Retirement Incentive. 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 as a teaching assistant in the Xxxxx Central School District will be eligible to receive a retirement incentive in the amount of twenty-five percent (25%) of his/her 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 (60) 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 as a teaching assistant in the Xxxxx Central School District will be eligible to receive a retirement incentive in the amount of twenty-five percent (25%) of his/her 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 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. 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 (60) days following the retirement date. In the event that the district chooses to participate in a retirement incentive program made available through the state of New York, a teaching assistant may choose either the local retirement incentive or the state retirement incentive program, but not both. Additional Details
Appears in 2 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement
Retirement Incentive. 1. For the duration of a Bargaining Unit Member to qualify for this agreementprogram, any teaching assistant who is within twelve (12) months of the age at which he/she is must be a full time (30 or more hours per week) employee in the Hononegah Community High School District #207 for a period of not less than twenty (20) years prior to the date of retirement. Any Bargaining Unit Member for whom the district must pay any additional amount as a penalty to IMRF so that such an employee may benefit from the “IMRF” Early Retirement Incentive Program” will not be eligible to receive any payment as part of this retirement incentive program. No later than thirty (30) days prior to the intended date of retirement from the school district, the Bargaining Unit Member must submit a formal letter of retirement indicating his/her intent to retire from the New York State Teachers public school systems of Illinois under the provisions of the Illinois Municipal Retirement System with full benefits and has Fund. Upon meeting the above eligibility requirements, any Bargaining Unit Member who qualifies for this Retirement Incentive Program shall be paid a minimum of fifteen (15) years of service monetary incentive calculated as a teaching assistant in the Xxxxx Central School District will be eligible to receive a retirement incentive in the follows: The total amount of twentythe incentive shall be equal to Twenty-five percent Five Percent (25%) of his/her the base salarywages plus overtime for each of the “base years.” The base years shall be the most recent complete fiscal year worked by the Bargaining Unit Member prior to providing an irrevocable letter of retirement, as described below. The [Example: Employee A provides an irrevocable letter of retirement on March 1, 2014. Employee A’s incentive shall be 25% of total base wages for the 2012-2013 fiscal year including overtime because the 2012-2013 fiscal is the latest complete year worked.] The incentive will be paid as in increments described below, based upon the timing of the notice. If a nonBargaining Unit Member gives 30-elective employer contribution in days’ notice of retirement, the retiring member's 403(b) tax sheltered annuity accountBargaining Unit Member may receive a post-retirement bonus of 25% of his salary of the latest complete year worked. This bonus will be paid 30 days after the Bargaining Unit Member’s last day of work or receipt of final paycheck, whichever is later. The nonpost-elective employer contribution retirement payment shall not be made in accordance considered IMRF creditable earnings nor shall it be considered due or payable during the course of the Bargaining Unit Member’s employment with the Memorandum District. A Bargaining Unit Member may provide notice up to four (4) years prior to retiring. If an irrevocable notice of Agreement for Retirement Incentive. Base salary retirement is to exclude any extra- curricular or co-curricular payments. Notice received before July 1st of the employee's election of this incentive must be made in writing and be received by Bargaining Unit Member’s final work year, then the district no later than January 15 Bargaining Unit Member shall receive Six Percent (6%) 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 (60) 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 as a teaching assistant in the Xxxxx Central School District will be eligible to receive a retirement incentive in the amount of twentyTwenty-five percent Five Percent (25%) incentive in the final year of his/her base salaryemployment and shall receive the balance of the incentive no later than thirty (30) days after the Bargaining Unit Member’s last day of work or receipt of final paycheck, whichever is later. The post-retirement payment shall not be considered IMRF creditable earnings nor shall it be considered due or payable during the course of the Bargaining Unit Member’s employment with the District. In no case shall a Bargaining Unit Member’s IMRF creditable earnings exceed 106% of the prior year’s creditable earnings. Accordingly, any amount of the retirement incentive exceeding a six percent (6%) increase over the prior year’s earnings shall be paid the excess amount as a nonpart of the post-elective employer contribution in retirement payment and not as creditable earnings. [Example: Employee B’s base wages for the retiring member's 403(b) tax sheltered annuity accountbase year were $20,000.00. The non-elective employer contribution shall be made in accordance with the details outlined below. Base salary total incentive is to exclude any extra-curricular or co-curricular payments. Notice $5,000.00 (25% of the employee's election base wages for the base year). Employee B provides notice on June 1, 2014, of this intent to retire effective June 30, 2015. During the 2014-2015 fiscal year, the employee receives a normal