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. b) To be eligible, an employee 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 be eligible for the retirement incentive by meeting one of the following conditions at the time of retirement: 1) The employee is sixty (60) years of age and has ten (10) years of creditable TRS service upon his or her last day of service to the school district. 2) The employee is at least fifty-five (55) years of age and has thirty-five (35) years of creditable TRS service upon his or her last day of service to the school district. c) If, during the term of this Agreement, any legislation and/or TRS rules/regulations are enacted or not reenacted and/or adopted or amended that result in a greater cost to the District than the costs generated by this Agreement, or that change the definition of what is subject to the 6% TRS cap, the parties agree that this Section shall be null and void and upon the demand of any party shall meet to bargain language to succeed this paragraph.

Retirement Incentive. a) If an An employee gives the Board tendering an irrevocable notice letter of retirement by February 1st four (4) years prior resignation 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. b) To be eligible, an employee must submit an irrevocable notice of retirement by February 1st which must be accompanied by a Teachers’ Teacher Retirement System (TRS) member requested “Personal Statement of Benefits” and Retirement program on a “Benefit Estimate” confirmation of total years of service. An employee date certain in the future in conformance with ten (10) years of full-time service with Neoga C.U.S.D. No. 3 is considered to the following conditions shall be eligible for the a retirement incentive by meeting one in up to each of his or her final three years of teaching service subject to the following conditions at the time of retirementconditions: 1) The employee is teacher shall have a minimum of twenty (20) years of continuous full- time service in the Harrisburg CUSD #3 on the intended date of retirement. Teachers with at least eighteen (18) years may petition the Board on a case by case basis to receive incentive. Decisions on these specific cases will not be precedent setting. 2) The teacher shall be at least sixty (60) years of age and has ten (10) years on or before December 31 of creditable TRS service upon his the year of retirement or her last day of service to the school district. 2) The employee is will be at least fifty-five (55) years of age and has will have at least thirty-five (35) years of creditable service an will not retire under the statutory Early Retirement Option. 3) The teacher shall have tendered to the Board a binding, irrevocable resignation for a date certain in the future. The teacher’s notice may be given up to three (3) years prior to retirement or by September 1st during the year up to and including the school year of retirement. The pre-retirement period may be from one (1) to three (3) years in length depending upon the date the letter of resignation is received by the Board and the specified date of retirement. 4) Those hired after July 1, 2013 are not eligible. For those hired after July 1, 2009 with no previous full time teaching experience, the benefit is 3%/3%/3%. “TRS service upon Creditable earnings,” wherever that phrase is used in the entirety of this provision (Retirement Incentive Award Payment), shall mean total TRS creditable earnings including pension payment. This agreement presumes the teacher will fully perform all his or her last day of service to the school district. c) If, duties during the term of this Agreementagreement. Any reduction in teaching performance (dock days or leave of absence without pay, any legislation and/or TRS rules/regulations are enacted or not reenacted and/or adopted or amended that for example) during the term of this agreement shall result in a greater cost to corresponding reduction in salary and benefit amount. In exchange for the teacher’s binding, irrevocable resignation on a date certain, the District than agrees to remove the costs generated by this Agreement, or that change teacher from the definition salary schedule and for each year of what is subject to the 6% TRS capeligibility, the parties agree that this Section shall teacher’s TRS creditable earnings will be null and void and upon increased by six percent (6%) over the demand teacher’s TRS creditable earnings for the prior year of any party shall meet to bargain language to succeed this paragraphemployment except as otherwise provided herein.

