Common use of Eligibility and Application Clause in Contracts

Eligibility and Application. To be eligible for the Benefit, a teacher must give timely and irrevocable notice of resignation and retirement effective at the end of the applicable school term and, as of the effective date of resignation and retirement: 1. have completed at least the equivalent of fifteen (15) years of full-time active service or twenty (20) years of part-time active service to the District, of which the last eight (8) must be continuous on either a full or part-time basis. An unpaid extended leave of absence under Section 7.4.2 of this Agreement will not be deemed to interrupt continuous service for purposes of receipt of the benefits of this section; 2. be at least fifty-eight (58) years of age or have at least thirty-five (35) years of creditable service with the Teachers’ Retirement System of the State of Illinois (TRS) at the time of resignation from the District and retirement with TRS (Note: Teachers with less than 35 years of service will incur a 6% penalty per year for every year under age 60 from TRS); 3. have filed for participation in the TRS retirement program. A retiring teacher must provide the Superintendent with an irrevocable, written notice of resignation and retirement by February 1 of the year in which the Benefit is to be first paid or as provided in C. below, but in any event not later than February 1 of the last year of this Agreement. The last year for resignation and retirement under this section and receipt of a pre-retirement creditable earnings increase will be three (3) years after the expiration of this Agreement.