given up to four (4) years prior to retirement or by September 1st of the year up to and including the school year of retirement. The pre-retirement period may be from one (1) to four (4) years in length depending upon the date the letter of resignation is received by the Board and the specified date of retirement. In exchange for the teacher’s resignation, the teacher’s total salary will be increased by six percent (6%) TRS creditable earnings over the prior year of employment. For purposes of this provision, total salary shall be defined as all earnings of whatsoever kind or nature a teacher is paid by a school district which TRS credits as earned toward a TRS retirement annuity. Notwithstanding any other provision in this agreement, no teacher, who is within 10 years of first becoming eligible to receive a retirement annuity under TRS rules and regulations, shall either receive and / or be paid by the school district an increase in creditable earnings that would constitute an increase of more than 6% per annum in the event TRS creditable earnings the teacher were earned in the immediately preceding fiscal year. “Creditable earnings” includes all earnings of whatsoever kind or nature a teacher is paid by a school district which TRS credits as earned toward a TRS retirement annuity for the teacher under the applicable TRS rules and regulations. Any creditable earnings that exceed this 6% cap on increases from fiscal year to retire year shall be considered waived and not due and owing to any such teacher within this 10-year period. Except the full pay shall be made even if the increase is above 6% if the excess earnings above six percent are 1) because of a change from part-time after submitting his/her letter of retirementto full-time, provided the rate does not increase more than six percent (6%); or because of a full-time teacher meets all teaching summer school; or because the other eligibility requirements full-time teacher was assigned educationally necessary overload work; or because the teacher received a promotion to an already existing position for which he or she was required to hold a certificate or supervisory endorsement different from an endorsement the teacher held in his or her previous position; or because the teacher perceived additional remuneration from the state of this Section A. 6Illinois or the ISBE or which the employer does not have control. The parties District may, in its sole discretion, limit the number of teachers who retire under this plan in any year to this Agreement may waive the eligibility requirement contained in 2.A.5. of Article XVIII of this Agreement on the condition the teacher executes a promissory note promising to repay all or a portion of the Retirement Benefits provided under 2.B. of Article XVIIIfive (5). In the event of any limitation in the program, the first five teachers who apply shall have the participation option. The District and the teacher retires prior agree to the date stated in the teacher’s irrevocable Notice of Retirement, the teacher shall be responsible for execute a Retirement Award Agreement that governs the payment defined in the promissory note. Before a teacher executes a promissory note, the Board and Association will come to agreement as to the amount. 7. May not be receiving retirement benefits from previous contracts. 8. May retire before reaching full retirement if there are no additional costs to the District. 9. If there is a change in the law that causes a penalty to the district, the incentive will be modified at the beginning of the next fiscal year, July 1, to eliminate the penalty. Staff currently in the 4-year incentive are held harmless. Changes will only apply to members making new requests for the retirement incentive after the July 1 deadline each yearaward.

Retirement Incentive. If To recognize the contribution of those employees who have provided long and dedicated service to the district, the Board shall provide a retirement incentive to teachers who meet the following eligibility requirements: a. the teacher meets all must have completed 15 years of service to District #34 by the date of his or her retirement; b. the teacher must not be retiring under the Early Retirement Without, Discount Option; c. the teacher must submit a written, irrevocable, notice of intent to retire to the Superintendent by no later than September 15th of the eligibility requirements contained start of the retirement incentive period; and d. the teacher must not have received an increase of greater than 6% in paragraph A creditable earnings (excluding any grandfathered or exempt earnings) in the three (3) school years immediately preceding the proposed start of this Sectionthe retirement incentive. In up to each of the final four years of his/her employment, the teacher shall be paid a retirement benefit in accordance with paragraph B receive an incentive of this Section. A. To be eligible for retirement incentives5%, a teacher: 1. Must retire from the district pursuant to the rules of the Illinois TRS. 2. Must have at least 10 years of consecutive service as a certified employee in the District. Approvedno more, unpaid leaves and periods of time during which a teacher is on the District’s recall list for purposes of a reduction-in-force shall not count towards accrued service in the District. However, such time shall not constitute an interruption in years of consecutive service in the District. 3. Must submit an irrevocable notice of retirement to the District by July 1, prior to the school year in which benefits will begin under this program. 4. Must not give rise to a requirement that the Board make payment to the TRS pursuant to the AERO provisions of the statutes. 