Retirement Incentive Plan. A remittance for each Employee covered un- der this Agreement, of $ 0.67 May 1, 2019 (May 1, 2020 $ 0.69; May 1, 2021 $ 0.72) per paid hour.
Retirement Incentive Plan. The Retirement Supplement Plan for employees meeting the eligibility requirements below and who retire on or after January 1, 2006 shall be as follows:
Retirement Incentive Plan. A. The summary statement of the Retirement Incentive Plan is as follows: Employees who qualify for the Retirement Incentive Plan are eligible to receive one third (1/3) of their last years pay as a cash bonus. This bonus will be paid in addition to other retirement benefits such as cash payments for unused Sick Leave pay (severance pay).
Retirement Incentive Plan. Early Retirement Incentive Plans are available to bargaining unit members who qualify as outlined below provided bargaining unit members retire with SERS by the end of their contract year in which they become eligible for one of the plans. Bargaining unit members who are in their first year of eligibility to retire at the end of FY 10 may have up to one (1) year from the adoption of this Negotiated Agreement to utilize this incentive. Bargaining unit members must notify the Board, in writing, at least three (3) months before the date of retirement in order to receive this incentive.
Retirement Incentive Plan. Employees who meet the requirements described in this Article may receive either the retirement incentive under Section 11.1 or the sick day buyback under Section 11.2, whichever is greater. No employee may receive both the retirement incentive and sick day buyback.
Retirement Incentive Plan. The NOEA and the District shall have the option to discuss and implement additional Retirement Incentives.
Retirement Incentive Plan. 1. Teachers must meet requirements for retirement as established by the Michigan Public School Employees Retirement System.
Retirement Incentive Plan. To be eligible to participate in the Retirement Incentive Plan, a teacher shall have completed 15 years of continuous full-time service (unpaid leave time does not break continuity, but does not count as full-time equivalency) to SEDOL at the time he/she submits an irrevocable notice of intent to resign for the purpose of retirement. Additionally, such teacher shall not be age/service eligible to retire under the statutory Early Retirement Without Discount (“ERO”) option of the Pension Code (i.e., between the ages of 55 and 60, with 20 or more years of service but fewer than 35 years of service). If these requirements are met, a teacher who submits an irrevocable notice of intent to resign for the purpose of retirement to the Human Resources office on or before September 1, 2011, shall be eligible to elect a one (1) year or a two (2) year retirement incentive. A teacher who elects a one (1) or a two (2) year retirement incentive shall have his/her 2011-2012 salary increased by 6% over his/her 2010-2011 base salary. A teacher who elects a two (2) year retirement incentive shall additionally have his/her 2012-2013 salary increased by 6% over his/her 2011-2012 salary (i.e., 2010-2011 base salary plus 6%). Base salary is defined as salary plus longevity (if applicable) as shown on the compensation schedule. In no event may such Teacher’s total creditable earnings, as defined by ITRS, exceed six percent (6%) of the prior year’s total creditable earnings such that the Board will incur funding liabilities on behalf of the teacher. A teacher shall not receive horizontal and vertical lane advancement in any year during which a retirement incentive is received. Should extra pay or duties result in an amount in excess of six percent (6%) in any retirement incentive year, adjustments will be made to such Teacher’s salary so as not to exceed the six percent (6%) ITRS limit. Nothing contained herein shall limit the right of the Board to offer additional retirement incentives to individual teachers. The Union shall consider any such additional incentives offered by the Board as non- precedential with respect to individual teacher and future contractual agreements between the Board and the Union.
Retirement Incentive Plan. 31.01 The following provisions are in effect during the period July 1, 2011 to December 31, 2012.
Retirement Incentive Plan. A. The Board shall recognize the service of any full-time teacher who is eligible to receive regular retirement pension benefits, through the Teacher Retirement System of the State of Illinois.
