RETIREMENT INCENTIVE PROGRAM BENEFIT Sample Clauses
The Retirement Incentive Program Benefit clause establishes the terms under which eligible employees may receive additional benefits for choosing to retire early or at a specified time. Typically, this clause outlines the criteria for eligibility, the nature and amount of the incentive—such as lump-sum payments, enhanced pension benefits, or extended healthcare coverage—and the process for applying to the program. Its core function is to encourage voluntary retirements, often to help the employer manage workforce size or reduce costs, while providing employees with a financial incentive to make the transition.
RETIREMENT INCENTIVE PROGRAM BENEFIT. POST-RETIREMENT PAYMENT
1. Retirements Effective the entire length of contract: The amount of the retirement payment will be determined by multiplying two and one-half percent (2.5%) of the highest annual scheduled salary times years of service within the District, not to exceed thirty (30) years of service. The annual scheduled salary shall include base salary in addition to agreed-upon stipend or extra- duty payment. This amount will be paid (without interest) over three (3) fiscal years beginning in the fiscal year following retirement. Payment will be made on the current District payroll schedule. The amount will be paid as a non-elective employer contribution to the employee’s 403(b) account.
RETIREMENT INCENTIVE PROGRAM BENEFIT. POST-RETIREMENT INSURANCE The District shall pay, on behalf of the retiree, the cost of the individual premium under the employee’s current health insurance plan offered by the District for three (3) years after the effective date of the employee’s retirement depending upon the retiree’s years of continuous equivalent full- time employment with District 54, as follows:
1. Retirees with fifteen (15) to nineteen (19) years of equivalent full-time employment with District 54 shall be reimbursed seventy-five (75%) of the rate;
2. Retirees with twenty (20) plus years of equivalent full-time employment with District 54 shall be reimbursed one-hundred percent (100%) of the rate. If the retiree desires to be insured through the PPO plan upon retirement they must be enrolled in the PPO plan for at least five (5) consecutive years prior to the retirement. The same will apply for HMO coverage. The family premium is at the cost of the retiree. In the alternative, an employee may elect to remain in the District’s PPO health insurance plan or the District’s HMO-Illinois plan for a period of three (3) years after the effective date of the employee’s retirement. The payment made by the District for such coverage shall not exceed the cost of the individual premium under the employee’s current health insurance plan offered by the District, and any family premium shall be at the cost of the retiree. Regardless of which option above is chosen, the retiree must apply for Medicare benefits as soon as eligible.
RETIREMENT INCENTIVE PROGRAM BENEFIT. As a voluntary retirement benefit for a teacher who qualifies for retirement the Board agrees to:
(a) pay a salary in his/her final year(s) of service equal to one hundred three percent (103%) of the previous year's gross TRS reported compensation (defined as all compensation paid to the teacher, including payment for extracurricular activities, stipends, and retirement benefits) inclusive of step and lane movement for a maximum of four (4) years prior to retirement, as the case may be. To be eligible for continued payment for extracurricular activities or stipends during this period, the teacher must continue to work such activity or stipend. ; and However, earnings that are legally exempt from the state imposed "3% liability" rule in effect at the time of ratification of this Agreement, or which shall be enacted within the scope of this agreement, shall not be considered in the calculation of the 3% increase limitation. Such exempt earnings include but may not always be limited to and may not always include: • summer school teaching paid pro-rata • overloads paid pro-rata • change in employment status from part-time to full-time paid pro-rata • promotions requiring a certificate or endorsement that is different from regular certification of the job • grants or stipends that come from state or federal government and for which the District has no control over; and
(b) pay him/her a one-time lump sum post-retirement payment in an amount equivalent to $50 for each unused sick leave day in excess of 170 that is not reported to TRS for service credit up to a maximum of one hundred (100) days, for a maximum payment amount of $5,000. The post-retirement payment shall be payable after both the teacher's final paycheck for regular earnings and the teacher's last day of employment, but before December 31 of the year of retirement.
(c) With respect to the application of the benefit in Section 3(a), the Board and Association agree that: • A bargaining unit member may voluntarily resign from an extra duty assignment; provided, however, the member's compensation would be reduced accordingly. Elimination of a program would require a mutually agreeable alternative assignment. • A bargaining unit member who takes courses or would otherwise move on the salary schedule or move on the extra- compensation schedule would receive no additional compensation beyond the 63% retirement incentive. • The Association agrees that the Board will not require assigned work that would resu...
RETIREMENT INCENTIVE PROGRAM BENEFIT. POST-RETIREMENT INSURANCE The District shall pay, on behalf of the retiree, the cost of the individual premium under the Blue Advantage HMO health insurance plan offered by the District for three
RETIREMENT INCENTIVE PROGRAM BENEFIT. POST-RETIREMENT INSURANCE The District shall pay, on behalf of the retiree, the cost of the individual premium under the employee’s current health insurance plan offered by the District for three (3) years after the effective date of the employee’s retirement depending upon the retiree’s years of continuous equivalent full time employment with District 54, as follows:
1. Retirees with 15 to 19 years of equivalent full-time employment with District 54 shall be reimbursed 75% of the rate;
2. Retirees with 20 plus years of equivalent full-time employment with District 54 shall be reimbursed 100% of the rate. The member must have participated in the selected coverage plan for the previous five (5) years. The family premium is at the cost of the retiree. In the alternative, an employee may elect to remain in the District’s PPO health insurance plan or the District’s HMO-Illinois plan for a period of three (3) years after the effective date of the employee’s retirement. The payment made by the District for such coverage shall not exceed the cost of the individual premium under the employee’s current health insurance plan offered by the District, and any family premium shall be at the cost of the retiree. Regardless of which option above is chosen, the retiree must apply for Medicare benefits as soon as eligible.