Common use of Retirement Incentive Clause in Contracts

Retirement Incentive. Staff members eligible for incentive Plan B must be eligible for IMRF retirement and have a minimum of 10 years’ experience in District 21. Staff members who qualify and who declare their intent to retire four years before actual retirement shall receive a 5.5% salary increase over their previous year’s base salary for each of the four years prior to retirement. To be eligible for this benefit, the staff member shall notify Human Resources of their intent to retire four years before their actual retirement date. At the discretion of the Board, a staff member who has so notified the District and who may have begun receiving the salary increases may withdraw from this retirement incentive and return to regular employment status just as if participation in this incentive had not begun. In such case the staff member shall reimburse the District any salary increases received under this sub-section on a repayment schedule to be agreed upon by the Superintendent or designee and the staff member. If the staff member retires mid-year, this benefit shall be for the 48 months prior to the actual date of retirement. The District shall report this salary bonus to the IMRF as part of the staff member’s salary.

Retirement Incentive. Staff members eligible for incentive Plan B must be eligible for IMRF retirement and have a minimum of 10 years’ experience in District 21. Staff members who qualify and who declare their intent to retire four years before actual retirement shall receive a 5.5% salary increase over their previous year’s base salary for each of the four years prior to retirement. To be eligible for this benefit, the staff member shall notify Human Resources by June l, of their intent to retire the school year four years before their actual retirement dateprior to the school year in which the staff member will retire. At the discretion of the Board, a staff member who has so notified the District and who may have begun receiving the salary increases may withdraw from this retirement incentive and return to regular employment status just as if participation in this incentive had not begun. In such case the staff member shall reimburse the District any salary increases received under this sub-section on a repayment schedule to be agreed upon by the Superintendent or designee and the staff member. If the staff member retires mid-year, this benefit shall be for the 48 months prior to the actual date of retirement. The District shall report this salary bonus to the IMRF as part of the staff member’s salary.