pay increase equal to $400.00. During the 2014-2015 fiscal year, Employee B shall receive additional compensation of $800.00. Employee B shall also receive a post- retirement payment of $4,200.00.] If an irrevocable notice of retirement is received before July 1st of the Bargaining Unit Member’s final two (2) work years, then the Bargaining Unit Member shall receive Six Percent (6%) of the Twenty-Five Percent (25%) incentive must be made in writing each of the final two (2) years of employment, and be received by shall receive the district balance of the incentive no later than January 15 thirty (30) days after the Bargaining Unit Member’s last day of work or receipt of final paycheck, whichever is later. The post-retirement payment shall not be considered IMRF creditable earnings nor shall it be considered due or payable during the course of the current Bargaining Unit Member’s employment with the District. In no case shall a Bargaining Unit Member’s IMRF creditable earnings exceed 106% of the prior year’s creditable earnings. Accordingly, any amount of the retirement incentive exceeding a six percent (6%) increase over the prior year’s earnings shall be paid the excess amount as part of the post- retirement payment and not as creditable earnings. [Example: Employee B’s Base wages for the base year were $20,000.00. Her total incentive is $5,000.00 (25% of the base wages for the base year). Employee B provides notice on June 1, 2014, of intent to retire effective June 30, 2016. During the 2014-2015 and 2015-2016 fiscal years, the employee receives normal pay increases equal to $400.00. During the 2014-2015 fiscal year, Employee B shall receive additional compensation of $800.00. During the 2015-2016 fiscal year, Employee B shall receive additional compensation of $800.00. Employee B shall also receive a post-retirement payment of $3,400.00] If an irrevocable notice of retirement is received before July 1st of the Bargaining Unit Member’s final three (3) work years, then the Bargaining Unit Member shall receive Six Percent (6%) of the Twenty-Five Percent (25%) incentive in each of the final three (3) years of employment, and shall receive the balance of the incentive no later than thirty (30) days after the Bargaining Unit Member’s last day of work or receipt of final paycheck, whichever is later. The employee must also submit a letter of resignation by January 15 post-retirement payment shall not be considered IMRF creditable earnings nor shall it be considered due or payable during the course of the current Bargaining Unit Member’s employment with the District. In no case shall a Bargaining Unit Member’s IMRF creditable earnings exceed 106% of the prior year’s creditable earnings. Accordingly, any amount of the retirement incentive exceeding a six percent (6%) increase over the prior year’s earnings shall be paid the excess amount as part of the post- retirement payment and not as creditable earnings. [Example: Employee B’s base wages for the base year were $20,000.00. Her total incentive is $5,000.00 (25% of the base wages for the base year). Employee B provides notice on June 1, 2014, of intent to retire effective June 30, 2017. During the 2014-2015, 2015-2016, and 2016- 2017 fiscal years, the employee receives normal pay increases equal to $400.00. During the 2014-2015 fiscal year, which Employee B shall receive additional compensation of $800.00. During the 2015-2016 fiscal year, Employee B shall receive additional compensation of $800.00. During the 2016-2017 fiscal year, Employee B shall receive additional compensation of $800.00. Employee B shall also receive a post-retirement payment of $2,600.00.] If an irrevocable notice of retirement is received before July 1st of the Bargaining Unit Member’s final four (4) work years, then the Bargaining Unit Member shall receive Six Percent (6%) of the Twenty-Five Percent (25%) incentive in each of the final four (4) years of employment, and shall receive the balance of the incentive no later than thirty (30) days after the Bargaining Unit Member’s last day of work or receipt of final paycheck, whichever is later. The post-retirement payment shall not be considered IMRF creditable earnings nor shall it be considered due or payable during the course of the Bargaining Unit Member’s employment with the District. In no case shall a Bargaining Unit Member’s IMRF creditable earnings exceed 106% of the prior year’s creditable earnings. Accordingly, any amount of the retirement incentive exceeding a six percent (6%) increase over the prior year’s earnings shall be irrevocable once submitted. Any employee has paid 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 excess amount as part of the school post- retirement payment and not as creditable earnings. [Example: Employee B’s base wages for the base year in which were $20,000.00. The total incentive is $5000.00 (25% of the individual is first eligible base wages for the base year). Employee B provides notice on June 1, 2014, of intent to retireretire effective June 30, 2018. Payment will be made within sixty (60) days following During the 2014-2015, 2015-2016, 2016-2017 and 2017-2018 fiscal years, the employee receives normal pay increases equal to $400.00. During the 2014-2015 fiscal year, Employee B shall receive additional compensation of $800.00. During the 2015-2016 fiscal year, Employee B shall receive additional compensation of $800.00. During the 2016-2017 fiscal year, Employee B shall receive additional compensation of $800.00. During the 2017-2018 fiscal year, Employee B shall receive additional compensation of $800.00. Employee B shall also receive a post-retirement date. In the event that the district chooses to participate in a retirement incentive program made available through the state payment of New York, a teaching assistant may choose either the local retirement incentive or the state retirement incentive program, but not both. Additional Details$1,800.00.]
