Universal Buy-in - Retirement Incentive Sample Clauses

Universal Buy-in - Retirement Incentive. The Pine River Area Schools will buy three years of service credit from the Michigan Public School Retirement System under the following circumstances: Any employee who notifies the school district by April 1 each year of the contract, of his/her retirement from the school district as of July 31 that year shall be eligible for this benefit. The payment for service will be made by June 30 each year to Michigan Public School Retirement System. (The Board will set into place the guidelines needed to make this a non-taxable program for the employee.)
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Universal Buy-in - Retirement Incentive. The Pine River Area School district will offer an Employee their choice of one of the following retirement incentives: A. Any Central Office Employee who resigns with an effective resignation date of three (3) school years or less, who has at least twenty (20) years of MPSERS service will be placed on Longevity Step J at the time his/her resignation is accepted by the board or designee. Placement on Step J shall not exceed a maximum of three (3) years. Step J shall be computed by adding $5000 to the Central Office employee’s salary. B. The Pine River Area Schools will buy three years of service credit from the Michigan Public School Retirement System under the following circumstances: C. Any Central Office Employee who notifies the school district by April 1, of their retirement from the school district as of June 30th of each year will be eligible under this Article. The payment for service will be made in June of the retirement year to the Michigan Public School Retirement System. (Anyone who has participated in Step J and changes over will only receive a pro rated amount based on Step J previous payments.)
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Universal Buy-in - Retirement Incentive. The Pine River Area Schools will buy three years of service credit from the Michigan Public School Retirement System under the following circumstances: Any employee who notifies the school district by April 1 each year of the contract, of his/her re- tirement from the school district as of July 31 that year shall be eligible for this benefit. The pay- ment for service will be made by June 30 each year to Michigan Public School Retirement System. (The Board will set into place the guidelines needed to make this a non-taxable program for the employee.) 1. A teacher must have more than twenty (20) years of active service at the Pine River Area Schools in a K-12 setting as an educator, but not more than thirty (30) years. 2. The teacher must be qualified to purchase universal years of service according to MPSERS rules. 3. Employees may not take a cash option in lieu of universal retirement credit purchase. 4. The teacher’s resignation must be accepted and the option must be approved by the Board of Education. 5. The Association will hold the District harmless and indemnify the District for all damages, attorney fees and costs if this retirement purchase provision is subject to litigation or legal challenge.
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Related to Universal Buy-in - Retirement Incentive

  • Retirement Incentive To recognize the contribution of those employees who have provided long and dedicated service to the district, the Board shall provide a retirement incentive to teachers who meet the following eligibility requirements: a. the teacher must have completed 15 years of service to District #34 by the date of his or her retirement; b. the teacher must submit a written, irrevocable, notice of intent to retire to the Superintendent by no later than August 1 of the start of the retirement incentive period; and c. the teacher must not have received an increase of greater than 6% in creditable earnings (excluding any grandfathered or exempt earnings) in the three (3) school years immediately preceding the proposed start of the retirement incentive. In up to each of the final four years of his/her employment, the teacher shall receive an incentive of 5% over his/her prior year’s base salary (which in the second, third and fourth year of the incentive includes the prior year’s retirement incentive). In the event that the State of Illinois should raise the maximum allowable percent increase, the Board will honor an increase up to 6% so long as the district does not incur any penalty. Once the teacher begins to receive the retirement incentive, he/she shall not be eligible for earnings from extra duties or summer school, stipends, and/or any other type of compensation that could result in the Board’s obligation to pay any additional contribution or “penalty” to TRS. However, the teacher may submit a request to the Superintendent’s office to continue performing paid extra duties or to earn additional compensation, so long as any such additional compensation would not result in the teacher receiving a greater than 6% increase over his/her prior year’s creditable earnings. The Superintendent’s grant or denial of such request shall be non-precedential and non-grievable. Any payment necessary to ensure the retiring employee receives an incentive of 5% shall be made in a lump sum each year by no later than June 30th. In the event a certified employee who tenders his or her irrevocable letter of resignation experiences a drastic and unanticipated change in personal circumstances, the Board may, at its option, permit the certified employee to revoke his or her irrevocable letter of resignation. In the event the Illinois General Assembly enacts any legislation during the term of this Agreement, which legislation would require the District to pay any additional moneys (or lose any additional revenues) to the State of Illinois and/or the Illinois Teachers’ Retirement System on account of its payment of this retirement incentive, then this retirement incentive shall cease to exist at the end of the current school term. However, prior to the cessation of the benefit, either party may demand to bargain concerning whether some or all of the retirement incentive can be continued without adding any additional costs to the District. Eligibility to submit a request to receive this incentive shall terminate on August 1, 2021, and any such request received prior to August 1, 2021, must be for retirement to occur no later than the end of the 2024-2025 school year.

  • Disability Retirement If, as a result of your incapacity due to physical or mental illness, You shall have been absent from the full-time performance of your duties with the Company for 6 consecutive months, and within 30 days after written notice of termination is given You shall not have returned to the full-time performance of your duties, your employment may be terminated for "Disability." Termination of your employment by the Company or You due to your "Retirement" shall mean termination in accordance with the Company's retirement policy, including early retirement, generally applicable to its salaried employees or in accordance with any retirement arrangement established with your consent with respect to You.

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