Common use of ESPs Clause in Contracts

ESPs. An ESP who has completed a minimum of twenty (20) years of full-time employment with the District and is eligible to retire under IMRF, shall be eligible for a salary increase of six percent (6%) of his/her final year’s salary, provided that written notification of retirement is submitted to the Board of Education prior to February 15th of the year of retirement. In addition, an eligible ESP retiree shall receive a severance payment due and payable thirty-one (31), but not more than sixty (60) days after receipt of his/her final regular paycheck or last day of work, whichever is later. This payment shall not be reported as creditable earnings to IMRF. The severance payment shall be calculated on an individual basis at the time of the ESP’s retirement. The severance payment will be equal to fifteen percent (15%) of the total IMRF creditable earnings one (1) year prior to the year of retirement minus the ESP’s total IMRF creditable earnings in the final year of employment.

ESPs. An ESP who has completed a minimum of twenty (20) years of full-time employment with the District and is eligible to retire under IMRF, shall be eligible for a salary increase of six percent (6%) of his/her their final year’s salary, provided that written notification of retirement is submitted to the Board of Education prior to February 15th of the year of retirement. In addition, an eligible ESP retiree shall receive a severance payment due and payable thirty-one (31), but not more than sixty (60) days after receipt of his/her their final regular paycheck or last day of work, whichever is later. This payment shall not be reported as creditable earnings to IMRF. The severance payment shall be calculated on an individual basis at the time of the ESP’s retirement. The severance payment will be equal to fifteen percent (15%) of the total IMRF creditable earnings one (1) year prior to the year of retirement minus the ESP’s total IMRF creditable earnings in the final year of employment.