Retirement Incentive a) If an employee gives the Board an irrevocable notice of retirement by February 1st four (4) years prior to the school year of retirement, the Board shall pay him/her a six percent (6%) retirement incentive, inclusive of all other increases in TRS creditable compensation, for each of his/her remaining four (4) years of service. If an employee gives the Board an irrevocable notice of retirement by February 1st three (3) years prior to the school year of retirement, the Board shall pay him/her a six percent (6%) retirement incentive, inclusive of all other increases in TRS creditable compensation, for each of his/her remaining three (3) years of service. If an employee gives the Board an irrevocable notice of retirement by February 1st two (2) years prior to the school year of retirement, the Board shall pay him/her a six percent (6%) retirement incentive, inclusive of all other increases in TRS creditable compensation, for each of his/her remaining two (2) years of service. If an employee gives the Board an irrevocable notice of retirement by February 1st one (1) year prior to the school year of retirement, the Board shall pay him/her a six percent (6%) retirement incentive, inclusive of all other increases in TRS creditable compensation, for his/her remaining year of service. Once an employee submits an irrevocable notice of retirement by February 1st, that employee shall be removed from the salary schedule contained in Article IX of this Agreement at the beginning of the following school year. All calculations for increased TRS creditable earnings will be based on the TRS creditable earnings in the year of the submission of the irrevocable notice of retirement. Once the employee submits an irrevocable notice of retirement an employee’s creditable earnings shall be increased by six percent (6%) of the year of submission, but in no case will the employee’s TRS creditable earnings increase exceed six percent (6%) of the year of submission. If, after submitting an irrevocable notice of retirement by February 1st, the employee resigns from, or is dismissed from duties for which the employee was paid a stipend or additional compensation the previous year, the retirement incentive for that employee will be recalculated accordingly.
Retirement Incentive. Bargaining unit members who have been employed by the District for at least 10 years and who opt to retire at the end of any school year and have been approved by STRS/SERS to receive retirement benefits other than disability retirement with thirty (30) years or fewer of service credit and who notify the Board of their intention to retire in writing, no later than March 1 of the year they intend to retire will receive 2 equal lump sums of $12,000, one on July 1 of the calendar year of retirement and the second on the following July 1. Payment under this paragraph does not affect the right to Retirement Severance Pay under Paragraph K.2., above The Board and the Union may mutually agree to reconvene a Retirement Options Committee to review annual payment options for this incentive. A member of the bargaining unit employed part time who is eligible for the retirement incentive shall receive an incentive amount proportional to his/her percentage of full-time employment based on his/her final year of service unless such employee was involuntarily reduced in hours of employment to part-time status, in which case such employee shall be eligible for the incentive as though he/she were a full-time employee.
Retirement Incentive. The following retirement program shall be available to eligible bargaining unit members:
Retirement Incentive. To be eligible for any of the following plans, an employee must meet the following requirements:
Retirement Incentive. X. Xxxxxxxx Those teachers eligible (as defined by article XXI. C.) for retirement by March 1st of the current school year may receive the following incentive based on current sick leave accumulation. Eligibility Rate Limits Maximum Payout 10 Years of Service less than 100 = $45 per day 100 Days $4,500 100 – less than 200 = $70 per day 200 Days $14,000 200 – 250 = $95 per day 250 Days $23,750
Retirement Incentive. Employees in benefit category X-0, X-0 or B-3 who have completed at least 20 years of full-time equivalent service in the School District and who are at least 55 years of age shall be eligible for this retirement incentive program. Employees must submit notice of their intention to retire under this program to the Superintendent no later than March 1st of the last full school year of employment. Under extraordinary circumstances, a maximum of one employee per school year may withdraw such notice or submit such notice after March 1st. If more than one employee in a school year seeks to withdraw or submit such notice after March 1st, the employee who shall be permitted to withdraw or submit such notice shall be the first employee who notifies the Superintendent in writing of extraordinary circumstances that justify the late withdrawal or submission. The amount of the retirement incentive shall equal 1.25% of the employee’s last annual wages times the number of full-time equivalent years of service in the School District; however, in no event shall the amount paid exceed 45% of the employee’s last annual wages. The retirement benefit shall be paid as a one-time lump sum in or before August following the date of the employee’s retirement.
Retirement Incentive. A. In the fiscal year when an employee first becomes eligible for normal retirement, ten (10) percent of his/her annual salary, excluding supplements, shall be added to his/her annual salary provided that s/he, prior to January 2:
Retirement Incentive. 2.151 An employee who retires will receive a retirement incentive bonus based on the following formula: ½% (.005) of the employee's average total compensation the last three (3) full years of his/her employment in the district multiplied by (X) the number of complete years of service in the Fairfield Local Schools. The following restrictions apply to this incentive:
Retirement Incentive. Individuals may access either this section or section 307.2, but cannot access both at the same time. The Board agrees to pay the staff member’s contribution under the Five Plus Five early retirement option within the legislative and/or regulatory guidelines of such program. Increases in individual retirement contributions required by legislative and/or regulatory guidelines beyond the contributions contained within this agreement shall not be the responsibility of the Board but shall remain the sole responsibility of the staff member. Educational Support Personnel may elect one of the following retirement options:
Retirement Incentive. (a) The level of incentive is calculated on the basis of the difference between the annual salary for a First Class Firefighter and a Probationary Firefighter over the three and one-half (3 ½) year progression period.
