Common use of Retirement Incentive Clause in Contracts

Retirement Incentive. A retirement incentive program shall be established. The Rolling Hills Local Board of Education will offer to each certified staff member who is eligible (as defined below) for retirement under the State Teachers Retirement System, who elects to retire, and who does retire in accordance with the provisions below, an incentive payment. The incentive payment shall be $10,000.00 if an employee retires during or at the conclusion of the school year in which they are credited with 30 years of service. The incentive shall be $7,500.00 if an employee retires during or at the conclusion of the school year in which they are credited with 25 years of service. Any additional severance due upon retiring shall also be paid. The payment is subject to the following: 1. The bargaining unit member must have at least five years consecutive service in the Rolling Hills Local School District. 2. A bargaining unit member who is eligible for "full retirement" and elects to receive the incentive must give a written letter of resignation to the Superintendent by March 15, and retire by June 30. Those teachers who were eligible for the retirement incentive payment and did not resign by March 15, waive any rights or claims to receive such incentive payment. 3. Full retirement" for the purpose of this provision means having at least 30 years service credit to apply toward pension calculation; or having twenty-five (25) years of service and being 55 years old or older. 4. The bargaining unit member shall receive a lump sum payment after January 1, but before January 30 of the year after they retire. 5. Each bargaining unit member in the year of retirement shall be responsible for providing documentary evidence from the appropriate retirement system from which he/she is eligible to retire. 6. Failure to apply as set forth herein shall forfeit any right to participate in the incentive. It shall be the responsibility of the bargaining unit member to be aware of when he/she becomes eligible for full retirement. Lack of knowledge or "innocent" errors shall not extend a bargaining unit member's deadline for written notice. The deadline is absolute. 7. Any bargaining unit member who may have been eligible for retirement prior to the effective date of this memorandum shall be deemed eligible to receive a retirement incentive payment as long as they comply with all provisions and requirements of this memorandum. 8. Service credit shall be defined as the number of years of service acknowledged by the State Teacher Retirement System. 9. Any bargaining unit member who is eligible and who opts to purchase service credit with the STRS must do so prior to notifying the Board of their desire to participate in the Retirement Incentive Program. 10. Any bargaining unit member who is employed by the district and is receiving STRS benefits is not eligible for this Retirement Incentive Program.

Retirement Incentive. 1. A retirement incentive program shall be established. The Rolling Hills Local Board of Education will offer Retirement Incentive is available to each certified staff member who is eligible (as defined below) for retirement under the State Teachers Retirement System, who elects to retire, and who does retire unit members in accordance with applicable IRS regulations. There will be two available retirement windows as described below. This retirement incentive may be in addition to the provisions below, an incentive paymentof Section K. 2. The incentive payment shall be $10,000.00 if an employee retires during First retirement window: Unit members who are age 62 or at the conclusion older and who have 20 or more years of continuous regular service as of the school date of retirement, no later than August 31, 2014 for academic year in which they are credited with 30 years of servicefaculty and June 30, 2014 for fiscal year faculty, will be eligible for the University Retirement Incentive outlined below. The incentive shall be $7,500.00 if an employee retires during or at the conclusion of the school year in which they are credited with 25 years of service. Any additional severance due upon retiring shall also be paid. The payment is subject In addition to the following: 1. The bargaining requirements listed above, to be eligible for the retirement incentive, a unit member must have at least five years consecutive service in the Rolling Hills Local School District. 2. A bargaining unit member who is eligible for "full retirement" and elects to receive the incentive must give submit a written letter notice of resignation intention to the Superintendent retire by March 15, 2014 and must retire by June 30, 2014 for those with fiscal year appointments and by August 31, 2014 for those with academic year appointments. Those teachers An eligible unit member shall receive 1.25% of their final base salary for each completed year of continuous, regular service up to 27 years paid into the unit member’s basic 403b account. The provisions of section K3 shall be applicable to this payment. The university may request that a unit member defer the retirement date from one to four semesters. Such request must be made by March 31, 2014. Acceptance of such a request is at the sole discretion of the unit member. A unit member who were agrees to defer the date of retirement will retain eligibility for the retirement incentive described above at the time of retirement and will receive an additional $1,500 for each semester they agree to defer their retirement. The university’s decision about whether to request a unit member to defer retirement shall not be grievable. Such retirement deferral will not impact the dates for establishing eligibility criteria as described above. 3. Second Retirement Window Unit members who are age 62 or older and who have 20 or more years of continuous regular service as of the date of retirement, no later than August 31, 2015 for academic year faculty or June 30, 2015 for fiscal year faculty, will be eligible for the University Retirement Incentive outlined below. In addition to the requirements listed above, to be eligible for the retirement incentive payment incentive, a unit member must submit a written notice of intention to retire by October 10, 2014 and did not resign must retire by March June 30, 2015 for fiscal year faculty or August 31, 2015 for academic year faculty. A faculty member may elect to retire by January 15, waive any rights 2015 or claims to receive such incentive payment. 3December 31, 2014. Full retirement" for the purpose of this provision means having at least 30 years service credit to apply toward pension calculation; or having twenty-five (25) years of service and being 55 years old or older. 4. The bargaining An eligible unit member shall receive 1% of their final base salary for each completed year of continuous, regular service up to 27 years paid into the unit member’s basic 403b account. The provisions of Section K3 shall be applicable to this payment. The university may request that a lump sum payment after January unit member defer the retirement date from one to four semesters. Such request must be made by October 31, 2014. Acceptance of such a request is at the sole discretion of the unit member. A unit member who agrees to defer the date of retirement will retain eligibility for the retirement incentive described above at the time of retirement and will receive an additional $1,500 for each semester they agree to defer their retirement. The university’s decision about whether to request a unit member to defer retirement shall not be grievable. Such retirement deferral will not impact the dates for establishing eligibility criteria as described above K. 1. Unit members initially employed prior to July 1, but before January 30 of the year after they retire. 5. Each bargaining unit member in the year of retirement shall be responsible for providing documentary evidence from the appropriate retirement system from which he/she is eligible to retire. 6. Failure to apply as set forth herein shall forfeit any right to 1996, who participate in the incentive. It shall be University of Maine System Retirement Plan for Faculty and Professional Employees, or who are eligible to take normal retirement under the responsibility Maine State Retirement System, and who are at least fifty-five (55) years of the bargaining unit member to be aware age and who have at least ten (10) years of when he/she becomes continuous, regular service are eligible for full retirementthe retirement benefits specified below. Lack Unit members on leave of knowledge or "innocent" errors shall not extend a bargaining unit member's deadline for written notice. The deadline is absolute. 7. Any bargaining unit member who may have been absence are eligible for retirement prior to the effective date of this memorandum shall be deemed eligible to receive a retirement incentive payment as so long as they comply with meet all provisions and requirements of this memorandumother eligibility requirements. 8. Service credit shall be defined as the number of years of service acknowledged by the State Teacher Retirement System. 9. Any bargaining unit member who is eligible and who opts to purchase service credit with the STRS must do so prior to notifying the Board of their desire to participate in the Retirement Incentive Program. 10. Any bargaining unit member who is employed by the district and is receiving STRS benefits is not eligible for this Retirement Incentive Program.