Retirement Incentive. a) If an An employee gives the Board tendering an irrevocable notice letter of resignation who will retire on the date of resignation from the school district to a Teacher Retirement System (TRS) Retirement program on a date certain in the future in conformance with the following conditions shall be eligible for a retirement incentive in up to each of his or her final three or four years of teaching service subject to the following conditions: The teacher shall have a minimum of fifteen (15) years of continuous full-time service in the Peotone #207-U for three (3) years of retirement by February 1st four incentive or a minimum of twenty (420) years prior to of continuous full-time service in 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, Peotone C.U.S.D.#207-U 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 incentive on the TRS creditable earnings in the year of the submission of the irrevocable notice intended date of retirement. Once the employee submits an irrevocable notice of retirement an employee’s creditable earnings The teacher 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. b) To be eligible, an employee 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 be eligible for the retirement incentive by meeting one of the following conditions at the time of retirement: 1) The employee is sixty (60) years of age and has ten (10) years of creditable TRS service upon his or her last day of service to the school district. 2) The employee is at least fifty-five (55) years of age at the time of retirement and has thirty-five will not cause the District to pay a penalty or contribution to TRS due to the teacher’s retirement. The teacher shall have tendered to the Board a binding, irrevocable resignation for a date certain in the future. The teacher's notice may be given up to three (353) years or four (4) years prior to retirement or by March 1st during the school year up to and including the school year (July 1 to June 30) in which the retirement will occur. 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, the specified date of retirement, and the number of continuous years of full-time service to the District. "TRS creditable earnings," wherever that phrase is used in the entirety of this provision (Retirement Incentive Award Payment), shall mean total TRS service upon creditable earnings including pension payment This agreement presumes the teacher will fully perform all his or her last day of service to the school district. c) If, duties during the term of this Agreementagreement. Any reduction in teaching performance (dock days or leave of absence without pay, any legislation and/or TRS rules/regulations are enacted or not reenacted and/or adopted or amended that for example) during the term of this agreement shall result in a greater corresponding reduction in salary and benefit amount. In exchange for the teacher's binding, irrevocable resignation on a date certain, the District agrees that the teacher's TRS creditable earnings will be increased by six percent (6%) over the teacher's TRS creditable earnings for the prior year of employment except as otherwise provided herein. (See Appendix for Example A) If a teacher has an extra duty obligation at the commencement of the retirement incentive program and ceases to perform those services during the retirement incentive program period, the calculation of the teacher's six percent (6%) increase shall be reduced by the amount of the extra duty compensation. (See Appendix for Example B) Once an irrevocable letter of retirement is submitted, the employee will not be assigned, nor may an employee apply for or assume any additional duty (extra duty or additional work hours, days, weeks or months) that would increase the employee's TRS gross income above the six percent (6%) provided for herein. If a teacher fails to complete the pre-retirement period, leaves the District prior to the designated retirement date or otherwise causes the District to have to pay a penalty or other monies not contemplated herein to TRS, the District shall be entitled to damages for breach of contract against the teacher in an amount equal to the retirement award payment received by the teacher, including tax and retirement withholdings. Upon complete reimbursement of such amount to the District, the teacher shall be entitled to any general wage increase that would have been applicable during the pre-retirement period. In order to avail himself/herself of the benefits contained herein, the teacher must be eligible for retirement under the provisions of the Illinois Teachers' Retirement System, and file an irrevocable letter of resignation to retire on the date above specified. Any teacher who qualifies for the benefits herein, who is approved for, and who is to receive such benefits, and who wishes to cancel participation in the retirement program prior to retirement, may do so only for such reasons as set forth in the United States Department of Treasury regulations defining "Immediate and Heavy Financial Need." 1401(k)-1(d), and upon such qualifications for cancellation shall be required to repay to the District any sums of money paid hereunder and to join with the District in notifying the Teacher's Retirement System of such cancellation and repayment. In no event will a teacher subject to this provision receive an increase in any year covered by this provision of TRS creditable earnings in excess of six percent (6%) of the prior year's TRS creditable earnings. Status quo in the event of a change in the law or a rules change or interpretation by TRS subsequent to the incorporation of this provision into any contract shall be compliance with this provision (to the extent possible without penalty or additional cost to the District) but under no circumstances shall status quo be interpreted to require the District to incur any assessment or penalty not contemplated by the parties at the time this provision was bargained. No penalty of any kind except as expressly and explicitly provided for herein was contemplated by the parties at the time this provision was bargained. If and when bargaining begins pursuant to a demand to bargain (resulting from a change in the law, rules change or interpretation by TRS) and if and when no agreement can be reached on the issue, the employer shall not be required to distribute any monies in a fashion that would result in any increased cost to the District than due to a TRS assessment or penalty resulting from the costs generated change in the law or a rules change or interpretation by TRS or legislative change beyond the negotiated contribution amount paid on behalf of the employee (9.0% of creditable earnings up to 106% of the previous year’s TRS gross; all as permitted without penalty) including any incentive amount that would not result in additional assessment or penalty. This provision is tentatively agreed to and ratified with the understanding that it will be submitted to TRS for review to obtain reasonable assurance from TRS that the District will incur no penalties or additional assessments resulting from it, and that it is not otherwise problematic to TRS. If TRS should have objections or advises that the District will incur penalties by reason of this Agreementparagraph, then before this provision becomes effective it shall be revised through the negotiation process as necessary based upon findings from TRS and resubmitted and revised until reasonable assurance from TRS is obtained. The Board shall be obligated to pay the foregoing bonus to: the first four (4) bargaining unit members who qualify for a payment under the foregoing during each of the 2019-2023 school years. The Board shall not be obligated to make a payment to any other bargaining unit member who may qualify or apply under the foregoing once the yearly limits have been reached, except that change if the definition of what yearly limit for any given year is subject not reached, the bonuses available for that year, as well as for those yearly limits in the prior contract (2017-2019) not used for those years, shall be carried over to the 6% TRS cap, next year and made available to employees desiring to retire in the parties agree next year so that this Section not more than four (4) employees receive such bonuses each year during the period 2019-2023 school years. All teachers who have given written notification of retirement according to the prior contract agreement shall be null and void and honored according to the terms laid out upon the demand of any party shall meet to bargain language to succeed this paragraphnotification.

