Common use of Early Retirement Program Clause in Contracts

Early Retirement Program. Paragraph 1: Eligibility: (a) Employee must be hired/rehired before the 2012-13 school year to be eligible for the Early Retirement Program. (b) Employee must have completed 10 years of employment in USD 261. (c) All employment during this time must have been at least 1/2 time or more to qualify as employment. (d) Employee must be currently under contract in USD 261. (e) Employee must qualify under the KPERS plan of 85 and Out or 62 years of age plus 10 years of service. (f) No minimum age requirement must be achieved or met. Paragraph 2: Conditions: (a) The Board of Education retains the right to alter the program at anytime with the following stipulations (a1) Notification to terminate, suspend, or amend the program shall be given to staff between April 1 and May 10 one year prior to such. (a2) Staff members already retired and participating in the program will not be affected by any alteration of the program they originally opted to activate. (b) Early retirement benefits as provided by the district will be granted to the retirees or their heirs if the retirees die before completion of the program option they choose. Exclusion to this condition is that heirs will not be eligible to continue the health insurance option. Employees already retired will not be affected by any alteration or modification of future salary schedules. (c) Should a retired employee reapply for a position in the district and be offered a contract with USD 261, all conditions of the early retirement program shall become void. Said employee will not be eligible for or have the option to participate in the district retirement program in the future. (d) Employees electing to participate in the district program that do so the first year they are eligible under the state KPERS plan of 85 and Out will receive full district program benefits at the level they qualify. The level of benefits qualified for the first year becomes the base early retirement amount or figure to be used in all calculations of retirement benefits. Those employees electing to take advantage of the early retirement program at a date on or beyond when they are first eligible do so under the following scale: First Year Eligible Full Benefits Second Year Eligible 90% of Base Early Retirement Third Year Eligible 30% of Base Early Retirement Fourth Year Eligible 10% of Base Early Retirement If an employee does not choose to participate in the early retirement program within the above four year span, no early retirement program will be available to said employee. (e) For an employee to activate early retirement benefits, forms for such as provided by the district office must be completed and filed with the superintendent no later than May 20 one year prior to retirement.

Early Retirement Program. Paragraph 1: Eligibility: The Program shall be open to all faculty members who have been employed by the City Colleges of Chicago for ten (a10) Employee must be hired/rehired before the 2012years on a full-13 school year to be eligible for the Early Retirement Programtime basis. (b) Employee must have completed 10 years of employment in USD 261. (c) All employment during this time must have been at least 1/2 time or more to qualify as employment. (d) Employee must be currently under contract in USD 261. (e) Employee must qualify under the KPERS plan of 85 and Out or 62 years of age plus 10 years of service. (f) No minimum age requirement must be achieved or met1. Paragraph 2: Conditions: (a) The Board of Education retains the right to alter the program at anytime with the following stipulations (a1) Notification to terminate, suspend, or amend the This program shall be given effective July 15, 1989. Benefits under this program are provided without regard to staff between April 1 and May 10 one year prior to suchage for faculty members who retire from the City Colleges of Chicago. 2. (a2) Staff members already retired and participating Applications for participation in the program will not Program shall be affected by any alteration submitted in writing to the appropriate College President or his/her designee no later than March 15 if the retirement is effective at the end of the program they originally opted Spring Semester or Summer term of that year, and no later than October 15 if the retirement is effective at the end of the Fall Semester of that year. Where an early retirement request may have been submitted after the deadline date, the Chancellor shall nevertheless have the authority to activate▇▇▇▇▇ said early retirement. (b) Early 3. Full-time employees whose retirement benefits as provided by the district will be granted to the retirees or their heirs if the retirees die before completion of the program option they choose. Exclusion to this condition is that heirs will not be eligible to continue the health insurance option. Employees already retired will not be affected by any alteration or modification of future salary schedules. (c) Should a retired employee reapply for a position in the district and be offered a contract with USD 261, all conditions of under the early retirement program is effective after July 16, 2022, and such employees’ dependents, shall become void. Said employee will not be provided a program of group health insurance for ten (10) years