Retirement Lump-Sum Buyout VEBA for teachers hired on or before. June 30, 2004 Vesting Requirement: The teacher must be at least fifty-five (55) years of age by June 30 in the year in which they retire; and must have a minimum of seventeen (17) years of creditable service. The teacher must notify the superintendent of his/her intent to retire by February 1st of the school year in which he/she wishes to retire. The vesting requirements may be waived in cases of retirement caused by incapacitation or extenuating circumstances, provided the retiring teacher provides satisfactory documentation to the Superintendent or designee.
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