Common use of Retirement Incentive Clause in Contracts

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 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 at the beginning of the following school year. All calculations for increased TRS creditable earnings will be based on the TRS creditable earnings in the year of the submission of the 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 year of submission, but in no case will the employee’s TRS creditable earnings increase exceed six percent (6%) of the year of submission. If, after submitting an irrevocable notice of retirement by February 1st, the employee resigns from, or is dismissed from duties for which the employee was paid a stipend or additional compensation the previous year, the retirement incentive for that employee will be recalculated accordingly.

Retirement Incentive. aFor the duration of this agreement, any teaching assistant who is within twelve (12) If an employee gives months of the Board an irrevocable notice age at which he/she is eligible to retire from the New York State Teachers Retirement System with full benefits and has a minimum of retirement by February 1st four fifteen (415) years prior of service as a teaching assistant in the Xxxxx Central School District will be eligible to receive a retirement incentive in the school year amount of retirement, the Board shall pay him/her a six twenty-five percent (625%) retirement incentive, inclusive of all other increases in TRS creditable compensation, for each of his/her remaining four base salary. The incentive shall be paid as a non-elective employer contribution in the retiring member's 403(b) tax sheltered annuity account. The non-elective employer contribution shall be made in accordance with the Memorandum of Agreement for Retirement Incentive. Base salary is to exclude any extra- curricular or co-curricular payments. Notice of the employee's election of this incentive must be made in writing and be received by the district no later than January 15 of the current year. The employee must also submit a letter of resignation by January 15 of the current year, which shall be irrevocable once submitted. Any employee has the right to appeal to the Superintendent of Schools if there are conditions regarding tiers, years of service, etc. that are not defined in this agreement. Retirement must take place by June 30 of the school year in which the individual is first eligible to retire. Payment will be made within sixty (460) days following the retirement date. For the duration of this agreement, any teaching assistant who is within twelve (12) months of the age at which he/she is eligible to retire from the New York State Teachers Retirement System with full benefits and has a minimum of fifteen (15) years of service. If an employee gives service as a teaching assistant in the Board an irrevocable notice Xxxxx Central School District will be eligible to receive a retirement incentive in the amount of retirement by February 1st three (3) years prior to the school year of retirement, the Board shall pay him/her a six twenty-five percent (625%) retirement incentive, inclusive of all other increases in TRS creditable compensation, for each of his/her remaining three (3base salary. The incentive shall be paid as a non-elective employer contribution in the retiring member's 403(b) tax sheltered annuity account. The non-elective employer contribution shall be made in accordance with the details outlined below. Base salary is to exclude any extra-curricular or co-curricular payments. Notice of the employee's election of this incentive must be made in writing and be received by the district no later than January 15 of the current year. The employee must also submit a letter of resignation by January 15 of the current year, which shall be irrevocable once submitted. Any employee has the right to appeal to the Superintendent of Schools if there are conditions regarding tiers, years of service, etc. If an employee gives the Board an irrevocable notice that are not defined in this agreement. Retirement must take place by June 30 of retirement by February 1st two (2) years prior to the school year of retirement, in which 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 serviceindividual is first eligible to retire. 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 at the beginning of the following school year. All calculations for increased TRS creditable earnings Payment will be based on made within sixty (60) days following the TRS creditable earnings retirement date. In the event that the district chooses to participate in a retirement incentive program made available through the year state of New York, a teaching assistant may choose either the submission of local retirement incentive or the irrevocable notice of retirement. Once the employee submits an irrevocable notice of state retirement an employee’s creditable earnings shall be increased by six percent (6%) of the year of submissionincentive program, but in no case will the employee’s TRS creditable earnings increase exceed six percent (6%) of the year of submissionnot both. If, after submitting an irrevocable notice of retirement by February 1st, the employee resigns from, or is dismissed from duties for which the employee was paid a stipend or additional compensation the previous year, the retirement incentive for that employee will be recalculated accordingly.Additional Details

