RETIREMENT SEVERANCE PAY. X. Xxxxxxxxx Pay-Accumulated Sick Leave 1. This Section A applies to all teachers beginning in the 2004/2005 school year. 2. Teachers will receive thirty-five dollars ($35.00) per day of accumulated sick leave days up to two hundred and fifteen (215) days. This amount shall be paid as follows: a. Two thousand dollars ($2000.00) will be paid to the teacher within thirty (30) days following the last day of the teacher's employment. b. The remainder of the severance pay (if any) will be paid in two (2) equal payments to the teacher's 403(b) account on January 1 and July 1 beginning on the first calendar year of the teacher's retirement. 3. To be eligible for the accumulated sick leave severance pay, retiring professional employees must meet the following conditions: a. Normally must submit in writing to the Superintendent their intention to retire by May 1 prior to retirement; b. Must meet the State of Indiana standards for retirement (the earlier of (i) attainment of age 55 plus age and years of TRF service equal to 85, (ii) attainment of age 60 plus 15 years of TRF service, or (iii) attainment of age 65 plus 10 years of TRF service); and c. Must retire from the East Xxxxxx School Corporation. X. Xxxxxxxxx Pay - Buy-Out of Years of Service 1. This Section B applies only to teachers employed or on an approved leave for the 2003/2004 school year who continue their employment for the 2004/2005 school year. Individuals who retired prior to or at the end of the 2003/2004 school year will receive any benefits due to them under the Master Contract in effect at the time of their retirement. 2. The net present value of each eligible teacher's buy-out of years will be calculated using the following: a. One hundred and sixty dollars ($160.00) per year for each actual year of service to the East Xxxxxx School Corporation as of July 31, 2004. b. Assuming continued employment with East Xxxxxx. c. School Corporation and retirement at age 59, but in no event earlier than attainment of eligibility for unreduced TRF benefits, one hundred and sixty dollars ($160.00) per year for each projected additional year of service. d. A discount rate of 4% for the first 2 years, 5% for the second 2 years, and 7% thereafter. e. From the gross present value, amount subtract 7.65% (FICA discount). 3. The net present value amount will be deposited into a 401(a)-plan account for that teacher as soon as reasonably administratively feasible after receipt of the SB 199 bond proceeds. 4. The 401(a) account of the teacher will vest when the teacher meets the State of Indiana standards for retirement (the earlier of (i) attainment of age 55 plus age and years of TRF service equal to 85, (ii) attainment of age 60 plus 15 years of TRF service, or (iii) attainment of age 65 plus 10 years of TRF service). The teacher will control the investments within the teacher's 401(a) account. 5. If an eligible and vested teacher retires after their assumed retirement age under this Section B, East Xxxxxx School Corporation will pay the teacher one hundred and sixty dollars ($160.00) for each year of service with East Xxxxxx School Corporation after the assumed retirement age. The payment will be made to a 401(a) account for the teacher by December 31 of the calendar year in which the teacher retires. 6. A certified school employee participating in the buy-out retirement program under this Section B forfeits the assets in the employee's 401(a) account, including earnings, if the teacher separates from employment with the East Xxxxxx School Corporation prior to vesting as provided in Subsection (B)(4) above. Being subject to reduction in force and being on the recall list is not a separation from service resulting in a forfeiture. Board approved leave of absence shall not be a forfeitable event; however, it shall become one and cause forfeiture if the individual fails promptly to return to employment following the expiration of the leave period. 7. Time on the Reduction In Force (RIF) recall list shall not be counted for vesting, even after an employee's return to active service, but the time that the employee had accumulated before separation by reduction in force shall be used to establish vesting when the certified school employee is recalled and returns to active service. 8. Amounts forfeited upon separation from employment before vesting shall not be reinstated if the certified school employee is subsequently rehired by the School Corporation. The vendor for the 401(a) Plan shall treat the forfeited amounts as a reduction of future contributions by the School Corporation to the 401(a) Plan under this Article XV. C. Buy-Out of Early Retirement Bridge Plan 1. This Section C applies only to teachers employed or on an approved leave for the 2003/2004 school year who continue their employment for 2004/2005 school year. Individuals who retired prior to or at the end of the 2003/2004 school year will receive any benefits due to them under the Master Contract in effect at the time of their retirement. 