5. Board will not be obligated to pay a penalty imposed by TRS due to the teacher’s salary exceeding the TRS cap if the teacher retires any time after submitting over his/her letter of retirement. For exampleprior year’s base salary (which in the second, a teacher that has earned more than a 6% increase in his/her salary in any third and fourth year of the three years incentive includes the prior to the year in which year’s retirement incentive). Once the teacher would start receiving begins to receive the retirement benefitsincentive, would he/she shall not be eligible for this programearnings from extra duties or summer school, stipends, and/or any other type of compensation that could result in the Board’s obligation to pay any additional contribution or “penalty” to TRS. Note: However, the teacher may submit a request to the Superintendent’s office to continue performing paid extra duties or to earn additional compensation, so long as any such additional compensation would not result in the teacher that has received receiving a greater than 6% increase in over his/her salary under prior year’s creditable earnings. The Superintendent’s grant or denial of such request shall be non-precedential and non-grievable. Any payment necessary to ensure the retiring employee receives an incentive of 5% shall be made in a grandfathered contract may still be eligible for this program, provided he/she meets lump sum each year by no later than June 30th. In the other eligibility requirements set forth event a certified employee who tenders his or her irrevocable letter of resignation experiences a drastic and unanticipated change in this section. If the teacher is found to be ineligible for this program pursuant to the 6% salary increase limitation discussed in this paragraphpersonal circumstances, the teachers may reapply for this program in any subsequent year and will be eligible for Board may, at its option, permit the retirement incentive when he/she would no longer cause the Board certified employee to have to pay a penalty to TRS in the event the teacher were to retire any time after submitting his/revoke his or her irrevocable letter of retirement, provided the teacher meets all the other eligibility requirements of this Section A. 6. The parties to this Agreement may waive the eligibility requirement contained in 2.A.5. of Article XVIII of this Agreement on the condition the teacher executes a promissory note promising to repay all or a portion of the Retirement Benefits provided under 2.B. of Article XVIIIresignation. In the event the teacher retires Illinois General Assembly enacts any legislation during the term of this Agreement, which legislation would require the District to pay any additional moneys (or lose any additional revenues) to the State of Illinois and/or the Illinois Teachers’ Retirement System on account of its payment of this retirement incentive, then this retirement incentive shall cease to exist at the end of the current school term. However, prior to the date stated in cessation of the teacher’s irrevocable Notice benefit, either party may demand to bargain concerning whether some or all of Retirement, the teacher shall retirement incentive can be responsible for the payment defined in the promissory note. Before a teacher executes a promissory note, the Board and Association will come to agreement as to the amount. 7. May not be receiving retirement benefits from previous contracts. 8. May retire before reaching full retirement if there are no continued without adding any additional costs to the District. 9. If there is Eligibility to submit a change in request to receive this incentive shall terminate on September 16, 2018, and any such request received prior to September 16, 2018, must be for retirement to occur no later than the law that causes a penalty to the district, the incentive will be modified at the beginning end of the next fiscal year, July 1, to eliminate the penalty. Staff currently in the 42021-year incentive are held harmless. Changes will only apply to members making new requests for the retirement incentive after the July 1 deadline each 2022 school year.

Retirement Incentive. If a teacher meets all of Teachers who meet the eligibility requirements contained in paragraph A of this Section, the teacher shall be paid a retirement benefit in accordance with paragraph B of this Section. A. To be eligible for retirement incentives, a teacher: 1. Must retire from the district pursuant to the rules of the Illinois TRS. 2. Must have at least 10 years of consecutive service as a certified employee in the District. Approved, unpaid leaves and periods of time during which a teacher is on the District’s recall list for purposes of a reduction-in-force shall not count towards accrued service in the District. However, such time shall not constitute an interruption in years of consecutive service in the District. 3. Must submit an irrevocable notice of retirement to the District by July 1, prior to the school year in which benefits will begin under this program. 4. Must not give rise to a requirement that the Board make payment to the TRS pursuant to the AERO provisions of the statutes. 