Supplemental Contributions, Part. 2
1. This Section C applies only to teachers who attain their earliest retirement date with unreduced benefits under ISTRF after June 30, 2023 and in any event, have a hire date that falls after the 2002-2003 school year. Teacher must submit a letter of resignation to the Superintendent or his/her designee, at least 60 calendar days prior to the date of retirement. The Superintendent may waive this requirement.
2. For each year subsequently worked at Carmel Clay Schools, each teacher covered under this Section C will receive a contribution equal to 1% of his/her annual compensation into a 401(a) plan account for that teacher. Contributions are made within two weeks of the end of each payroll period. For this purpose, annual compensation will be the sum of the teacher’s salary schedule pay plus any Extra Curricular pay the teacher received(s) in the year of contribution.
3. This account will vest after the teacher is employed at Carmel Clay Schools for no less than 10 years following the 2002-2003 school year. In the event of the death or total disability of any teacher, his/her retirement account shall be considered vested and it will be provided to the teacher’s designated beneficiary as filed with the Indiana State Teachers’ Retirement Fund or to the teacher’s estate should there be no beneficiary.
