Voluntary Retirement Plan. The Board of Education provides an early retirement plan in order to facilitate the voluntary early retirement of certified employees of USD 402 who may find it necessary or desirable to retire. Any eligible employee may elect to take early retirement under the terms and conditions set forth in this policy. Early retirement is entirely voluntary and at the discretion of an eligible employee.
Voluntary Retirement Plan. Any Employee may contribute to a CTS sponsored 457 Deferred Compensation Plan starting on his/her Seniority Date. The maximum amount that an Employee may contribute will be controlled by statute and the 457 Plan documents.
Voluntary Retirement Plan. This plan is in addition to, but not part of, the employees' pension plan. In order to be eligible for the benefits in accordance with this plan, an employee must be at least sixty (60) years of age and have at least twenty (20) years of continuous service or must be at least (58) years of age and have at least (32) years of continuous service. An eligible employee may apply in writing to the Company for benefits under this plan.
Voluntary Retirement Plan. The BOE provides an early retirement plan in order to facilitate the voluntary early retirement of Professional Employees of USD 402 who may find it necessary or desirable to retire. Any eligible employee may elect to take early retirement under the terms and conditions set forth in this policy. Early retirement is entirely voluntary and at the discretion of an eligible employee.
Voluntary Retirement Plan. Voluntary contributions are allowed in conjunction with the standard plan. There are loan provisions and hardship withdrawal options for voluntary contributions. A loan amount is a minimum of $1,000, and 110% of the loan amount must remain in the employee’s account to be used as collateral. There are no early withdrawal penalties associated with loan provisions. IRS criteria has to be met for an employee to be eligible for a hardship withdrawal. A 10% early withdrawal penalty is incurred for a hardship withdrawal.
