Common use of Early Retirement Option Clause in Contracts

Early Retirement Option. District pays the employer and employee share of ERO payment to TRS. An administrator who is eligible for the Early Retirement Option under 40 ILCS 5/16-133.2 and who elects to participate in that program shall receive the following benefits: Sick Days: Convert to or credit up to 340 accumulated, unused days for TRS creditable service; excess days to be bought by District at the rate of $45.00 per day as a part of a post- retirement severance package. Payment shall be made within thirty (30) days after the administrator’s last day of TRS creditable service or the administrator’s receipt of his/her last regular paycheck, whichever occurs later. The administrator shall have no actual or constructive right to the receipt of this payment until such time. Withholdings required by law or authorized by the administrator shall be deducted from this payment. Additional Salary: Only upon presentation of a written irrevocable notice of intent to retire by May 1 of the school year five (5) years prior to retirement, the administrator shall receive a compensation increase of 2.25% per year over base salary in the previous year for the last five (5) years of employment. An administrator may provide less notice – four, three, two, or one year – and, thus, qualify for only said salary enhancement, which cannot exceed 6% over base salary in any year. Any unused salary enhancement upon retirement shall be forfeited. As a part of the post-retirement severance package, the administrator shall receive a payment equal to his/her last year’s base salary times the portion of the forfeited bonus percentage not to exceed 11.25%, Payment shall be made within thirty (30) days after the administrator’s last day of TRS creditable service or the administrator’s receipt of his/her last regular paycheck, whichever occurs later. The administrator shall have no actual or constructive right to the receipt of this payment until such time. Withholdings required by law or authorized by the administrator shall be deducted from this payment. Vacation Buy Back: Only upon presentation of a written irrevocable notice of intent to retire by May 1 of the school year five (5) years prior to retirement, the administrator shall be eligible to receive payment for up to 50 accumulated vacation days as follows: Year 5 - 10 days Year 2 - 10 days Year 4 - 10 days Year 1 - 10 days Year 3 - 10 days Any unused and uncompensated vacation days upon retirement shall be forfeited. As a part of the post- retirement severance package, the administrator shall receive a payment equal to his/her last per diem rate of pay times the number of forfeited vacation days up to a maximum of 50. Payment shall be made within thirty

Early Retirement Option. District pays the employer and employee share of ERO payment to TRS. An administrator who is eligible for the Early Retirement Option under 40 ILCS 5/16-133.2 and who elects to participate in that program shall receive the following benefits: Sick Days: Convert to or credit up to 340 accumulated, unused days for TRS creditable service; excess days to be bought by District at the rate of $45.00 per day as a part of a post- retirement severance package. Payment shall be made within thirty (30) days after the administrator’s last day of TRS creditable service or the administrator’s receipt of his/her last regular paycheck, whichever occurs later. The administrator shall have no actual or constructive right to the receipt of this payment until such time. Withholdings required by law or authorized by the administrator shall be deducted from this payment. Additional Salary: Only upon presentation of a written irrevocable notice of intent to retire by May 1 of the school year five (5) years prior to retirement, the administrator shall receive a compensation increase of 2.25% per year over base salary in the previous year for the last five (5) years of employment. An administrator may provide less notice – four, three, two, or one year – and, thus, qualify for only said salary enhancement, which cannot exceed 6% over base salary in any year. Any unused salary enhancement upon retirement shall be forfeited. As a part of the post-retirement severance package, the administrator shall receive a payment equal to his/her last year’s base salary times the portion of the forfeited bonus percentage not to exceed 11.25%, Payment shall be made within thirty (30) days after the administrator’s last day of TRS creditable service or the administrator’s receipt of his/her last regular paycheck, whichever occurs later. The administrator shall have no actual or constructive right to the receipt of this payment until such time. Withholdings required by law or authorized by the administrator shall be deducted from this payment. Vacation Buy BackHospital & Major Medical: Only upon presentation of a written irrevocable notice of intent to retire by May 1 The Board, on behalf of the school administrator, shall reimburse, upon receipt of proof of payment, 70% of the premium or $4,000 per year five (5whichever is less) exclusively to the group health insurance plan sponsored by the Teachers’ Retirement System of the State of Illinois. Payment of said premiums shall be made for a period of ten years prior commencing with the date of retirement, or until Medicare eligible whichever is less. The administrator may choose to include coverage for his/her spouse, subject to the 70%/$4,000 limitation noted above, as long as the limitation is not exceeded. If a retired administrator dies within ten years of the date of retirement, the administrator Board shall be eligible to receive payment for up to 50 accumulated vacation days as follows: Year 5 - 10 days Year 2 - 10 days Year 4 - 10 days Year 1 - 10 days Year 3 - 10 days Any unused and uncompensated vacation days reimburse, upon retirement shall be forfeited. As a part receipt of proof of payment, 70% or $4,000 per year (whichever is less) of the post- retirement severance packagegroup health premium for hospitalization coverage for a surviving spouse directly to the group health insurance carrier until such time as the administrator would have been retired for ten years, or until such time as the person reaches Medicare eligibility, whichever is less. In the event that the administrator’s surviving spouse is entitled to health insurance coverage from another source, the administrator shall receive a payment equal to his/her last district will reimburse 70% of any out of pocket premium expense upon receipt of appropriate documentation, or $4,000 per diem rate of pay times the number of forfeited vacation days up to a maximum of 50year, whichever is less. Payment shall be made within thirtyDental Insurance: Option @ own expense Life Insurance: Option @ own expense Vision Insurance: Option @ own expense

