Common use of SUPPLEMENTAL RETIREMENT BENEFITS FOR TEACHERS WHO Clause in Contracts

SUPPLEMENTAL RETIREMENT BENEFITS FOR TEACHERS WHO. RETIRE AFTER JULY 1, 2002, BUT ON OR BEFORE JULY 1, 2006 (GROUP A-2) 1. An eligible teacher who was paid on the master degree salary lane or higher training salary lane during the teacher’s last year under contract will receive a monthly compensation equivalent to an annual salary of $18,000 with no health insurance benefits or a monthly compensation equivalent to an annual salary of $15,000 with health insurance benefits. The election to accept health insurance benefits is to be made by the teacher at the time of application and is irrevocable. 2. An eligible teacher who was paid on the bachelor’s degree salary lane during the teacher’s last year under contract will receive a monthly compensation equivalent to an annual salary of $15,500 with no health insurance benefits, or, a monthly compensation equivalent to an annual salary of $12,500 with health benefits. The election to accept health insurance benefits is to be made by the teacher at the time of application and is irrevocable. 3. An eligible teacher may receive payments under this Section D) for the lesser of sixty (60) months or the number of months until the teacher qualifies for full Social Security benefits. 4. All retirements must be in units of an entire school year. There shall be no prorations. 5. Payments under paragraphs 1 and 2 will be paid on a monthly basis beginning in July of the calendar year of retirement. The parties understand the first payment commencing in July 2006 shall actually be made with the August 2006 payment. 6. For teachers under this Section retiring before July 1, 2005, payments under paragraphs 1 and 2 will be made to the retiree. Checks will be mailed by the Office of Business Services to the last known address of the teacher. For teachers under this Section who retire on or after July 1, 2005, payments under paragraphs 1 and 2, reduced by .0765, will be made to a post separation 403(b) plan account to the extent not previously paid. In either case, it shall be the responsibility of the retiree to notify the School City, in writing, of any change of address. 7. Upon death of a teacher receiving payments under this Section D, unpaid benefits which the retiree was eligible to receive shall be paid to the person(s) designated by the teacher in writing to the School City and filed with the Office of Financial Resources. If no beneficiary was designated by the teacher, the unpaid benefits will be paid to the beneficiary named on the teacher’s life insurance policy with the School City. If no beneficiary was named on that policy, the unpaid benefits will be paid to the decedent’s estate. 8. Unpaid payments under this Section D shall be paid to the decedent’s beneficiary in monthly installments through the June 30 following the death. Commencing July 1 following the death, and each subsequent July 1, annual lump sum payments shall be made to the decedent’s beneficiary until such time as all benefits the teacher was eligible to receive have been paid. 9. Payments to the teacher prior to death and to his/her beneficiary shall equal the total amount the teacher was eligible to receive upon retirement under the provisions of this Section D. 10. The health insurance benefit available to a qualified teacher who qualifies for the benefits described in paragraphs 1 or 2 above is continued coverage under School City of East Chicago’s Medical Plan provided the monthly premiums required are timely paid by the teacher and is subject to the following terms and conditions: a. No additional dependents/insured may be added to a retired teacher’s medical plan after his/her retirement date and for one (1) year proceeding his/her retirement date, except that a new spouse or child may be added as required by HIPAA. b. When the monthly benefit described above in paragraphs 1 or 2 payable to a retired teacher cease, the health insurance benefits also cease; the retired teacher may continue the coverage of the health insurance benefit by continuing to pay the regular monthly premium required of all covered employees plus an additional premium of $250 each month until the retiree and the spouse are eligible for Medicare. If the retired teacher becomes eligible for Medicare before the retiree’s spouse is eligible for Medicare, the health insurance benefit for the spouse may be continued by paying the monthly premium required of all covered employees plus an additional premium of $250 each month until the retiree and the spouse are eligible for Medicare. c. When the retired teacher becomes eligible for Medicare, the School City’s Medical Plan will become secondary coverage for that retired teacher, as permitted under the Medicare Secondary Payer rules and as provided by the Plan. When any covered dependent becomes eligible for Medicare, the School City’s Medical Plan will become secondary coverage for that dependent, as permitted under the Medicare Secondary Payer rules and as provided by the Plan. The retired teacher must continue to pay the monthly premium required. Effective January 1, 2015, the Board will provide the retired teacher with seventy-five dollars ($75.00) per month toward the cost of the insurance premium. Effective January 1, 2016, the Board will provide the retired teacher with fifty dollars ($50.00) per month toward the cost of the insurance premium. Effective January 1, 2017, the Board will provide the retired teacher with twenty-five dollars ($25.00) per month toward the cost of the insurance premium. Effective January 1, 2018, the School City will no longer pay money toward the premium. 11. In order to be eligible for benefits under Section DI or D2, the teacher must meet the requirements of Section B above. 12. An eligible teacher retired under Section D shall also receive a years of service benefit computed as follows: 120 N = the number of years the teacher has taught in the School City of East Chicago. The numerator of the fraction shall not be less than zero. For eligible teachers retiring on or after July 1, 2005, this benefit shall be paid to a post separation 403(b) plan account to the extent not previously paid. A teacher shall be vested in this account after completing six (6) years with the School City.