Retirement Incentive. A The retirement incentive program shall will be established. The Rolling Hills Local Board paid out according to the following schedule: July of Education will offer to each certified staff member who is eligible first year of retirement: 50% of total July of second year of retirement: 25% of total July of Third year of retirement: 25% of total At the end of the year which marks thirty (as defined below30) for retirement under the State Teachers Retirement System, who elects to retire, and who does retire in accordance with the provisions below, an incentive payment. The incentive payment shall be years of service - $10,000.00 if an employee retires during 16,000.00 or at the conclusion of the school year in which they are credited with 30 any time after (30) thirty years of service. The incentive shall At the end of any year which marks (25-29) years of service - $13,000.00 At the end of any year which marks (20-24) years of service - $10,000.00 UP TO FIVE (5) PURCHASED YEARS OF SERVICE MAY BE COUNTED TOWARD THE TOTAL YEARS OF SERVICE. Incentives will be $7,500.00 if an employee retires during or paid out on the annual system as illustrated above. Notification of early retirement and a written resignation must be filed with the Superintendent's Office prior to January 15th of each year for retirement effective at the conclusion end of the that school year in which they are credited with 25 years of serviceyear. Any additional severance due upon retiring shall also be paidmember planning to retire at midyear must give notification as stated above before November 1st. The payment is subject to the following: 1. The Said bargaining unit member must have at least five ten (10) years consecutive of service with North Central Area School. In the event of the death of a bargaining unit member who meets the eligibility requirements stated above and has already requested to participate--in this plan, the Rolling Hills Local School District. 2full amount will be paid to his or her designated beneficiary according to MPSER's application. In the event that the bargaining unit member dies before receiving the full incentive then any balance not yet paid shall be paid to his or her beneficiary as stated above. A bargaining unit member who is eligible for "full retirement" and elects to receive meets the incentive must give a written letter of resignation to the Superintendent by March 15eligibility requirements stated above, and retire has already requested to participate in this plan, but who is stricken by June a catastrophic, life threatening illness, will upon request, receive special consideration for continuation in this Early Retirement Incentive Program. This incentive will be extended if a teacher has completed thirty (30. Those teachers who were eligible for the retirement incentive payment and did not resign by March 15, waive any rights or claims to receive such incentive payment. 3. Full retirement" for the purpose of this provision means having at least 30 years service credit to apply toward pension calculation; or having twenty-five (25) years of service service, and being 55 years old or older. 4. The bargaining unit member shall receive a lump sum payment after January 1they are too young to be eligible for MPSERS retirement, but before January 30 they will then be allowed to collect the incentive at the end of the year after in which they retire. 5. Each bargaining unit member in the year of retirement shall be responsible for providing documentary evidence from the appropriate retirement system from which he/she is eligible to retire. 6. Failure to apply as set forth herein shall forfeit any right to participate in the incentive. It shall be the responsibility of the bargaining unit member to be aware of when he/she becomes become eligible for full retirement. Lack of knowledge or "innocent" errors shall Teachers that retire on any year from 20- 29 need not extend a bargaining unit member's deadline for written notice. The deadline is absolute. 7. Any bargaining unit member who may have been be eligible for full retirement prior to the effective date of this memorandum shall be deemed eligible to receive a retirement incentive payment as long as they comply with all provisions and requirements of this memorandumincentive. 8. Service credit shall be defined as the number of years of service acknowledged by the State Teacher Retirement System. 9. Any bargaining unit member who is eligible and who opts to purchase service credit with the STRS must do so prior to notifying the Board of their desire to participate in the Retirement Incentive Program. 10. Any bargaining unit member who is employed by the district and is receiving STRS benefits is not eligible for this Retirement Incentive Program.