5. Board will not be obligated to pay a penalty imposed by TRS due to the teacher’s salary exceeding the TRS cap if the teacher retires any time after submitting his/her letter of retirement. For example, a teacher that has earned more than a 6% increase in his/her salary in any of the three years prior to the year in which the teacher would start receiving retirement benefits, would not be eligible for this program. Note: a teacher that has received a greater than 6% increase in his/her salary under a grandfathered contract may still be eligible for this program, provided he/she meets the other eligibility requirements set forth in this sectionSection 6.17 and who provide the notice as described below will receive as a retirement bonus a salary increase of six percent (6%) applied to the total TRS creditable earnings received from the District in the previous school year. If An eligible teacher may elect to receive this 6% increase in each of the four (4) years prior to retirement beginning in the 2019-2020 school year, but not later than the 2022-2023 school year. The teacher may give one (1), two (2), three (3), or four (4) years of notice, provided that the teacher is found eligible to be ineligible for this program pursuant do so and further provided that the notice is received by December 1 of the year prior to the 6% salary increase limitation discussed first year in this paragraphwhich the teacher will receive the retirement bonus, except for teachers who elect to receive the bonus in the 2019-2020 or 2020-2021 school year, who must provide notice by January 31, 2020. This retirement bonus is limited to those teachers may reapply for this program in any subsequent year and who are or will be able to retire without penalty under applicable law on or before June 30, 2023. To be eligible for this benefit under this Section 6.17, a teacher must: (1) be eligible to receive a retirement annuity without discount under applicable law on or before June 30, 2023, (2) be able to retire without any early retirement penalty; and (3) have served in the retirement incentive when he/she would District for 15 or more years. An eligible teacher who elects any benefit under this Section must submit a written notice of irrevocable resignation from employment due to retirement, effective at the end of the election period but no longer cause later than June 30, 2023. Said written notice must be submitted according to the timelines herein. The Association and the Board further agree that should future professional negotiated agreements provide for retirement bonuses, options, or any terms that these will not be available to have any teacher who elects any benefit under this Section. The last school year in which any bonus will be paid under this paragraph is 2022-2023. It is understood and agreed to pay a that no payment under this paragraph will result in any TRS penalty to the District, and the parties agree that if any such penalty is or may be assessed the District may adjust any employee’s salary retroactively, or take any other action it deems necessary, to avoid such penalty. Any teacher who submits notice of retirement and begins receiving or is scheduled to receive one or more six percent (6%) salary increases shall be removed from the salary schedule and shall not receive any other additional compensation from the 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 Agreement. It is the intent of the parties that the compensation increases of such teachers shall be capped at six percent (6%) in any of the four (4) years prior to retirement, so that the District may avoid any related TRS surcharges or penalties. Salary increases provided for under this paragraph are conditional on the teacher satisfactorily performing all required duties and assigned supplemental activities that were compensated in the event year prior to the first incentive year. If during any year in which a teacher would otherwise be entitled to receive six percent (6%) retirement increases the teacher were declines to retire perform any time after submitting his/her letter of retirementassigned supplemental activity that was compensated in the year prior to the first incentive year, provided or the teacher meets all is removed from any such activity for cause, the other eligibility requirements of this Section A. 6teacher’s compensation shall be reduced proportionally. The parties Board will not reduce a teacher’s compensation if a supplemental activity is eliminated by the Board. The Board will not require a teacher to this Agreement may waive perform a supplemental activity if doing so would increase the eligibility requirement contained in 2.A.5teacher’s total TRS creditable earnings by more than 6%. The Board shall pay $3500 to a retiring teacher to help offset the cost of Article XVIII of this Agreement on health insurance after retirement. This payment will be made after the condition the teacher executes a promissory note promising to repay all or a portion of the Retirement Benefits provided under 2.B. of Article XVIIIteacher’s final paycheck and shall not be considered creditable earnings. In the event the teacher retires prior to the date stated in the teacher’s irrevocable Notice of Retirement, the teacher shall be responsible for the that TRS determines that this payment defined in the promissory note. Before a teacher executes a promissory noteconstitutes creditable earnings, the Board and Association will come shall have the right to agreement as to the amountcease any future payments under this paragraph. 7. May not be receiving retirement benefits from previous contracts. 8. May retire before reaching full retirement if there are no additional costs to the District. 9. If there is a change in the law that causes a penalty to the district, the incentive will be modified at the beginning of the next fiscal year, July 1, to eliminate the penalty. Staff currently in the 4-year incentive are held harmless. Changes will only apply to members making new requests for the retirement incentive after the July 1 deadline each year.