2. The net present value of each eligible teacher's buy-out of the early retirement bridge benefit will be calculated using the following: a. A benefit equal to the lesser of (i) $6,500 per year, or (ii) the annual amount that the teacher would be entitled to receive upon attaining the age of eligibility for normal non-reduced old age insurance benefits under Title II of the Social Security Act. b. Payable for each year from assumed retirement age until the earlier of (i) attaining eligibility for normal non-reduced old age insurance benefits under Title II of the Social Security Act or (ii) ten (10) years. c. Assumed retirement age of 59, but in no event earlier than attainment of eligibility for unreduced TRF benefits. d. Discount rate of 4% for first 2 years, 5% for second 2 years, and 7% thereafter. e. From gross present value amount subtract 7.65% (FICA discount). 3. The net present value amount will be deposited into a 401(a)-plan account for that teacher as soon as reasonably administratively feasible after receipt of the SB 199 bond proceeds. 4. The 401(a) account of the teacher will vest upon meeting the following conditions: a. The teacher has completed at least seventeen (17) years of service with the East Xxxxxx School Corporation. b. The teacher has given the Superintendent formal written notice, on or before May 1 of the year of retirement, of their election to retire early from East Xxxxxx School Corporation (the requirement that the teacher retire upon completion of the school year may be waived by the East Xxxxxx School Corporation, in its discretion, provided extenuating circumstances exits); and c. The teacher retires and meets the State of Indiana standards for retirement (the earlier of (i) attainment of age 55 plus age and years of TRF service equal to 85,
Appears in 2 contracts
Samples: Master Contract, Master Contract
RETIREMENT SEVERANCE PAY. X. Xxxxxxxxx Pay-—Accumulated Sick Leave
1. This Section A applies to all teachers beginning in the 2004/2005 school year.
2. Teachers will receive thirty-five dollars ($35.00) per day of accumulated sick leave days up to two hundred and fifteen (215) days). This amount shall be paid as follows:
a. Two thousand dollars ($2000.00) will be paid to the teacher within thirty (30) days following the last day of the teacher's employment.
b. The remainder of the severance pay (if any) will be paid in two (2) equal payments to the teacher's ’s 403(b) account on January 1 and July 1 beginning on the first calendar year of the teacher's ’s retirement.
3. To be eligible for the accumulated sick leave severance pay, retiring professional employees must meet the following conditions:
a. Normally must submit in writing to the Superintendent their his/her intention to retire by May 1 prior to retirement;
b. Must meet the State of Indiana standards for retirement (the earlier of (i) attainment of age 55 plus age and years of TRF service equal to 85, (ii) attainment of age 60 plus 15 years of TRF service, or (iii) attainment of age 65 plus 10 years of TRF service); and
c. Must retire from the East Xxxxxx School Corporation.
X. Xxxxxxxxx Pay - – Buy-Out of Years of Service
1. This Section B applies only to teachers employed or on an approved leave for the 2003/2004 school year who continue their employment for the 2004/2005 school year. Individuals who retired prior to or at the end of the 2003/2004 school year will receive any benefits due to them under the Master Contract in effect at the time of their retirement.
2. The net present value of each eligible teacher's ’s buy-out of years will be calculated using the following:
a. One hundred and sixty dollars ($160.00) per year for each actual year of service to the East Xxxxxx School Corporation as of July 31, 2004.
b. Assuming continued employment with East Xxxxxx.
c. Xxxxxx School Corporation and retirement at age 59, but in no event earlier than attainment of eligibility for unreduced TRF benefits, one hundred and sixty dollars ($160.00) per year for each projected additional year of service.
d. A discount c. Discount rate of 4% for the first 2 years, 5% for the second 2 years, and 7% thereafter.
e. d. From the gross present value, value amount subtract 7.65% (FICA discount).
3. The net present value amount will be deposited into a 401(a)-plan 401(a) plan account for that teacher as soon as reasonably administratively feasible after receipt of the SB 199 bond proceeds.
4. The 401(a) account of the teacher will vest when the teacher meets the State of Indiana standards for retirement (the earlier of (i) attainment of age 55 plus age and years of TRF service equal to 85, (ii) attainment of age 60 plus 15 years of TRF service, or (iii) attainment of age 65 plus 10 years of TRF service). The teacher will control the investments within the teacher's 401(a) account.
5. If an eligible and vested teacher retires after their assumed retirement age under this Section B, East Xxxxxx School Corporation will pay the teacher one hundred and sixty dollars ($160.00) for each year of service with East Xxxxxx School Corporation after the assumed retirement age. The payment will be made to a 401(a) account for the teacher by December 31 of the calendar year in which the teacher retires.