Early Retirement Option. A teacher who has 20 or more years of service with the District pays at the employer time of retirement, and employee share has 35 years or less of ERO payment creditable service, may elect to TRS. An administrator who is eligible for the Early Retirement Option under 40 ILCS 5/16-133.2 and who elects to participate in that program shall receive the following benefitsbenefit: Sick Days: Convert to or credit up to 340 accumulated, unused days for TRS creditable service; excess days to be bought If a teacher notifies the District by District at June 1 of the rate second year before retirement of $45.00 per day as a part of a post- retirement severance package. Payment shall be made within thirty (30) days after the administrator’s last day of TRS creditable service or the administrator’s receipt of his/her last regular paycheck, whichever occurs later. The administrator shall have no actual or constructive right to the receipt of this payment until such time. Withholdings required by law or authorized by the administrator shall be deducted from this payment. Additional Salary: Only upon presentation of a written an irrevocable notice of intent to retire by May 1 at the end of the school year five (5) two years prior to retirementlater, the administrator teacher shall receive a compensation total increase of 2.254% per year over base his/her salary in the previous year for the last five (5) final two years of employmentemployment prior to retirement. An administrator may provide If a teacher provides notification by the above date of an irrevocable intent to retire less notice – four, three, two, or one year – and, thus, qualify for only said salary enhancement, which cannot exceed 6% over base salary than two years in any year. Any unused salary enhancement upon retirement shall be forfeited. As a part of the post-retirement severance packagefuture, the administrator teacher shall receive a total increase of four percent (4%) in the remaining year before he or she retires. For purposes of this provision, the term “salary” shall include stipends and all other payments considered by TRS to be part of creditable earnings. Residency - As an incentive for Riverdale employees to purchase a home and reside within the District and thereby generate revenues for the District, the parties agree that the Riverdale Board of Education will pay a one-time, conditional bonus of $5,000 (less withholding and payroll taxes) to any employee who pays rent for their primary residence within the District or one who did not own and occupy their primary residence in the District prior to the date of this contract and who subsequently commits to purchase a home (or land upon which to build a home) and to reside there within the District. This payment equal will be made upon receipt by the District of a fully signed purchase agreement for a home (or land upon which to build a home) within the District on the condition that the employee commits to begin residing in the home or on the land within 12 months of receiving the bonus and to continue residing there for a minimum of two years. Only one employee per family or household shall be entitled to receive this benefit. No employee may receive this benefit more than once. This bonus payment would be considered creditable TRS earnings; therefore, employees taking advantage of a retirement option would be subject to the six (6) percent total increase. The District will incur no penalties for any incentive. If an employee who receives the bonus fails to take up residence for two years, the Board shall be entitled to recoup the payment in its entirety from the employee’s salary or through legal action. Exceptions may be made in hardship or other extraordinary situations by agreement between the Board and Association. Activity Pass - Upon employment by the Riverdale Board of Education, a teacher and his/her last year’s base salary times the portion of the forfeited bonus percentage not to exceed 11.25%, Payment guest shall be made within thirty (30) days after the administrator’s last day of TRS creditable service or the administrator’s receipt of admitted to all school-sponsored activities at no charge. Any retiring teacher shall be issued an activity pass at his/her last regular paycheck, whichever occurs laterrequest. The administrator shall have no actual or constructive right to the receipt of this payment until such time. Withholdings required by law or authorized by the administrator A teacher shall be deducted from this payment. Vacation Buy Back: Only issued an activity pass upon presentation of a written irrevocable notice of intent to retire by May 1 of the school year five (5) years prior to retirement, the administrator shall be eligible to receive payment request for up to 50 accumulated vacation days as follows: Year 5 - 10 days Year 2 - 10 days Year 4 - 10 days Year 1 - 10 days Year 3 - 10 days Any unused and uncompensated vacation days upon retirement shall be forfeited. As a part of the post- retirement severance package, the administrator shall receive a payment equal to his/her last per diem rate family. This pass will be issued no later than one day before the first extra- curricular activity. Extended Work Year Option - The Extended Work Year Option will not be offered unless grant money, specifically written for the purpose of pay times the number of forfeited vacation days up to a maximum of 50. Payment shall be made within thirtyoffering an Extended Work Year Option, becomes available.