Common use of VOLUNTARY RETIREMENT INCENTIVE Clause in Contracts

VOLUNTARY RETIREMENT INCENTIVE. A. Effective with the commencement of this contract, and in retirements effective in June, 2016 - June, 2019, in order to be eligible to participate in the Voluntary Retirement Incentive Program, an employee must meet all of the following criteria: 1. be eligible for Illinois Municipal Retirement Fund (IMRF) retirement benefits; 2. have completed at least fifteen (15) years of full-time employment in District 214; (Full-time is defined as a minimum of thirty [30] hours per week.) 3. retire effective as of the end of the fiscal year in which the employee gives notice; 4. submit written notification to the Associate Superintendent for Human Resources no later than January 15 four years in advance of the year of retirement in order to qualify for maximum salary benefits or according to the following timeline. The selected retirement date must be on the last day of the employee’s contract date.