SUPPLEMENTAL RETIREMENT BENEFITS FOR TEACHERS WHO. RETIRE AFTER JULY 1, 2002, BUT ON OR BEFORE JULY 1, 2006 (GROUP A-2) 1. An eligible teacher who was paid on the master degree salary lane or higher training salary lane during the teacher’s last year under contract will receive a monthly compensation equivalent to an annual salary of $18,000 with no health insurance benefits or a monthly compensation equivalent to an annual salary of $15,000 with health insurance benefits. The election to accept health insurance benefits is to be made by the teacher at the time of application and is irrevocable. 2. An eligible teacher who was paid on the bachelor’s degree salary lane during the teacher’s last year under contract will receive a monthly compensation equivalent to an annual salary of $15,500 with no health insurance benefits, or, a monthly compensation equivalent to an annual salary of $12,500 with health benefits. The election to accept health insurance benefits is to be made by the teacher at the time of application and is irrevocable. 3. An eligible teacher may receive payments under this Section D) for the lesser of sixty (60) months or the number of months until the teacher qualifies for full Social Security benefits. 4. All retirements must be in units of an entire school year. There shall be no prorations. 5. Payments under paragraphs 1 and 2 will be paid on a monthly basis beginning in July of the calendar year of retirement. The parties understand the first payment commencing in July 2006 shall actually be made with the August 2006 payment. 6. For teachers under this Section retiring before July 1, 2005, payments under paragraphs 1 and 2 will be made to the retiree. Checks will be mailed by the Office of Business Services to the last known address of the teacher. For teachers under this Section who retire on or after July 1, 2005, payments under paragraphs 1 and 2, reduced by .0765, will be made to a post separation 403(b) plan account to the extent not previously paid. In either case, it shall be the responsibility of the retiree to notify the School City, in writing, of any change of address. 7. Upon death of a teacher receiving payments under this Section D, unpaid benefits which the retiree was eligible to receive shall be paid to the person(s) designated by the teacher in writing to the School City and filed with the Office of Financial Resources. If no beneficiary was designated by the teacher, the unpaid benefits will be paid to the beneficiary named on the teacher’s life insurance policy with the School City. If no beneficiary was named on that policy, the unpaid benefits will be paid to the decedent’s estate. 8. Unpaid payments under this Section D shall be paid to the decedent’s beneficiary in monthly installments through the June 30 following the death. Commencing July 1 following the death, and each subsequent July 1, annual lump sum payments shall be made to the decedent’s beneficiary until such time as all benefits the teacher was eligible to receive have been paid. 9. Payments to the teacher prior to death and to his/her beneficiary shall equal the total amount the teacher was eligible to receive upon retirement under the provisions of this Section D. 10. The health insurance benefit available to a qualified teacher who qualifies for the benefits described in paragraphs 1 or 2 above is continued coverage under School City of East Chicago’s Medical Plan provided the monthly premiums required are timely paid by the teacher and is subject to the following terms and conditions: a. No additional dependents/insured may be added to a retired teacher’s medical plan after his/her retirement date and for one (1) year proceeding his/her retirement date, except that a new spouse or child may be added as required by HIPAA. b. When the monthly benefit described above in paragraphs 1 or 2 payable to a retired teacher cease, the health insurance benefits also cease; the retired teacher may continue the coverage of the health insurance benefit by continuing to pay the regular monthly premium required of all covered employees plus an additional premium of $250 each month until the retiree and the spouse are eligible for Medicare. If the retired teacher becomes eligible for Medicare before the retiree’s spouse is eligible for Medicare, the health insurance benefit for the spouse may be continued by paying the monthly premium required of all covered employees plus an additional premium of $250 each month until the retiree and the spouse are eligible for Medicare. c. When the retired teacher becomes eligible for Medicare, the School City’s Medical Plan will become secondary coverage for that retired teacher, as permitted under the Medicare Secondary Payer rules and as provided by the Plan. When any covered dependent becomes