Common use of Eligibility for Post Clause in Contracts

Eligibility for Post. RETIREMENT INSURANCE PROGRAM 1. In order to be eligible to receive the Retirement Benefit, employees must be eligible for retirement through the Illinois Municipal Retirement Fund, have completed at least fifteen (15) years of continuous full‐time employment in District 54 (exclusive of authorized leaves which do not constitute a break in employment, but do not count as years of employment) with the District immediately preceding retirement. Part‐time years will accrue on a pro‐rata basis to meet the requirement of full‐time employment. The employee must be at least fifty‐five (55) years of age by June 30 of the year of retirement; and must submit an irrevocable letter of commitment to retire to the Assistant Superintendent of Human Resources prior to April 1 of the last full year of employment or October 1 for a partial succeeding year. 2. The Human Resources Department will review the irrevocable letter of commitment to retire to verify whether an employee is eligible to participate. The irrevocable letter may be rescinded up until the date of retirement for “life‐changing events” upon the agreement of the Superintendent or designee and an available position. Once the decision to retire under this retirement program has been rescinded, the employee may not be eligible to apply for any District retirement benefits in the future.