Common use of Four Year Plan Clause in Contracts

Four Year Plan. If an eligible teacher gives the Board an irrevocable letter of retirement prior to August 31 four (4) years prior to the year of retirement, the teacher will be removed from the salary schedule and for the final four (4) years of employment the teacher’s nonexempt TRS creditable earnings shall be increased by six percent (6%) over the teacher’s nonexempt TRS creditable earnings for the prior years of employment respectively. Example: A teacher will retire on June 30, 2021. The teacher’s nonexempt TRS creditable earnings for the 2016-2017 school year were $100,000. The teacher’s nonexempt TRS creditable earnings for the 2017- 2018 school year will be $106,000 (i.e., $100,000 x 1.06 = $106,000). The teacher’s nonexempt TRS creditable earnings for the 2018-2019 school year will be $112,360 (i.e. $106,000 x 1.06 = $112,360). The teacher’s nonexempt TRS creditable earnings for the 2019-2020 school year will be $119,101.60 (i.e., $112,360 x 1.06 = 119,101.60). The teacher’s nonexempt TRS creditable earnings for the 2020-2021 school year will be $126,247.70 (i.e., $119,101.60 x 1.06 = $126,247.70). Any teacher may revoke his/her election to retire only in the case of death or total disability of a member of the immediate family. All monies paid as a bonus will be repaid through equal monthly installments.