Early Retirement Programs Sample Clauses
Early Retirement Programs. Eligible faculty may participate in one of four different early retirement programs:
(1) STRS Reduced Workload Program;
(2) Combination STRS Reduced Workload program and Phase‐In Retirement;
Early Retirement Programs. Prior to reaching age 65, a teacher may elect to participate in only ONE early retirement program/incentive. Currently, the following options exist: -State of Illinois Early Retirement Program, or -Ottawa District 141 Voluntary Early Retirement Program, or -Ottawa Early Retirement Incentive In NO event may a teacher participate in more than ONE early retirement program/incentive.
A. State of Illinois Early Retirement Program - Applies only to teachers between the ages of 55 and 60 with 20 or more, but less than 35 years of service. It is in effect for members retiring under the State of Illinois Early Retirement Program.
Early Retirement Programs. 12.7.1. An employee who qualifies may elect to retire and receive benefit coverage as contractually provided per Article XIII, Benefits, Section 13.2 at the time of his/her retirement, until age sixty-five (65) or until state and/or federal health coverage begins, whichever occurs first, provided the employee retires by the conclusion of the school year in which the employee reaches the age of 58. No services to the District will be required.
12.7.2. Any eligible employee who qualifies may elect to retire and enter into a contract with the District for services as follows:
12.7.2.1. Total days of service to be provided by the employee shall not exceed the number of days arrived at by dividing the daily rate from the step in class from which they retired into the agreed amount of the contract, or one hundred twenty (120) days, whichever is less. Total days of service shall be rendered on consecutive working days unless modified by the written plan. Determination of the dollar amount is solely the prerogative of the District but is not to exceed five thousand ($5,000) dollars.
12.7.2.2. The District will pay the premiums for full benefit coverage as provided in Article XIII, Benefits, Section 13.2, until age sixty-five (65) or until state and/or federal health coverage begins, whichever occurs first.
Early Retirement Programs