Appears in 2 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement
Retirement Incentive. For If an employee gives the duration Board an irrevocable notice of this agreementretirement by April 1st, any teaching assistant who is within twelve two (122) months years prior to the year of the age at which heretirement, the Board shall pay him/she is eligible 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 retire from the New York State year of retirement, the Board shall pay him/her a six percent (6%) retirement incentive, inclusive of any other increases in compensation for his/her remaining one year of service. Once an employee submits an irrevocable notice of retirement by April 1st, all calculations for salary increases will be based on the Teachers Retirement System with full benefits and has a minimum of fifteen (15TRS) years of service as a teaching assistant creditable earnings in the Xxxxx Central School District year in which the irrevocable notice of retirement is submitted. Once the employee submits an irrevocable notice of retirement, in no case will be eligible to receive a retirement incentive in the amount of twenty-five employee’s TRS creditable earnings increase exceed six percent (256%) of his/her base salarythe previous year. The incentive shall be paid as a non-elective employer contribution If, after submitting an irrevocable notice of retirement by April 1st, the employee resigns from, or is dismissed from activities covered 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 Appendix B of this Agreement, the retirement incentive must for that employee will be made in writing and recalculated accordingly. To be received by the district no later than January 15 of the current year. The eligible, an employee must also submit a an irrevocable letter of resignation by January 15 of the current yearApril 1st, which shall must be irrevocable once submitted. Any employee has the right to appeal to the Superintendent accompanied by a (TRS) member requested “Personal Statement of Schools if there are conditions regarding tiers, Benefits” and a “Benefit Estimate” confirmation of total years of service. In addition, etc. that are not defined in this agreement. Retirement must take place an employee is considered to be eligible for the retirement incentive by June 30 meeting one of the school year in which the individual is first eligible to retire. Payment will be made within following conditions: The employee becomes sixty (60) days following the retirement date. For the duration years of this agreement, any teaching assistant who is within twelve (12) months age by July 1 of the age at which he/she is eligible to retire from the New York State Teachers Retirement System with full benefits a school year and has five years TRS creditable service. The employee qualifies to receive a minimum full pension annuity by reason of fifteen being at least fifty-five (1555) years of service as a teaching assistant in the Xxxxx Central School District will be eligible age and having attained thirty-five (35) years of upgraded TRS creditable service. The employee qualifies to receive a retirement incentive in the amount full pension annuity by reason of twentybeing at least fifty-five percent (25%55) years of his/her base salary. The incentive shall be paid as a age and having attained thirty-eight (38) years of 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 upgraded TRS creditable 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 (60) days following the retirement date. In the event that the district chooses to participate in a retirement incentive program made available through the state of New York, a teaching assistant may choose either the local retirement incentive or the state retirement incentive program, but not both. Additional Details.