Retirement Incentive. a) If an employee gives the Board an irrevocable notice of retirement by February 1st four April 1st, two (42) years prior to the school year of the retirement, the Board shall pay him/her a six percent (6%) retirement incentive, inclusive of any other increases in compensation for the first year and then the 2% increase as per the negotiated agreement during the last year of service. If an employee gives the Board an irrevocable notice of retirement by April 1st one (1) year prior to the year of retirement, the Board shall pay him/her a six percent (6%) retirement incentive, inclusive of all any 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, compensation for his/her remaining one year of service. Once an employee submits an irrevocable notice of retirement by February April 1st, that employee shall be removed from the salary schedule contained in Article IX of this Agreement at the beginning of the following school year. All all calculations for increased TRS creditable earnings salary increases will be based on the TRS Teachers Retirement System (TRS) creditable earnings in the year of the submission of in which the irrevocable notice of retirementretirement is submitted. Once the employee submits an irrevocable notice of retirement an employee’s creditable earnings shall be increased by six percent (6%) of the year of submissionretirement, but in no case will the employee’s TRS creditable earnings increase exceed six percent (6%) of the year of submissionprevious year. If, after submitting an irrevocable notice of retirement by February April 1st, the employee resigns from, or is dismissed from duties for which the employee was paid a stipend or additional compensation the previous yearactivities covered in Appendix B of this Agreement, the retirement incentive for that employee will be recalculated accordingly. To be eligible, an employee must submit an irrevocable letter of resignation by April 1st, which must be accompanied by a (TRS) member requested “Personal Statement of Benefits” and a “Benefit Estimate” confirmation of total years of service. In addition, an employee is considered to be eligible for the retirement incentive by meeting one of the following conditions: The employee becomes sixty (60) years of age by July 1 of a school year and has five years TRS creditable service. The employee qualifies to receive a full pension annuity by reason of being at least fifty-five (55) years of age and having attained thirty-five (35) years of upgraded TRS creditable service. The employee qualifies to receive a full pension annuity by reason of being at least fifty-five (55) years of age and having attained thirty-eight (38) years of non-upgraded TRS creditable service.

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 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 at the beginning of the following school yearAgreement. All calculations for increased TRS creditable earnings will be based on the TRS creditable earnings in the year of prior to the submission of the 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 year of submissionprevious year, but in no case will the employee’s TRS creditable earnings increase exceed six percent (6%) of the year of submissionprevious year. If, after submitting an irrevocable notice of retirement by February 1st, the employee resigns from, or is dismissed from duties for which the employee was paid a stipend or additional compensation the previous year, the retirement incentive for that employee will be recalculated accordingly.

Retirement Incentive. a) If an employee gives the Board an irrevocable notice of retirement by February 1st April 1st, 2015 up to four (4) years prior to the school year of the retirement, the Board shall pay him/her a six percent (6%) retirement incentive, inclusive of all any other increases in TRS creditable compensation, compensation for each year of his/her remaining four (4) years of service. If an employee gives the Board an irrevocable notice of retirement by February 1st three April 1st, 2016 up to four (34) years prior to the school year of the retirement, the Board shall pay him/her a six five percent (65%) retirement incentive, inclusive of all any other increases in TRS creditable compensation, compensation for each year of his/her remaining three (3) years of service. If an employee gives the Board an irrevocable notice of retirement by February 1st two April 1st, 2017 up to four (24) years prior to the school year of the retirement, the Board shall pay him/her a six four percent (64%) retirement incentive, inclusive of all any other increases in TRS creditable compensation, compensation for each year 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 April 1st, that employee shall be removed from the salary schedule schedules contained in Article IX of this Agreement at the beginning Appendices of the following school yearAgreement. All calculations for increased TRS creditable earnings salary increases will be based on the TRS Teachers Retirement System (TRS) creditable earnings in the year of the submission of in which the irrevocable notice of retirementretirement is submitted. Once the employee submits an irrevocable notice of retirement an employee’s creditable earnings shall be increased by six percent (6%) of the year of submissionretirement, but in no case will the employee’s TRS creditable earnings increase exceed six percent (6%) of the year of submissionprevious year. If, after submitting an irrevocable notice of retirement by February April 1st, the employee resigns from, or is dismissed from duties for which activities covered in the employee was paid a stipend or additional compensation the previous yearextra-curricular Appendix of this Agreement, the retirement incentive for that employee will be recalculated accordingly.. To be eligible, an employee must submit an irrevocable letter of resignation by April 1st, which must be accompanied by a (TRS) member requested “Personal Statement of Benefits” and a “Benefits Estimate” confirmation of total years of service. In addition, an employee is considered to be eligible for the retirement incentive by meeting either (a) or