Retirement Incentive. If a teacher meets all of the eligibility requirements contained in paragraph A of this Section, the teacher A. Retirement Incentive shall be paid a retirement benefit in accordance with paragraph B of this Section.$20,000. Teachers retiring under the Retirement Incentive award shall give their notice to the Superintendent by January 15th' A. B. To be eligible for retirement incentivesRetirement Incentive, a teacher: 1. Must person must retire from at the district pursuant to the rules end of the Illinois TRS. 2. Must have at least 10 years of consecutive service as a certified employee in the District. Approved, unpaid leaves and periods of time during which a teacher is on the District’s recall list for purposes of a reduction-in-force shall not count towards accrued service in the District. However, such time shall not constitute an interruption in years of consecutive service in the District. 3. Must submit an irrevocable notice of retirement to the District by July 1, prior to the school year in which benefits will begin under this programhe/she becomes eligible for a full pension from the New York State Retirement System. 4. Must not give rise C. Payment, less appropriate deductions, to a requirement that the Board make payment be made in lump sum prior to the TRS pursuant to the AERO provisions July 1, or any other mutually acceptable time or manner, as described in Section E of the statutesthis Article. 5. Board will not be obligated D. In order to pay a penalty imposed by TRS due to the teacher’s salary exceeding the TRS cap if the teacher retires any time after submitting his/her letter of retirement. For examplequalify for Retirement Incentive, a teacher that has earned more than a 6% increase must have fifteen (15) years of service in his/her salary in any the Waterville Central School District at the time of retirement. E. Non-elective Employer Contributions (403b memorandum): The District agrees to make an Employer Non-elective Contribution to the 403(b) account of each covered employee, who xxxxxx their employment with the District during the contract year and who is eligible to apply for and who commences their retirement from the state sponsored retirement system. The amount of the three years prior to District's contribution for each eligible employee shall equal the value of each such employee's accumulated leave days, determined in accordance with Article XXIV of the Agreement. The District contribution shall not exceed the maximum contribution permitted under Section 415(c) (1) of the Internal Revenue Code of 1986, as amended, for the year in which the teacher would start receiving retirement benefits, would not be eligible for this programemployee xxxxxx employment. Note: a teacher that has received a greater than 6% increase in The District also agrees to make an Employer Non-elective Contribution to the 403(b) account of each covered employee who notifies the District of his/her salary under a grandfathered contract may still be intent to retire per Article XXVIII of the collective bargaining agreement. The Employer's Non-elective Contribution for each eligible for this programemployee shall equal the amount identified in Article XXVIII, provided he/she meets Section A, of the other eligibility requirements set forth in this sectioncollective bargaining agreement. If The District shall deposit the teacher is found to be ineligible for this program pursuant above-referenced non-elective contribution(s) up to the 6% salary increase limitation discussed Contribution Limit provided for in this paragraphI n t e r n a l R e v e n u e C o d e Section 415(c), by no later than July 31, following the teachers may reapply for this program employee's severance date. Any excess amounts that remain after that deposit shall be remitted in any subsequent year accordance with the remaining terms and will be eligible for the retirement incentive when he/she would no longer cause the Board to have to pay a penalty to TRS in the event the teacher were to retire any time after submitting his/her letter of retirement, provided the teacher meets all the other eligibility requirements conditions of this Section A. 6. The parties to this Agreement may waive the eligibility requirement contained in 2.A.5. Memorandum of Article XVIII of this Agreement on the condition the teacher executes a promissory note promising to repay all or a portion of the Retirement Benefits provided under 2.B. of Article XVIII. In the event the teacher retires prior to the date stated in the teacher’s irrevocable Notice of Retirement, the teacher shall be responsible for the payment defined in the promissory note. Before a teacher executes a promissory note, the Board and Association will come to agreement as to the amountAgreement. 7. May not be receiving retirement benefits from previous contracts. 8. May retire before reaching full retirement if there are no additional costs to the District. 9. If there is a change in the law that causes a penalty to the district, the incentive will be modified at the beginning of the next fiscal year, July 1, to eliminate the penalty. Staff currently in the 4-year incentive are held harmless. Changes will only apply to members making new requests for the retirement incentive after the July 1 deadline each year.

