Common use of Early Retirement Program Clause in Contracts

Early Retirement Program. Paragraph 1: Eligibility: (a) Employee must have completed 10 years of employment in USD 261. (b) All employment during this time must have been at least 1/2 time or more to qualify as employment. (c) Employee must be currently under contract in USD 261. (d) Employee must qualify under the KPERS plan of 85 and Out or 62 years of age plus 10 years of service. (e) 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.