Common use of One Year Plan Clause in Contracts

One Year Plan. If an eligible employee gives the Board an irrevocable letter of retirement prior to May 1 stating that he/she shall retire at the end of the next school year, the employee will be removed from the salary schedule and for the final year of employment the employee’s TRS creditable earnings shall be increased by five and seventy five hundredths percent (5.75%) over the employee’s TRS creditable earnings for the prior year of employment. In order to be eligible for this retirement incentive, employees must be employed by the District for the fifteen (15) consecutive years that precede the retirement date. Example: The employee’s prior year TRS creditable earnings were $65,000.00. The employee’s final year TRS creditable earnings will be $68,737.50 (i.e., $65,000 x 1.0575 = $68,737.50).