Retirement Incentive. a) If an An employee gives the Board tendering an irrevocable notice letter of resignation and retirement by February 1st four (4) years prior to the school year of retirement, the Board shall pay him/her into 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. b) To be eligible, an employee must submit an irrevocable notice of retirement by February 1st which must be accompanied by a Teachers’ Teacher Retirement System (TRS) member requested “Personal Statement of Benefits” and Retirement program on a “Benefit Estimate” confirmation of total years of service. An employee date certain in the future in conformance with ten (10) years of full-time service with Neoga C.U.S.D. No. 3 is considered to the following conditions shall be eligible for the a retirement incentive by meeting one in up to each of his or her final four years of teaching service subject to the following conditions at the time of retirementconditions: 1) The employee is teacher shall have a minimum of fifteen (15) years of continuous full-time service in the Oblong C.U.S.D. #4 on the intended date of retirement. 2) The teacher shall be at least sixty (60) years of age and has ten (10) years on or before December 31 of creditable TRS service upon his the year of retirement or her last day of service to the school district. 2) The employee is will be at least fifty-five (55) years of age and has will have at least thirty-five (35) years of creditable TRS service upon and will not retire under the statutory Early Retirement Option. 3) The teacher shall have tendered to the Board a binding, irrevocable resignation for a date certain in the future, to retire at his or her last day first three years of service eligibility for full TRS retirement. The teacher’s notice may be given up to four (4) years prior to retirement or by September 1st during the year up to and including the school district. cyear of retirement. The pre-retirement period may be from one (1) Ifto four (4) years in length depending upon the date the letter of resignation is received by the Board and the specified date of retirement. “TRS creditable earnings,” wherever that phrase is used in the entirety of this provision (Retirement Incentive Award Payment), shall mean total TRS creditable earnings including pension payment. This agreement presumes the teacher will fully perform all his or her duties during the term of this Agreementagreement. Any reduction in teaching performance (dock days or leave of absence without pay, any legislation and/or TRS rules/regulations are enacted or not reenacted and/or adopted or amended that for example) during the term of this agreement shall result in a greater cost to corresponding reduction in salary and benefit amount. In exchange for the teacher’s binding, irrevocable resignation on a date certain, the District than agrees to remove the costs generated teacher from the salary schedule and for each year of eligibility, the teacher’s TRS creditable earnings will be increased by three percent (3%) over the teacher’s TRS creditable earnings for the prior year of employment except as otherwise provided herein. In further consideration for the teacher’s binding, irrevocable resignation on a date certain in the future under this Agreementincentive, or that change the definition of what is and subject to the 6% TRS capteacher’s full completion of his or her service identified in that resignation, the parties agree that this Section teacher shall be null and void and upon eligible for the demand of any party shall meet to bargain language to succeed this paragraphpost-retirement bonus identified hereinbelow section 7.8.

