Common use of Retirement Incentive Clause in Contracts

Retirement Incentive. Bargaining unit members who have been employed by the District for at least 10 years and who opt to retire at the end of any school year and have been approved by STRS/SERS to receive retirement benefits other than disability retirement with thirty (30) years or fewer of service credit and who notify the Board of their intention to retire in writing, no later than March 1 of the year they intend to retire will receive 2 equal lump sums of $12,000, one on July 1 of the calendar year of retirement and the second on the following July 1. Payment under this paragraph does not affect the right to Retirement Severance Pay under Paragraph K.2., above The Board and the Union may mutually agree to reconvene a Retirement Options Committee to review annual payment options for this incentive. A member of the bargaining unit employed part time who is eligible for the retirement incentive shall receive an incentive amount proportional to his/her percentage of full-time employment based on his/her final year of service unless such employee was involuntarily reduced in hours of employment to part-time status, in which case such employee shall be eligible for the incentive as though he/she were a full-time employee.

Retirement Incentive. Bargaining unit members who have been employed by the District for at least 10 years and who opt to retire at the end of any school year and have been approved by STRS/SERS STRS to receive retirement benefits other than disability retirement with thirty (30) years or fewer of service credit and who notify the Board of their intention to retire in writing, no later than March 1 of the year they intend to retire will receive 2 equal lump sums of $12,000, one on July 1 of the calendar year of retirement and the second on the following July 1. Payment under this paragraph does not affect the right to Retirement Severance Pay under Paragraph K.2., above The Board and the Union may mutually agree to reconvene a Retirement Options Committee to review annual payment options for this incentive. A member of the bargaining unit employed part time who is eligible for the retirement incentive shall receive an incentive amount proportional to his/her percentage of full-full time employment based on his/her final year of service unless such employee was involuntarily reduced in hours of employment to part-part time status, in which case such employee shall be eligible for the incentive as though he/she were a full-full time employee.