Common use of Additional Retirement Incentive Option Clause in Contracts

Additional Retirement Incentive Option. The intent of this section is to provide an incentive/reward to employees in order that they may choose to retire earlier than otherwise planned. When an employee reaches the age of 55 or older, with a minimum of fifteen years of classified service in the Piedmont Unified School District, he/she may receive 40% of the difference between his/her current salary (including longevity) and the salary of a new hire in the same position at Step C of the existing salary schedule. This benefit shall be prorated based on the employee's average FTE over the last ten years of service (see example below). All the additional requirements listed below must be met for the employee to be eligible to receive this benefit.