6. A certified school employee participating in the buy-out retirement program under this Section B forfeits the assets in the employee's 401(a) account, including earnings, if the teacher separates from employment with the East Xxxxxx School Corporation prior to vesting as provided in Subsection (B)(4) above. Being subject to reduction in force and being on the recall list is not a separation from service resulting in a forfeiture. Board approved leave of absence shall not be a forfeitable event; however, it shall become one and cause forfeiture if the individual fails promptly to return to employment following the expiration of the leave period.
7. Time on the Reduction In Force (RIF) recall list shall not be counted for vesting, even after an employee's return to active service, but the time that the employee had accumulated before separation by reduction in force shall be used to establish vesting when the certified school employee is recalled and returns to active service.
8. Amounts forfeited upon separation from employment before vesting shall not be reinstated if the certified school employee is subsequently rehired by the School Corporation. The vendor for the 401(a) Plan shall treat the forfeited amounts as a reduction of future contributions by the School Corporation to the 401(a) Plan under this Article XV.
C. Buy-Out of Early Retirement Bridge Plan
1. This Section C applies only to teachers employed or on an approved leave for the 2003/2004 school year who continue their employment for 2004/2005 school year. Individuals who retired prior to or at the end of the 2003/2004 school year will receive any benefits due to them under the Master Contract in effect at the time of their retirement.
2. The net present value of each eligible teacher's buy-out of the early retirement bridge benefit will be calculated using the following:
a. A benefit equal to the lesser of (i) $6,500 per year, or (ii) the annual amount that the teacher would be entitled to receive upon attaining the age of eligibility for normal non-reduced old age insurance benefits under Title II of the Social Security Act.
b. Payable for each year from assumed retirement age until the earlier of (i) attaining eligibility for normal non-reduced old age insurance benefits under Title II of the Social Security Act or (ii) ten (10) years.
c. Assumed retirement age of 59, but in no event earlier than attainment of eligibility for unreduced TRF benefits.
d. Discount rate of 4% for first 2 years, 5% for second 2 years, and 7% thereafter.
e. From gross present value amount subtract 7.65% (FICA discount).
3. The net present value amount will be deposited into a 401(a)-plan account for that teacher as soon as reasonably administratively feasible after receipt of the SB 199 bond proceeds.
4. The 401(a) account of the teacher will vest upon meeting the following conditions:
a. The teacher has completed at least seventeen (17) years of service with the East Xxxxxx School Corporation.
b. The teacher has given the Superintendent formal written notice, on or before May 1 of the year of retirement, of their election to retire early from East Xxxxxx School Corporation (the requirement that the teacher retire upon completion of the school year may be waived by the East Xxxxxx School Corporation, in its discretion, provided extenuating circumstances exits); and
c. The teacher retires and meets the State of Indiana standards for retirement (the earlier of (i) attainment of age 55 plus age and years of TRF service equal to 85,
Appears in 2 contracts
Samples: Master Contract, Master Contract
RETIREMENT SEVERANCE PAY. X. Xxxxxxxxx Pay-Accumulated Sick Leave
1. This Section A applies to all teachers beginning in the 2004/2005 school year.
2. Teachers will receive thirty-five dollars ($35.00) per day of accumulated sick leave days up to two hundred and fifteen (215) days. This amount shall be paid as follows:
a. Two thousand dollars ($2000.00) will be paid to the teacher within thirty (30) days following the last day of the teacher's employment.
b. The remainder of the severance pay (if any) will be paid in two (2) equal payments to the teacher's 403(b) account on January 1 and July 1 beginning on the first calendar year of the teacher's retirement.
3. To be eligible for the accumulated sick leave severance pay, retiring professional employees must meet the following conditions:
a. Normally must submit in writing to the Superintendent their intention to retire by May 1 prior to retirement;
b. Must meet the State of Indiana standards for retirement (the earlier of (i) attainment of age 55 plus age and years of TRF service equal to 85, (ii) attainment of age 60 plus 15 years of TRF service, or (iii) attainment of age 65 plus 10 years of TRF service); and
c. Must retire from the East Xxxxxx School Corporation.
X. Xxxxxxxxx Pay - Buy-Out of Years of Service
1. This Section B applies only to teachers employed or on an approved leave for the 2003/2004 school year who continue their employment for the 2004/2005 school year. Individuals who retired prior to or at the end of the 2003/2004 school year will receive any benefits due to them under the Master Contract in effect at the time of their retirement.
