Common use of Buy Out of Retirement Compensation Clause in Contracts

Buy Out of Retirement Compensation. 1. This Section A applies only to teachers employed or on an approved leave in the 2002/2003 school year, and only to teachers who will be at least fifty-four years old and will attain their earliest retirement date with unreduced benefits under ISTRF on or before June 30, 2018. Teachers must submit a letter of resignation to the Superintendent or his/her designee, not later than 60 calendar days prior to the date of retirement. The Superintendent may waive this requirement.

Buy Out of Retirement Compensation. 1. This Section A applies only to teachers employed or on an approved leave in the 2002/2003 school year, and only to teachers who will be at least fifty-four years old and will attain their earliest retirement date with unreduced benefits under ISTRF on or before June 30, 2018. Teachers must submit a letter of resignation to the Superintendent or his/her designee, not later than 60 calendar calendarCcalendar days prior to the date of retirement. The Superintendent may waive this requirement.