Retirement Incentive. a) If an employee gives the Board an irrevocable notice of retirement For all persons covered by February 1st four this agreement who retire after June 30, 1997, and who, upon retirement, have twenty-eight (428) years prior to or more of employment, which have been credited under the school year of retirementRI Retirement System, the Board shall pay him/her a six percent twenty (6%) retirement incentive, inclusive of all other increases in TRS creditable compensation, for each of his/her remaining four (420) years of servicewhich are with the Woonsocket Education Department, the Woonsocket Education Department shall provide the individual medical insurance plan that is in effect for teachers. If an employee gives The Woonsocket Education Department shall pay the Board an irrevocable notice cost of retirement this individual coverage on a monthly basis, but only until the retiree attains age 65. For all persons covered by February 1st three this agreement who retire after June 30, 2000, and who, upon retirement, have thirty-two (332) years prior to or more of employment, which have been credited under the school year of retirementRI Retirement System, the Board shall pay him/her a six percent twenty (6%) retirement incentive, inclusive of all other increases in TRS creditable compensation, for each of his/her remaining three (320) years of service. If an employee gives which are with the Board an irrevocable notice of retirement by February 1st two (2) years prior to the school year of retirementWoonsocket Education Department, the Board Woonsocket Education Department shall pay him/her a six percent (6%) retirement incentive, inclusive of all other increases provide the individual medical insurance plan that is in TRS creditable compensation, effect for each of his/her remaining two (2) years of service. If an employee gives teachers for the Board an irrevocable notice of retirement by February 1st individual and either their spouse or one (1) year prior to child. The Woonsocket Education Department shall pay the school year cost of retirementthis individual coverage on a monthly basis, but only until the retiree attains age 65. For purposes of this contract, the Board shall pay himchild must be less than 26 years of age and otherwise deemed eligible for coverage under the Blue Cross definition/her guidelines. If 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 at the beginning of the following school year. All calculations for increased TRS creditable earnings will be based on the TRS creditable earnings in the year of the submission of the 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 year of submission, but in no case will the employee’s TRS creditable earnings increase exceed six percent (6%) of the year of submission. If, after submitting an irrevocable notice of retirement by February 1stchild is deemed ineligible, the employee resigns frommay purchase a family plan and pay the difference between the cost of a family plan and two individual plans. For all persons covered by this agreement who retire after June 30, 2000, and who, upon retirement, have thirty-five (35) years or more of employment, which have been credited under the RI Retirement System, twenty (20) years of which are with the Woonsocket Education Department, the Woonsocket Education Department shall provide the family medical insurance plan that is in effect for teachers. The Woonsocket Education Department shall pay the cost of this family coverage on a monthly basis, but only until the retiree attains age 65 E-1.02 Should the retiree obtain paid medical insurance coverage elsewhere; or be eligible for such coverage whether from another source of employment, coverage available under a spouse, or is dismissed from duties for which otherwise; or if this benefit becomes available through the employee was paid a stipend or additional compensation the previous yearRI Retirement System, the retirement incentive Woonsocket Education Department shall not have to provide and pay for that employee will this benefit. If thereafter the retiree loses this coverage, or becomes ineligible, or if this benefit becomes unavailable through the RI Retirement System, the retiree shall be recalculated accordinglyeligible to receive this coverage again as soon as feasible after prior notice to the Woonsocket Education Department of such loss, ineligibility, or unavailability, provided the retiree is otherwise eligible.

Retirement Incentive. a) If an employee gives the Board an irrevocable notice of retirement by February 1st four April 1st, three (43) years prior to the school year of the retirement, the Board shall pay him/her a six percent (6%) retirement incentive, inclusive of any other increases in compensation for each year of his/her remaining three years of service. If an employee gives the Board an irrevocable notice of retirement by April 1st, two (2) years prior to the year of retirement, the Board shall pay him/her a six percent (6%) retirement incentive, inclusive of all any other increases in TRS creditable compensation, compensation for each of his/her remaining four (4) two years of service. If an employee gives the Board an irrevocable notice of retirement by February April 1st three one (31) years year prior to the school year of retirement, the Board shall pay him/her a six percent (6%) retirement incentive, inclusive of all any 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, compensation for his/her remaining one year of service. Once an employee submits an irrevocable notice of retirement by February April 1st, that employee shall be removed from the salary schedule contained in Article IX of this Agreement at the beginning of the following school yearcollectively bargained agreement. All calculations for increased TRS creditable earnings salary increases will be based on the TRS Teachers Retirement System (TRS) creditable earnings in the year of the submission of in which the irrevocable notice of retirementretirement is submitted. Once the employee submits an irrevocable notice of retirement an employee’s creditable earnings shall be increased by six percent (6%) of the year of submissionretirement, but in no case will the employee’s TRS creditable earnings increase exceed six percent (6%) of the year of submissionprevious year. If, after submitting an irrevocable notice of retirement by February Xxxxx 1st, the employee resigns from, or is dismissed from duties for which the employee was paid a stipend or additional compensation the previous yearactivities covered in Appendix B of this Agreement, the retirement incentive for that employee will be recalculated accordingly.. To be eligible, an employee must submit an irrevocable letter of resignation by April 1st, which must be accompanied by a (TRS) member requested “Personal Statement of Benefits” and a “Benefit Estimate” confirmation of total years of service. In addition, an employee is considered to be eligible for the retirement incentive by meeting one of the following conditions:

Retirement Incentive. a) 1. If an employee gives the Board an irrevocable notice of retirement by February September 1st four six (46) 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 his/her 6th and 5th years of service prior to retirement. Beginning with his/her remaining four (4) years of service the Board shall pay him/her a three percent (3%) retirement incentive, inclusive of all other increases in TRS creditable compensation. If an employee gives the Board an irrevocable notice of retirement by September 1st five (5) years prior to the 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 fifth year of service. Beginning with his/her remaining four (4) years of service the Board shall pay him/her a three percent (3%) retirement incentive, inclusive of all other increases in TRS creditable compensation. If an employee gives the Board an irrevocable notice of retirement by September 1st four (4) years prior to the year of retirement, the Board shall pay him/her a three percent (3%) 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 September 1st three (3) years prior to the school year of retirement, the Board shall pay him/her a six three percent (63%) 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 September 1st two (2) years prior to the school year of retirement, the Board shall pay him/her a six three percent (63%) 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 September 1st one (1) year prior to the school year of retirement, the Board shall pay him/her a six three percent (63%) retirement incentive, inclusive of all other increases in TRS creditable compensation, for his/of his/ her remaining year of service. Once an employee submits an irrevocable notice of retirement by February September 1st, that employee shall be removed from the salary schedule schedules contained in Article IX Appendix A of this Agreement at the beginning of the following school yearagreement. All calculations for increased TRS creditable earnings will be based on the TRS creditable earnings in the year of prior to the submission of the irrevocable notice of retirement. Once the employee submits an irrevocable notice of retirement an employee’s creditable earnings shall be increased by 6% of the previous year for years six percent (6%) and five (5). An employee’s creditable earnings shall be increased by 3% of the previous year of submissionin the remaining four (4) years, but in no case will the employee’s TRS creditable earnings increase earning exceed six three percent (63%) of the year of submissionprevious year. If, after submitting an irrevocable notice of retirement by February September 1st, the employee resigns from, or is dismissed from duties for which the employee was paid a stipend or additional compensation the previous year, the retirement incentive for that employee will be recalculated accordingly.

Retirement Incentive. a) If an employee gives the Board an irrevocable notice of retirement by February 1st October 1 four (4) 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 four (4) years of service. If an employee gives the Board an irrevocable notice of retirement by February 1st October 1 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 October 1 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 October 1 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 each of his/her remaining one (1) year of service. Once an employee Employee submits an irrevocable notice of retirement by February 1stOctober 1, that employee shall be removed from the salary schedule contained in Article IX of this Agreement at and stipend schedules that are bound by the beginning of the following school yearcurrent contract. All calculations for increased TRS creditable earnings will be based on the TRS creditable earnings in the year of prior to the submission of the irrevocable notice of retirement. A teacher for whom an extra-duty stipend or other payment was part of the teacher’s creditable earnings in the school year in which notice is given and who does not perform such duty in any year prior to retirement will have the stipend for that duty subtracted from the creditable West Xxxxxxx-Xxxxxxxxx ESD #92 Master Contract 2021-2022, 2022-2023, 2023-2024 earnings increases provided under this program for each remaining year. Once the employee Employee submits an irrevocable notice of retirement an employee’s creditable earnings shall be increased by six percent (6%) of the year of submissionretirement, but in no case will the employeeEmployee’s TRS creditable earnings increase exceed six percent (6%) of the year of submission. If, after submitting an irrevocable notice of retirement by February 1st, the employee resigns from, or is dismissed from duties for which the employee was paid a stipend or additional compensation the previous year, the retirement incentive for that employee will be recalculated accordingly.