2. The net present value of each eligible teacher's buy-out of years will be calculated using the following:
a. One hundred and sixty dollars ($160.00) per year for each actual year of service to the East Xxxxxx School Corporation as of July 31, 2004.
b. Assuming continued employment with East Xxxxxx.
c. School Corporation and retirement at age 59, but in no event earlier than attainment of eligibility for unreduced TRF benefits, one hundred and sixty dollars ($160.00) per year for each projected additional year of service.
d. A discount rate of 4% for the first 2 years, 5% for the second 2 years, and 7% thereafter.
e. From the gross present value, amount subtract 7.65% (FICA discount).
3. The net present value amount will be deposited into a 401(a)-plan account for that teacher as soon as reasonably administratively feasible after receipt of the SB 199 bond proceeds.
4. The 401(a) account of the teacher will vest when the teacher meets the State of Indiana standards for retirement (the earlier of (i) attainment of age 55 plus age and years of TRF service equal to 85, (ii) attainment of age 60 plus 15 years of TRF service, or (iii) attainment of age 65 plus 10 years of TRF service). The teacher will control the investments within the teacher's 401(a) account.
5. If an eligible and vested teacher retires after their assumed retirement age under this Section B, East Xxxxxx School Corporation will pay the teacher one hundred and sixty dollars ($160.00) for each year of service with East Xxxxxx School Corporation after the assumed retirement age. The payment will be made to a 401(a) account for the teacher by December 31 of the calendar year in which the teacher retires.
6. A certified school employee participating in the buy-out retirement program under this Section B forfeits the assets in the employee's 401(a) account, including earnings, if the teacher separates from employment with the East Xxxxxx School Corporation prior to vesting as provided in Subsection (B)(4) above. Being subject to reduction in force and being on the recall list is not a separation from service resulting in a forfeiture. Board approved leave of absence shall not be a forfeitable event; however, it shall become one and cause forfeiture if the individual fails promptly to return to employment following the expiration of the leave period.
7. Time on the Reduction In Force (RIF) recall list shall not be counted for vesting, even after an employee's return to active service, but the time that the employee had accumulated before separation by reduction in force shall be used to establish vesting when the certified school employee is recalled and returns to active service.
8. Amounts forfeited upon separation from employment before vesting shall not be reinstated if the certified school employee is subsequently rehired by the School Corporation. The vendor for the 401(a) Plan shall treat the forfeited amounts as a reduction of future contributions by the School Corporation to the 401(a) Plan under this Article XV.
C. Buy-Out of Early Retirement Bridge Plan
1. This Section C applies only to teachers employed or on an approved leave for the 2003/2004 school year who continue their employment for 2004/2005 school year. Individuals who retired prior to or at the end of the 2003/2004 school year will receive any benefits due to them under the Master Contract in effect at the time of their retirement.
2. The net present value of each eligible teacher's buy-out of the early retirement bridge benefit will be calculated using the following:
a. A benefit equal to the lesser of (i) $6,500 per year, or (ii) the annual amount that the teacher would be entitled to receive upon attaining the age of eligibility for normal non-reduced old age insurance benefits under Title II of the Social Security Act.
b. Payable for each year from assumed retirement age until the earlier of (i) attaining eligibility for normal non-reduced old age insurance benefits under Title II of the Social Security Act or (ii) ten (10) years.
c. Assumed retirement age of 59, but in no event earlier than attainment of eligibility for unreduced TRF benefits.
d. Discount rate of 4% for first 2 years, 5% for second 2 years, and 7% thereafter.
e. From gross present value amount subtract 7.65% (FICA discount).
3. The net present value amount will be deposited into a 401(a)-plan account for that teacher as soon as reasonably administratively feasible after receipt of the SB 199 bond proceeds.
4. The 401(a) account of the teacher will vest upon meeting the following conditions:
a. The teacher has completed at least seventeen (17) years of service with the East Xxxxxx School Corporation.
b. The teacher has given the Superintendent formal written notice, on or before May 1 of the year of retirement, of their election to retire early from East Xxxxxx School Corporation (the requirement that the teacher retire upon completion of the school year may be waived by the East Xxxxxx School Corporation, in its discretion, provided extenuating circumstances exits); and
c. The teacher retires and meets the State of Indiana standards for retirement (the earlier of (i) attainment of age 55 plus age and years of TRF service equal to 85,
Appears in 1 contract
Samples: Master Contract