Retirement Incentive. If To recognize the contribution of those employees who have provided long and dedicated service to the district, the Board shall provide a retirement incentive to teachers who meet the following eligibility requirements: a. the teacher meets all must have completed 15 years of service to District #34 by the date of his or her retirement; b. the teacher must not be retiring under the Early Retirement Without, Discount Option; c. the teacher must submit a written, irrevocable, notice of intent to retire to the Superintendent by no later than September 15th of the eligibility requirements contained start of the retirement incentive period; and d. the teacher must not have received an increase of greater than 3% in paragraph A creditable earnings (excluding any grandfathered or exempt earnings) in the three (3) school years immediately preceding the proposed start of this Sectionthe retirement incentive. In up to each of the final four years of his/her employment, the teacher shall be paid a retirement benefit in accordance with paragraph B receive an incentive of this Section. A. To be eligible for retirement incentives, a teacher: 1. Must retire from the district pursuant to the rules of the Illinois TRS. 2. Must have at least 10 years of consecutive service as a certified employee in the District. Approved, unpaid leaves and periods of time during which a teacher is on the District’s recall list for purposes of a reduction-in-force shall not count towards accrued service in the District. However, such time shall not constitute an interruption in years of consecutive service in the District. 3. Must submit an irrevocable notice of retirement to the District by July 1, prior to the school year in which benefits will begin under this program. 4. Must not give rise to a requirement that the Board make payment to the TRS pursuant to the AERO provisions of the statutes. 5. Board will not be obligated to pay a penalty imposed by TRS due to the teacher’s salary exceeding the TRS cap if the teacher retires any time after submitting % over his/her letter of retirement. For exampleprior year’s base salary (which in the second, a teacher that has earned more than a 6% increase in his/her salary in any third and fourth year of the three years incentive includes the prior year’s retirement incentive). In the event that the State of Illinois should raise the maximum allowable percent increase, the Board will honor an increase up to 5% so long as the year in which district does not incur any penalty. Once the teacher would start receiving begins to receive the retirement benefitsincentive, would he/she shall not be eligible for this programearnings from extra duties or summer school, stipends, and/or any other type of compensation that could result in the Board’s obligation to pay any additional contribution or “penalty” to TRS. Note: However, the teacher may submit a request to the Superintendent’s office to continue performing paid extra duties or to earn additional compensation, so long as any such additional compensation would not result in the teacher that has received receiving a greater than 63% increase in over his/her salary under prior year’s creditable earnings. The Superintendent’s grant or denial of such request shall be non-precedential and non-grievable. Any payment necessary to ensure the retiring employee receives an incentive of 3% shall be made in a grandfathered contract may still be eligible for this program, provided he/she meets lump sum each year by no later than June 30th. In the other eligibility requirements set forth event a certified employee who tenders his or her irrevocable letter of resignation experiences a drastic and unanticipated change in this section. If the teacher is found to be ineligible for this program pursuant to the 6% salary increase limitation discussed in this paragraphpersonal circumstances, the teachers may reapply for this program in any subsequent year and will be eligible for Board may, at its option, permit the retirement incentive when he/she would no longer cause the Board certified employee to have to pay a penalty to TRS in the event the teacher were to retire any time after submitting his/revoke his or her irrevocable letter of retirement, provided the teacher meets all the other eligibility requirements of this Section A. 6. The parties to this Agreement may waive the eligibility requirement contained in 2.A.5. of Article XVIII of this Agreement on the condition the teacher executes a promissory note promising to repay all or a portion of the Retirement Benefits provided under 2.B. of Article XVIIIresignation. In the event the teacher retires Illinois General Assembly enacts any legislation during the term of this Agreement, which legislation would require the District to pay any additional moneys (or lose any additional revenues) to the State of Illinois and/or the Illinois Teachers’ Retirement System on account of its payment of this retirement incentive, then this retirement incentive shall cease to exist at the end of the current school term. However, prior to the date stated in cessation of the teacher’s irrevocable Notice benefit, either party may demand to bargain concerning whether some or all of Retirement, the teacher shall retirement incentive can be responsible for the payment defined in the promissory note. Before a teacher executes a promissory note, the Board and Association will come to agreement as to the amount. 7. May not be receiving retirement benefits from previous contracts. 8. May retire before reaching full retirement if there are no continued without adding any additional costs to the District. 9. If there is Eligibility to submit a change in request to receive this incentive shall terminate on September 16, 2020, and any such request received prior to September 16, 2020, must be for retirement to occur no later than the law that causes a penalty to the district, the incentive will be modified at the beginning end of the next fiscal year, July 1, to eliminate the penalty. Staff currently in the 42023-year incentive are held harmless. Changes will only apply to members making new requests for the retirement incentive after the July 1 deadline each 2024 school year.

