RETIREMENT OPTION A. (a) Bargaining Unit members hired prior to July 1, 2005 shall have the option to remain in the Employer’s current defined benefit pension plan adopted by City Council ordinance, City of Owosso Employee Retirement System (Chapter 16, City of Owosso Charter, effective July 1, 1945, as amended) or convert to an Option B Defined Contribution plan available to Employees hired after July 1, 2005.
RETIREMENT OPTION A. A teacher who desires to retire prior to accruing the required number of service years (a minimum of 30 up to the number of years required to qualify for the maximum available percentage of retirement pay) shall indicate such interest in writing no later than December 1 of the teacher’s final year of intended employment with Addison Central School District. Teachers who are selected for this option shall receive assistance in purchasing up to five years of retirement service years at a total cost not to exceed $60,000, payable directly to the Vermont retirement board on behalf of the teacher. The cost of purchase of a year of service shall be determined by the retirement board.