Appears in 2 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement
Retirement Incentive. 1. For the duration of a Bargaining Unit Member to qualify for this agreementprogram, any teaching assistant who is within twelve (12) months of the age at which he/she is must be a full time (30 or more hours per week) employee in the Hononegah Community High School District #207 for a period of not less than twenty (20) years prior to the date of retirement. Any Bargaining Unit Member for whom the district must pay any additional amount as a penalty to IMRF so that such an employee may benefit from the “IMRF” Early Retirement Incentive Program” will not be eligible to receive any payment as part of this retirement incentive program. No later than thirty (30) days prior to the intended date of retirement from the school district, the Bargaining Unit Member must submit a formal letter of retirement indicating his/her intent to retire from the New York State Teachers public school systems of Illinois under the provisions of the Illinois Municipal Retirement System with full benefits and has Fund. Upon meeting the above eligibility requirements, any Bargaining Unit Member who qualifies for this Retirement Incentive Program shall be paid a minimum of fifteen (15) years of service monetary incentive calculated as a teaching assistant in the Xxxxx Central School District will be eligible to receive a retirement incentive in the follows: The total amount of twentythe incentive shall be equal to Twenty-five percent Five Percent (25%) of his/her the base salarywages plus overtime for each of the “base years.” The base years shall be the most recent complete fiscal year worked by the Bargaining Unit Member prior to providing an irrevocable letter of retirement, as described below. The [Example: Employee A provides an irrevocable letter of retirement on March 1, 2014. Employee A’s incentive shall be 25% of total base wages for the 2012-2013 fiscal year including overtime because the 2012-2013 fiscal is the latest complete year worked.] The incentive will be paid as in increments described below, based upon the timing of the notice. If a nonBargaining Unit Member gives 30-elective employer contribution in days’ notice of retirement, the retiring member's 403(b) tax sheltered annuity accountBargaining Unit Member may receive a post-retirement bonus of 25% of his salary of the latest complete year worked. This bonus will be paid 30 days after the Bargaining Unit Member’s last day of work or receipt of final paycheck, whichever is later. The nonpost-elective employer contribution retirement payment shall not be made in accordance considered IMRF creditable earnings nor shall it be considered due or payable during the course of the Bargaining Unit Member’s employment with the Memorandum District. A Bargaining Unit Member may provide notice up to four (4) years prior to retiring. If an irrevocable notice of Agreement for Retirement Incentive. Base salary retirement is to exclude any extra- curricular or co-curricular payments. Notice received before July 1st of the employee's election of this incentive must be made in writing and be received by Bargaining Unit Member’s final work year, then the district no later than January 15 Bargaining Unit Member shall receive Six Percent (6%) 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 (60) 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 as a teaching assistant in the Xxxxx Central School District will be eligible to receive a retirement incentive in the amount of twentyTwenty-five percent Five Percent (25%) incentive in the final year of his/her base salaryemployment and shall receive the balance of the incentive no later than thirty (30) days after the Bargaining Unit Member’s last day of work or receipt of final paycheck, whichever is later. The post-retirement payment shall not be considered IMRF creditable earnings nor shall it be considered due or payable during the course of the Bargaining Unit Member’s employment with the District. In no case shall a Bargaining Unit Member’s IMRF creditable earnings exceed 106% of the prior year’s creditable earnings. Accordingly, any amount of the retirement incentive exceeding a six percent (6%) increase over the prior year’s earnings shall be paid the excess amount as a nonpart of the post-elective employer contribution in retirement payment and not as creditable earnings. [Example: Employee B’s base wages for the retiring member's 403(b) tax sheltered annuity accountbase year were $20,000.00. The non-elective employer contribution shall be made in accordance with the details outlined below. Base salary total incentive is to exclude any extra-curricular or co-curricular payments. Notice $5,000.00 (25% of the employee's election base wages for the base year). Employee B provides notice on June 1, 2014, of this intent to retire effective June 30, 2015. During the 2014-2015 fiscal year, the employee receives a normal pay increase equal to $400.00. During the 2014-2015 fiscal year, Employee B shall receive additional compensation of $800.00. Employee B shall also receive a post-retirement payment of $4,200.00.] If an irrevocable notice of retirement is received before July 1st of the Bargaining Unit Member’s final two (2) work years, then the Bargaining Unit Member shall receive Six Percent (6%) of the Twenty-Five Percent (25%) incentive must be made in writing each of the final two (2) years of employment, and be received by shall receive the district balance of the incentive 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 (60) days following the retirement date. In the event that the district chooses to participate in a retirement incentive program made available through the state of New York, a teaching assistant may choose either the local retirement incentive or the state retirement incentive program, but not both. Additional Detailsthirty
Appears in 1 contract
Samples: Collective Bargaining Agreement