or until the retiree becomes eligible for or have Medicare, whichever occurs first. Costs to early retirees of available plans and descriptions of the option to participate plans are set forth in the district retirement program in the future. (d) Employees electing to participate in the district program that do so the first year they are eligible Appendix B. Upon being retired under the state KPERS plan of 85 and Out will receive full district program benefits at the level they qualify. The level of benefits qualified for the first year becomes the base early retirement amount or figure to be used in all calculations of retirement benefits. Those employees electing to take advantage of the early retirement program at for a date on period of ten (10) years or beyond when upon the retiree becoming Medicare eligible, the retiree enrolled in the insurance program shall pay the full cost of the premium. Only the Board’s Blue Advantage HMO Plan (non-grandfathered) and PPO Plan (non-grandfathered) shall be coverage options. For all retirees and their dependents who are Medicare eligible, claims will be processed according to the terms of the elected health plan. The plans pay secondary to Medicare if the retiree or dependent is eligible for Medicare without regard to whether the retiree or dependent has actually enrolled. All retirees and their dependents who are Medicare eligible shall enroll in Medicare, as soon as they are eligible. The Board shall also provide the early retiree with the same term life insurance available to faculty members under this Agreement, except that there shall be a cap of $80,000, and it shall make the same premium payments therefore, for a period of six years after retirement. 4. The early retiree shall also have the right to purchase dependent health insurance coverage through the City Colleges health insurance program at the then prevailing cost of dependent coverage for full-time faculty members, and shall pay the entire premium thereof. Premium payments for dependent coverage shall be paid by the early retiree on a timely basis, in advance, to the City Colleges. 5. At the time of retirement, or upon total disability or death, faculty members or their estates shall receive payments equal to 80% (eighty percent) of the unused portion of their accumulated sick leave days computed at their final base rate of pay. It is provided further that a faculty member hired after July 15, 2000, shall only receive payments of the unused portion of accumulated sick leave up to a maximum of 100 sick leave days. The early retiree shall receive these payments in five equal installments. The first eligible do so under installment shall be within 60 days of the following scale: First Year Eligible Full Benefits Second Year Eligible 90% retirement date, death or total disablement. The second, third, fourth, and fifth installments shall be on the first, second, third, and fourth anniversaries of Base Early Retirement Third Year Eligible 30% the retirement date, death or total disablement. The faculty member may, at their option, use any portion of Base Early Retirement Fourth Year Eligible 10% their accumulated sick leave days to purchase service credits pursuant to Section 15- 113.4 of Base Early Retirement Article 15 of the Illinois Pension Code. If an employee does the faculty member chooses to withhold a number of days for this purpose, they will not choose be counted towards the payment referred to participate in the early retirement program within the above four year span, no early retirement program first sentence of this paragraph. Faculty members are warned that it is usually not to their benefit to exercise this option except when purchasing a few days of service credit from sick leave days accrued in order to purchase an extra quarter of service. There will be available no cash payout for sick leave days after July 1, 2014. In addition, sick leave days cannot be used for any type of retirement enhancement, as described in the previous paragraph, if the costs of any such retirement enhancement are shifted to said employeeor become the responsibility of the Board. (e) For an employee 6. In the event of the death of the early retiree, the City Colleges will continue payments to activate the faculty member’s estate for the balance of the four years. 7. The Board may allow the early retirement benefitsretiree the opportunity to teach two classes per semester, forms if available, on the basis of the overtime rate for such as provided by the district office must be completed early retiree’s lane and filed with step at the superintendent no later than May 20 one year prior to time of retirement. 8. In the event of the death of the early retiree, the City Colleges will continue insurance coverage for the early retiree’s spouse and/or dependents for three (3) months following the month in which the death occurred. Thereafter the spouse and/or dependents shall be eligible for continued dependent coverage on the same basis as a current faculty member except that the spouse or dependents shall pay the entire premium. 9. The Board and the Union agree to establish regular annual meetings to be held in June of each year remaining in the collective bargaining agreement to identify issues and exchange information related to retirements, costs, legislation, and other pertinent material.