Retirement Incentive. a) If an employee gives Upon reaching the Board an irrevocable notice of retirement age at which a teacher can first retire, and provided such teacher retires as accepted and approved by February 1st four (4) years prior to the school year of retirementNew York State Teachers' Retirement System, the Board shall pay himteacher will receive a retirement incentive as follows only if he/her she retires by June 30 of that year: 1. Seventy-five (75) percent of unused sick leave up to a six percent maximum of one hundred eighty (6%180) retirement incentivedays or ten thousand ($10,000.00) dollars, inclusive whichever is greater. Thus, a teacher who has accumulated one hundred eighty (180) days 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 sick leave will be based on the TRS creditable earnings in the year of the submission of the irrevocable notice of retirementpaid for one hundred thirty-five (135) days. 2. 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 A teacher will be recalculated accordingly. b) To be eligible, an employee 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 required to have ten (10) years of full-time service with Neoga C.U.S.D. No. 3 is considered as a teacher in Xxxxxx Place to be eligible for the above-stated retirement incentive. For retirements effective as of June 30, 2000 and thereafter, the first date for retirement shall be defined as the first year of eligibility for retirement pursuant to the rules of the New York State Teachers' Retirement System without penalty as to each teacher's tier in the said retirement system. However, any teacher eligible to retire without penalty prior to June 30, 2000 who did not elect to retire pursuant to this paragraph shall not be eligible for the benefits hereof. To qualify for the retirement incentive, a teacher must resign in writing no later than March 1st, effective June 30th. 3. Any teacher who shall inform the Superintendent in writing of her/his resignation and intention to retire at least three (3) years in advance of the effective date of resignation and retirement, shall be entitled to payment for unused accumulated leave entitlement in three (3) installments as referred to in Article VI, Paragraph E(3) of the contract except that the payment for unused accumulated sick leave entitlement to which a teacher shall be entitled shall be in accordance with Paragraph 1 hereof and the teacher must otherwise qualify for the retirement incentive by meeting one of the following conditions at the time of retirement: 1) The employee is sixty (60) years of age and has ten (10) years of creditable TRS service upon his or her last day of service to the school districtas set forth in this Article. 2) The employee is at least fifty-five (55) years of age and has thirty-five (35) years of creditable TRS service upon his or her last day of service to the school district. c) If, during the term of this Agreement, any legislation and/or TRS rules/regulations are enacted or not reenacted and/or adopted or amended that result in a greater cost to the District than the costs generated by this Agreement, or that change the definition of what is subject to the 6% TRS cap, the parties agree that this Section shall be null and void and upon the demand of any party shall meet to bargain language to succeed this paragraph.

Retirement Incentive. aTeachers with fifteen (15) or more years of consecutive service with the School District are eligible to receive the following benefits under the terms of this Retirement Incentive (RI): 1. If an employee teacher gives the Board of Education an irrevocable written notice of retirement by February March 1st four (4) years of the year prior to the school year of retirementretirement (for example, March 1, 2009, for retirement at the end of 2009/2010 school year), the Board School District shall remove the teacher from the salary schedule and pay him/her a six percent (6%) % retirement incentivebenefit, inclusive of all any other increases increase in TRS creditable total compensation, for each of his/her the teacher’s remaining four (4) years year of service. Under this provision (#1), in no case shall a teacher be eligible to receive the 6% retirement benefit for more than the teacher’s last year of employment with the School District. 2. If an employee a teacher gives the Board of Education an irrevocable written 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 March 1st two (2) years prior to the school year of the retirement, (for example, March 1, 2009, for retirement at the Board end of the 2010/2011 school year), the School District shall remove the teacher from the salary schedule and pay him/her a six percent (6%) % retirement incentivebenefit, inclusive of all any other increases increase in TRS creditable total compensation, for each of his/her the teacher’s two remaining two (2) years of service. If Under this provision (#2), in no case shall a teacher be eligible to receive the 6% retirement benefit for more than the teacher’s last two years of employment with the School District. A RI shall not be available to any teacher whose retirement would otherwise give rise to an employee gives ERO penalty or any other penalty or additional contribution under TRS to be paid by the Board an irrevocable notice School District. Furthermore, in order to be eligible to this RI, a teacher shall retire at the first of retirement by February 1st one the following to occur: (1) year prior to At the end of the school year (July 1-June 30) in which the teacher first accumulates at least thirty-five years 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 service in the year of the submission of the irrevocable notice of retirement. Once the employee submits an irrevocable notice of retirement an employeeTeacher’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. b) To be eligible, an employee must submit an irrevocable notice of retirement by February 1st which must be accompanied by a Teachers’ Retirement System (TRS); or (2) 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 be eligible for At the retirement incentive by meeting one end of the following conditions at school year in which the time of retirement: 1) The employee is sixty (60) years of teacher reaches age and 60 if the teacher has ten (10) years of creditable TRS service upon his or her last day of service to the school district. 2) The employee is at least fifty-five (55) years of age and has accumulated no more than thirty-five (35) years of creditable TRS credible service upon his or her last day of service to the school districtwith TRS. c) If, during the term of this Agreement, any legislation and/or TRS rules/regulations are enacted or not reenacted and/or adopted or amended that result in a greater cost to the District than the costs generated by this Agreement, or that change the definition of what is subject to the 6% TRS cap, the parties agree that this Section shall be null and void and upon the demand of any party shall meet to bargain language to succeed this paragraph.