eligible for Medicare, the School City’s Medical Plan will become secondary coverage for that dependent, as permitted under the Medicare Secondary Payer rules and as provided by the Plan. The retired teacher must continue to pay the monthly premium required. Effective January 1, 2015, the Board will provide the retired teacher with seventy-five dollars ($75.00) per month toward the cost of the insurance premium. Effective January 1, 2016, the Board will provide the retired teacher with fifty dollars ($50.00) per month toward the cost of the insurance premium. Effective January 1, 2017, the Board will provide the retired teacher with twenty-five dollars ($25.00) per month toward the cost of the insurance premium. Effective January 1, 2018, the School City will no longer pay money toward the premium. 11. In order to be eligible for benefits under Section DI or D2, the teacher must meet the requirements of Section B above. 12. An eligible teacher retired under Section D shall also receive a years of service benefit computed as follows: N-10 x (2015 – 2016 salary) x .9235 120 N = the number of years the teacher has taught in the School City of East Chicago. The numerator of the fraction shall not be less than zero. For eligible teachers retiring on or after July 1, 2005, this benefit shall be paid to a post separation 403(b) plan account to the extent not previously paid. A teacher shall be vested in this account after completing six (6) years with the School City.

SUPPLEMENTAL RETIREMENT BENEFITS FOR TEACHERS WHO. RETIRE AFTER JULY 1, 2002, BUT ON OR BEFORE JULY 1, 2006 (GROUP A-2) 1. An eligible teacher who was paid on the master degree salary lane or higher training salary lane during the teacher’s last year under contract will receive a monthly compensation equivalent to an annual salary of $18,000 with no health insurance benefits or a monthly compensation equivalent to an annual salary of $15,000 with health insurance benefits. The election to accept health insurance benefits is to be made by the teacher at the time of application and is irrevocable. 2. An eligible teacher who was paid on the bachelor’s degree salary lane during the teacher’s last year under contract will receive a monthly compensation equivalent to an annual salary of $15,500 with no health insurance benefits, or, a monthly compensation equivalent to an annual salary of $12,500 with health benefits. The election to accept health insurance benefits is to be made by the teacher at the time of application and is irrevocable. 3. An eligible teacher may receive payments under this Section D) for the lesser of sixty (60) months or the number of months until the teacher qualifies for full Social Security benefits. 4. All retirements must be in units of an entire school year. There shall be no prorations. 5. Payments under paragraphs 1 and 2 will be paid on a monthly basis beginning in July of the calendar year of retirement. The parties understand the first payment commencing in July 2006 shall actually be made with the August 2006 payment. 6. For teachers under this Section retiring before July 1, 2005, payments under paragraphs 1 and 2 will be made to the retiree. Checks will be mailed by the Office of Business Services to the last known address of the teacher. For teachers under this Section who retire on or after July 1, 2005, payments under paragraphs 1 and 2, reduced by .0765, will be made to a post separation 403(b) plan account to the extent not previously paid. In either case, it shall be the responsibility of the retiree to notify the School City, in writing, of any change of address. 7. Upon death of a teacher receiving payments under this Section D, unpaid benefits which the retiree was eligible to receive shall be paid to the person(s) designated by the teacher in writing to the School City and filed with the Office of Financial Resources. If no beneficiary was designated by the teacher, the unpaid benefits will be paid to the beneficiary named on the teacher’s life insurance policy with the School City. If no beneficiary was named on that policy, the unpaid benefits will be paid to the decedent’s estate. 