Retirement Incentive. If An employee tendering an irrevocable letter of resignation in conformance with the following conditions shall be eligible for a retirement incentive in his or her final two years of employment only, subject to the following conditions: 1) The teacher meets all shall have a minimum of twenty (20) years of continuous full- time service in the eligibility requirements contained in paragraph A School District by the intended date of this Section, the retirement. 2) The teacher shall be paid a retirement benefit in accordance with paragraph B at least sixty (60) years of this Section. A. To be eligible for retirement incentives, a teacher: 1. Must retire from the district pursuant to the rules of the Illinois TRS. 2. Must age or will have at least 10 thirty-five (35) years of consecutive creditable service as a certified employee in the District. Approved, unpaid leaves and periods upon his or her last day of time during which a teacher is on the District’s recall list for purposes of a reduction-in-force shall not count towards accrued service in the District. However, such time shall not constitute an interruption in years of consecutive service in the District. 3. Must submit an irrevocable notice of retirement to the District by July 1, prior to the school year in which benefits will begin under this program. 4. Must not give rise to a requirement that the Board make payment to the TRS pursuant to the AERO provisions of the statutes. 5. Board and will not be obligated to pay a penalty imposed by TRS due to retire under the teacher’s salary exceeding statutory Early Retirement Option causing the TRS cap if the teacher retires any time after submitting his/her letter of retirement. For example, a teacher that has earned more than a 6% increase in his/her salary in any of the three years prior to the year in which the teacher would start receiving retirement benefits, would not be eligible for this program. Note: a teacher that has received a greater than 6% increase in his/her salary under a grandfathered contract may still be eligible for this program, provided he/she meets the other eligibility requirements set forth in this section. If the teacher is found to be ineligible for this program pursuant to the 6% salary increase limitation discussed in this paragraph, the teachers may reapply for this program in any subsequent year and will be eligible for the retirement incentive when he/she would no longer cause the Board District to have to pay a penalty or other monies constituting a contribution or surcharge to TRS the Teachers’ Retirement System. 3) The teacher shall have tendered to the Board a binding, irrevocable resignation in order to receive the event incentive. The teacher’s notice may be provided up to September 1st of the school year the retirement incentive is to go into effect. In exchange for the teacher’s binding, irrevocable resignation, the District agrees to remove the teacher were to retire any time after submitting his/her letter of retirement, provided from the salary schedule and provide the teacher meets all with a five percent (5%) increase over the teacher’s previous year’s creditable earnings in year 1 of the retirement incentive and a six percent (6%) increase over the teacher’s previous year’s creditable earnings in their final year. If a teacher fails to complete the pre-retirement period or leaves the District prior to the designated retirement date and retires under the statutory Early Retirement Option causing the District to have to pay a penalty or other eligibility requirements of this Section A. 6. The parties monies constituting a surcharge to this Agreement may waive the eligibility requirement contained in 2.A.5. of Article XVIII of this Agreement on Teachers’ Retirement System, the condition District shall be entitled to a refund from the teacher executes in an amount equal to the difference between what the teacher received as the retirement incentive payment and what the teacher would have been entitled to receive as a promissory note promising to repay all or a portion general wage increase per the terms of the Retirement Benefits provided under 2.B. of Article XVIIIcollective bargaining agreement. In the event the teacher retires retirement award provided for in this article would cause the District to have to pay a penalty or other monies constituting a surcharge to the Teachers’ Retirement System, or would conflict with any state statute or final rule or regulation promulgated by the Teachers’ Retirement System, the provisions of this section shall become void and the parties agree to reopen this agreement and attempt to midterm bargain changes necessary to correct any defect created by this incentive. Teachers should not rely upon the continuation of this retirement incentive award payment program in subsequent collective bargaining agreements. Unless the parties agree to continue this Section in a subsequent collective bargaining agreement, the forgoing benefits will be denied to those who have not applied for such benefits prior to the date stated expiration of this agreement. In no event will a teacher who is less than four (4) years from retirement eligibility receive an increase in total, reportable TRS creditable earnings in excess of six percent (6%) of the teacherprior year’s irrevocable Notice total, reportable TRS creditable earnings, unless any of Retirementthe statutory exceptions enacted by P.A. 94-1057 to The Illinois Pension Code become applicable. The District may, in its sole discretion, limit the number of teachers who retire under the statutory Early Retirement Option in any year to 10% of those teachers who are eligible for the Early Retirement Option. In the event of any limitation upon the statutory Early Retirement Option, the teacher with the greatest District seniority shall be responsible for have the payment defined in the promissory note. Before a teacher executes a promissory note, the Board and Association will come to agreement as to the amountparticipation option. 7. May not be receiving retirement benefits from previous contracts. 8. May retire before reaching full retirement if there are no additional costs to the District. 9. If there is a change in the law that causes a penalty to the district, the incentive will be modified at the beginning of the next fiscal year, July 1, to eliminate the penalty. Staff currently in the 4-year incentive are held harmless. Changes will only apply to members making new requests for the retirement incentive after the July 1 deadline each year.