Common use of RETIREMENT BENEFIT PROGRAM Clause in Contracts

RETIREMENT BENEFIT PROGRAM. A. To participate in the Retirement Benefit Program, the individual must be eligible for retirement under Teachers’ Retirement System (TRS) rules without incurring a district- paid TRS penalty. The member must also have been a district employee for a minimum of ten (10) years at the time of retirement in order to qualify for the retirement benefit. B. By September 15, of every school year the District and Association will develop a list of all licensed employees that are within four (4) years of being eligible for any Teachers’ Retirement System Retirement Program. C. Members of the bargaining unit who have served a minimum of ten (10) years in the District, who are eligible for retirement without incurring a District-TRS penalty, and who present the District with a letter of retirement up to four (4) years prior to the first day of February of their final year of active service, shall be removed from the salary schedule and paid in accordance with the formula set forth below. Employees who give up to a four (4) year notice shall receive, for each year, an increase equal to two percent (2%) of their current year’s scheduled salary, including a longevity stipend when applicable; provided however, that in no event shall such increase be greater than six percent (6%), of the prior year’s total credible earnings. Once an irrevocable notice of intent to retire is received by the District, in no year shall creditable earnings in excess of 6% from one year to the next be paid to the retiring employee. However earnings that are legally exempt from the state imposed “6% liability” rule in effect at the time of ratification of this agreement, or which shall be enacted within the scope of this agreement, shall not be considered in the calculation of the 6% increase limitation. Such exempt earnings include but may not always be limited to and may not always include: • Summer school teaching paid pro-rata • Overloads paid pro-rata • Change in employment status from part-time to full-time paid pro-rata D. The retirement benefit shall be paid on or before 30th of May or may be divided equally into each of the member’s normal salary paychecks in each of the years that the individual is eligible for the benefit as approved by the Board of Education. The retirement benefit will be reported to TRS as income earned during the year it was paid. E. Once approved by the Board of Education, the decision to retire is irrevocable and the Board cannot guarantee the anonymity of the retiree. F. Bargaining unit members who are eligible for retirement per TRS regulations but are not eligible for the Retirement Benefit Program may retire but will not be paid the retirement benefit. G. Those employees who leave the district employ by the end of the first semester in their final year, will be eligible for an additional $10,000 post-retirement incentive. Payments under this provision are to be made between 30 and 60 days after the employee's last day of work or last paycheck, whichever occurs later. This post-retirement incentive is not intended to be creditable earnings under the Teachers’ Retirement System. The district reserves the right to determine the final year assignment for those staff members retiring under this section. To be eligible for this incentive the member must have submitted their retirement at least a year prior to their final year. All requests to participate in the Retirement Benefit Program shall be subject to the final approval of the Board of Education of School District 129.

RETIREMENT BENEFIT PROGRAM. A. To participate in the Retirement Benefit Program, the individual must be eligible for retirement under Teachers’ Retirement System (TRS) rules without incurring a district- paid TRS penalty. The member must also have been a district employee for a minimum of ten (10) years at the time of retirement in order to qualify for the retirement benefit. B. By September 15, of every school year the District and Association will develop a list of all licensed employees that are within four (4) years of being eligible for any Teachers’ Retirement System Retirement Program. C. Members of the bargaining unit who have served a minimum of ten (10) years in the District, who are eligible for retirement without incurring a District-TRS penalty, and who present the District with a letter of retirement up to four (4) years prior to the first day of February of their final year of active service, shall be removed from the salary schedule and paid in accordance with the formula set forth below. Employees who give up to a four (4) year notice shall receive, for each year, an increase equal to two percent (2%) of their current year’s scheduled salary, including a longevity stipend when applicable; provided however, that in no event shall such increase be greater than six percent (6%), of the prior year’s total credible earnings. Once an irrevocable notice of intent to retire is received by the District, in no year shall creditable earnings in excess of 6% from one year to the next be paid to the retiring employee. However earnings that are legally exempt from the state imposed “6% liability” rule in effect at the time of ratification of this agreement, or which shall be enacted within the scope of this agreement, shall not be considered in the calculation of the 6% increase limitation. Such exempt earnings include but may not always be limited to and may not always include: •  Summer school teaching paid pro-rata •  Overloads paid pro-rata •  Change in employment status from part-time to full-time paid pro-rata D. The retirement benefit shall be paid on or before 30th of May or may be divided equally into each of the member’s normal salary paychecks in each of the years that the individual is eligible for the benefit as approved by the Board of Education. The retirement benefit will be reported to TRS as income earned during the year it was paid. E. Once approved by the Board of Education, the decision to retire is irrevocable and the Board cannot guarantee the anonymity of the retiree. F. Bargaining unit members who are eligible for retirement per TRS regulations but are not eligible for the Retirement Benefit Program may retire but will not be paid the retirement benefit. G. Those employees who leave the district employ by the end of the first semester in their final year, will be eligible for an additional $10,000 post-retirement incentive. Payments under this provision are to be made between 30 and 60 days after the employee's last day of work or last paycheck, whichever occurs later. This post-retirement incentive is not intended to be creditable earnings under the Teachers’ Retirement System. The district reserves the right to determine the final year assignment for those staff members retiring under this section. To be eligible for this incentive the member must have submitted their retirement at least a year prior to their final year. All requests to participate in the Retirement Benefit Program shall be subject to the final approval of the Board of Education of School District 129.