Retirement Incentive. a) If an An employee gives the Board tendering an irrevocable notice letter of resignation to a Teacher Retirement System (TRS) Retirement program on a date certain in the future in conformance with the following conditions shall be eligible for a retirement by February 1st four (4) years prior incentive in up 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 final three (3) years of service. If an employee gives the Board an irrevocable notice of retirement by February 1st two (2) years prior teaching service subject to the school year of retirement, the Board shall pay him/her a six percent following conditions: 1. Full-time teaching personnel who have at least fifteen (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. b) To be eligible, an employee 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 (1015) years of full-time service with Neoga C.U.S.D. No. 3 is considered to experience in the District and will be eligible for the retirement incentive by meeting one of the following conditions at the time of retirement: 1) The employee is least sixty (60) years of age and has ten (10) years of creditable TRS service upon his or her during the calendar year by the last day of service to in the school district.District; or 2. Full-time teaching personnel who have at least fifteen (15) The employee is years of full-time experience in the District and will be at least fifty-five (55) years of age and has with thirty-five (35) years of creditable TRS service upon his or her as defined by the Illinois Teacher Retirement System during the calendar year by the last day of service in the District. The District may require proof of eligibility. 3. The teacher shall have tendered to the Board a binding, irrevocable resignation for a date certain in the future. The teacher’s notice may be given up to three (3) years prior to retirement or by September 1st during the year up to and including the school district. cyear of retirement. The pre-retirement period may be from one (1) Ifto three (3) years in length depending upon the date the letter of resignation is received by the Board and the specified date of retirement. “TRS creditable earnings,” wherever that phrase is used in the entirety of this provision (Retirement Incentive Award Payment), shall mean total TRS creditable earnings including pension payment. This agreement presumes the teacher will fully perform all his or her duties during the term of this Agreementagreement. Any reduction in teaching performance (dock days or leave of absence without pay, any legislation and/or TRS rules/regulations are enacted or not reenacted and/or adopted or amended that for example) during the term of this agreement shall result in a greater cost to corresponding reduction in salary and benefit amount. In exchange for the teacher’s binding, irrevocable resignation on a date certain, the District than agrees to remove the costs generated by this Agreement, or that change teacher from the definition salary schedule and for each year of what is subject to the 6% TRS capeligibility, the parties agree that this Section shall teacher’s TRS creditable earnings will be null and void and upon increased per the demand chart below over the teacher’s TRS creditable earnings for the prior year of employment except as otherwise provided herein. Once an irrevocable letter of retirement is submitted, the employee will not be assigned any party shall meet to bargain language to succeed this paragraphadditional extra-duties or TRS reportable duties not currently being performed without the consent of the employee. If, after submitting an irrevocable letter of retirement, the employee resigns from or is removed from duties for which the employee was compensated the previous year (i.e., extended contract and/or stipends), the employee’s TRS creditable earnings will be adjusted accordingly.