8. Unpaid payments under this Section D shall be paid to the decedent’s beneficiary in monthly installments through the June 30 following the death. Commencing July 1 following the death, and each subsequent July 1, annual lump sum payments shall be made to the decedent’s beneficiary until such time as all benefits the teacher was eligible to receive have been paid. 9. Payments to the teacher prior to death and to his/her beneficiary shall equal the total amount the teacher was eligible to receive upon retirement under the provisions of this Section D. 10. The health insurance benefit available to a qualified teacher who qualifies for the benefits described in paragraphs 1 or 2 above is continued coverage under School City of East Chicago’s Medical Plan provided the monthly premiums required are timely paid by the teacher and is subject to the following terms and conditions: a. No additional dependents/insured may be added to a retired teacher’s medical plan after his/her retirement date and for one (1) year proceeding his/her retirement date, except that a new spouse or child may be added as required by HIPAA. b. When the monthly benefit described above in paragraphs 1 or 2 payable to a retired teacher cease, the health insurance benefits also cease; the retired teacher may continue the coverage of the health insurance benefit by continuing to pay the regular monthly premium required of all covered employees plus an additional premium of $250 each month until the retiree and the spouse are eligible for Medicare. If the retired teacher becomes eligible for Medicare before the retiree’s spouse is eligible for Medicare, the health insurance benefit for the spouse may be continued by paying the monthly premium required of all covered employees plus an additional premium of $250 each month until the retiree and the spouse are eligible for Medicare. c. When the retired teacher becomes eligible for Medicare, the School City’s Medical Plan will become secondary coverage for that retired teacher, as permitted under the Medicare Secondary Payer rules and as provided by the Plan. When any covered dependent becomes eligible for Medicare, the School City’s Medical Plan will become secondary coverage for that dependent, as permitted under the Medicare Secondary Payer rules and as provided by the Plan. The retired teacher must continue to pay the monthly premium required. Effective January 1, 2015, the Board will provide the retired teacher with seventy-five dollars ($75.00) per month toward the cost of the insurance premium. Effective January 1, 2016, the Board will provide the retired teacher with fifty dollars ($50.00) per month toward the cost of the insurance premium. Effective January 1, 2017, the Board will provide the retired teacher with twenty-five dollars ($25.00) per month toward the cost of the insurance premium. Effective January 1, 2018, the School City will no longer pay money toward the premium. 11. In order to be eligible for benefits under Section DI or D2, the teacher must meet the requirements of Section B above. 12. An eligible teacher retired under Section D shall also receive a years of service benefit computed as follows: N-10 x (2015 – 2016 salary) x .9235 120 N = the number of years the teacher has taught in the School City of East Chicago. The numerator of the fraction shall not be less than zero. For eligible teachers retiring on or after July 1, 2005, this benefit shall be paid to a post separation 403(b) plan account to the extent not previously paid. A teacher shall be vested in this account after completing six (6) years with the School City.

SUPPLEMENTAL RETIREMENT BENEFITS FOR TEACHERS WHO. RETIRE AFTER JULY 1, 2002, BUT ON OR BEFORE JULY 1, 2006 (GROUP A-21) 1. To be eligible for benefits under this Section E. the teacher must: • Be employed by the School City in the 2005-2006 school year; • Have completed at least 20 years of service with the School City as of June 30, 2006; • Be at least age 55 on June 30, 2006; and • Meet the requirements of Section B above. 2. An eligible teacher who was paid on the master degree salary lane or higher training salary lane during the teacher’s last year under contract will receive a monthly compensation equivalent to an annual salary of $18,000 16,621 with no health insurance benefits or a monthly compensation equivalent to an annual salary of $15,000 13,852 50 with health insurance benefits. The election to accept health insurance benefits is to be made by the teacher at the time of application and is irrevocable. 23. An eligible teacher who was paid on the bachelor’s degree salary lane during the teacher’s last year under contract will receive a monthly compensation equivalent to an annual salary of $15,500 14,314.25 with no health insurance benefits, or, a monthly compensation equivalent to an annual salary of $12,500 11,543.75 with health benefits. The election to accept health insurance benefits is to be made by the teacher at the time of application and is irrevocable. 34. An eligible teacher under this Section E may receive payments under this Section D) for the lesser of sixty (60) months or the number of months until the teacher qualifies for full Social Security benefits. 45. All retirements must be in units of an entire school year. There shall be no prorations., 56. Payments under paragraphs 1 E2 and 2 E3 will be paid on a monthly basis beginning in July of the calendar year of retirement. The parties understand the first payment commencing in July 2006 shall may actually be made with the August 2006 payment. 