Retirement Incentive. a) If an An employee gives the Board tendering an irrevocable notice letter of resignation to a Teacher Retirement System (TRS) Retirement program on a date certain in the future in conformance with the following conditions shall be eligible for a retirement by February 1st four (4) years prior incentive in up 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/his or 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 final three (3) years of service. If an employee gives the Board an irrevocable notice of retirement by February 1st two (2) years prior teaching service subject to the school year following conditions: The teacher shall have a minimum of retirement, the Board shall pay him/her a six percent fifteen (6%) retirement incentive, inclusive of all other increases in TRS creditable compensation, for each of his/her remaining two (215) 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. b) To be eligible, an employee 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 continuous full-time service with Neoga in the Ridgeview C.U.S.D. No. 3 is considered to be eligible for #19 on the retirement incentive by meeting one of the following conditions at the time intended date of retirement: 1) . The employee is teacher shall be at least sixty (60) years of age and has ten (10) years on or before December 31 of creditable TRS service upon his the year of retirement or her last day of service to the school district. 2) The employee is will be at least fifty-five (55) years of age and has will have at least thirty-five (35) years of creditable service and will not retire under the statutory Early Retirement Option. The teacher shall have tendered to the Board a binding, irrevocable resignation for a date certain in the future. The teacher’s notice may be given up to three (3) years prior to retirement or by September 1st during the year up to and including the school year of retirement. The pre-retirement period may be from one (1) to three (3) years in length depending upon the date the letter of resignation is received by the Board and the specified date of retirement. “TRS service upon creditable earnings,” wherever that phrase is used in the entirety of this provision (Retirement Incentive Award Payment), shall mean total TRS creditable earnings including pension payment. This agreement presumes the teacher will fully perform all his or her last day of service to the school district. c) If, duties during the term of this Agreementagreement. Any reduction in teaching performance (dock days or leave of absence without pay, any legislation and/or TRS rules/regulations are enacted or not reenacted and/or adopted or amended that for example) during the term of this agreement shall result in a greater cost to corresponding reduction in salary and benefit amount. In exchange for the teacher’s binding, irrevocable resignation on a date certain, the District than agrees to remove the costs generated by this Agreement, or that change teacher from the definition salary schedule and for each year of what is subject to the 6% TRS capeligibility, the parties agree that this Section shall teacher’s TRS creditable earnings will be null and void and upon increased by three percent (3%) over the demand teacher’s TRS creditable earnings for the prior year of any party shall meet to bargain language to succeed this paragraphemployment except as otherwise provided herein.

Retirement Incentive. a) If an A. An employee gives the Board tendering an irrevocable notice letter of resignation to a Teacher Retirement System (TRS) Retirement program on a date certain in the future in conformance with the following conditions shall be eligible for a retirement by February 1st four (4) years prior incentive in up 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/his or 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 final three (3) years of service. If an employee gives the Board an irrevocable notice of retirement by February 1st two (2) years prior teaching service subject 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. b) To be eligible, an employee 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 be eligible for the retirement incentive by meeting one of the following conditions at the time of retirementconditions: 1) The employee is teacher shall have a minimum of fifteen (15) years of continuous full-time service in the Ridgeview C.U.S.D. #19 on the intended date of retirement. 2) The teacher shall be at least sixty (60) years of age and has ten (10) years on or before December 31 of creditable TRS service upon his the year of retirement or her last day of service to the school district. 2) The employee is will be at least fifty-five (55) years of age and has will have at least thirty-five (35) years of creditable service and will not retire under the statutory Early Retirement Option. 3) The teacher shall have tendered to the Board a binding, irrevocable resignation for a date certain in the future. The teacher’s notice may be given up to three (3) years prior to retirement or by September 1st during the year up to and including the school year of retirement. The pre- retirement period may be from one (1) to three (3) years in length depending upon the date the letter of resignation is received by the Board and the specified date of retirement. “TRS service upon creditable earnings,” wherever that phrase is used in the entirety of this provision (Retirement Incentive Award Payment), shall mean total TRS creditable earnings including pension payment. This agreement presumes the teacher will fully perform all his or her last day of service to the school district. c) If, duties during the term of this Agreementagreement. Any reduction in teaching performance (dock days or leave of absence without pay, any legislation and/or TRS rules/regulations are enacted or not reenacted and/or adopted or amended that for example) during the term of this agreement shall result in a greater cost to corresponding reduction in salary and benefit amount. In exchange for the teacher’s binding, irrevocable resignation on a date certain, the District than agrees to remove the costs generated by this Agreement, or that change teacher from the definition salary schedule and for each year of what is subject to the 6% TRS capeligibility, the parties agree that this Section shall teacher’s TRS creditable earnings will be null and void and upon increased by three percent (3%) over the demand teacher’s TRS creditable earnings for the prior year of any party shall meet to bargain language to succeed this paragraphemployment except as otherwise provided herein.