6. For teachers under this Section retiring before July 1, 2005, payments under paragraphs 1 and 2 will be made to the retiree. Checks will be mailed by the Office of Business Services to the last known address payment of the teacher. For teachers under this Section who retire on or after July 1, 2005, payments under paragraphs 1 and 2, reduced by .0765, will be made to a post separation 403(b) plan account to the extent not previously paid. In either case, it shall be the responsibility of the retiree to notify the School City, in writing, of any change of addresssame year. 7. Upon death of a teacher receiving payments under this Section D, unpaid benefits which the retiree was eligible to receive shall be paid to the person(s) designated by the teacher in writing to the School City and filed with the Office of Financial Resources. If no beneficiary was designated by the teacher, the unpaid benefits will be paid to the beneficiary named on the teacher’s life insurance policy with the School City. If no beneficiary was named on that policy, the unpaid benefits will be paid to the decedent’s estate. 8. Unpaid payments under this Section D shall be paid to the decedent’s beneficiary in monthly installments through the June 30 following the death. Commencing July 1 following the death, and each subsequent July 1, annual lump sum payments shall be made to the decedent’s beneficiary until such time as all benefits the teacher was eligible to receive have been paid. 9. Payments to the teacher prior to death and to his/her beneficiary shall equal the total amount the teacher was eligible to receive upon retirement under the provisions of this Section D. 10. The health insurance benefit available to a qualified teacher who qualifies for the benefits described in paragraphs 1 or 2 above is continued coverage under School City of East Chicago’s Medical Plan provided the monthly premiums required are timely paid by the teacher and is subject to the following terms and conditions: a. No additional dependents/insured may be added to a retired teacher’s medical plan after his/her retirement date and for one (1) year proceeding his/her retirement date, except that a new spouse or child may be added as required by HIPAA. b. When the monthly benefit described above in paragraphs 1 or 2 payable to a retired teacher cease, the health insurance benefits also cease; the retired teacher may continue the coverage of the health insurance benefit by continuing to pay the regular monthly premium required of all covered employees plus an additional premium of $250 each month until the retiree and the spouse are eligible for Medicare. If the retired teacher becomes eligible for Medicare before the retiree’s spouse is eligible for Medicare, the health insurance benefit for the spouse may be continued by paying the monthly premium required of all covered employees plus an additional premium of $250 each month until the retiree and the spouse are eligible for Medicare. c. When the retired teacher becomes eligible for Medicare, the School City’s Medical Plan will become secondary coverage for that retired teacher, as permitted under the Medicare Secondary Payer rules and as provided by the Plan. When any covered dependent becomes eligible for Medicare, the School City’s Medical Plan will become secondary coverage for that dependent, as permitted under the Medicare Secondary Payer rules and as provided by the Plan. The retired teacher must continue to pay the monthly premium required. Effective January 1, 2015, the Board will provide the retired teacher with seventy-five dollars ($75.00) per month toward the cost of the insurance premium. Effective January 1, 2016, the Board will provide the retired teacher with fifty dollars ($50.00) per month toward the cost of the insurance premium. Effective January 1, 2017, the Board will provide the retired teacher with twenty-five dollars ($25.00) per month toward the cost of the insurance premium. Effective January 1, 2018, the School City will no longer pay money toward the premium. 11. In order to be eligible for benefits under Section DI or D2, the teacher must meet the requirements of Section B above. 12. An eligible teacher retired under Section D shall also receive a years of service benefit computed as follows: 120 N = the number of years the teacher has taught in the School City of East Chicago. The numerator of the fraction shall not be less than zero. For eligible teachers retiring on or after July 1, 2005, this benefit shall be paid to a post separation 403(b) plan account to the extent not previously paid. A teacher shall be vested in this account after completing six (6) years with the School City.