Policy – x
Adopted – 4/6/2000
This policy does not include Confidential Personnel
1. Eligible employees may apply for an early retirement program. By February 1, the Superintendent or his/her designee shall notify those management employees (hereafter referred to as “employee”) who will be eligible for an early retirement option as of the commencement of the following school year.
2. By April 15, an employee shall notify the Superintendent that he/she plans to participate in an early retirement option the following year.
3. Before an employee participates in an early retirement option he/she will, on request, receive from the Superintendent or his designee, an analysis of the benefits and duties which accompany the early retirement options.
1. Reduced workload with full time benefits.
a. Eligibility Requirements:
(1) The employee cannot hold a position with a salary above that of a school principal.
(2) The employee must have reached the age of 55 prior to reduction in workload.
(3) the employee must be employed full-time in a position requiring certification for at least ten (10) year, of which the immediately preceding five (5) years were full-time employment.
(4) The option of part-time employment must be exercised at the request of the employee, and can be revoked only with the mutual consent of the employer and the employee.
(5) The minimum part-time employment shall be the equivalent of one-half of the number of days of service required by the employee’s contract of employment during his/her final year of service in a full-time position.
b. Salary and Benefit Provisions: The employee shall be paid a salary which is the pro rata share of the salary he would be earning had he not elected to exercise the option of part-time employment, but shall retain all other rights and benefits for which he makes payments that would be required if he remained in full-time employment.
(1) The employee shall receive health and other fringe benefits in the same manner as a full-time employee.
(2) Both the employer and employee shall contribute to the State Teacher’ Retirement System as if the employee were a full-time employee.
(3) The employee shall receive the same retirement credit as would have been received as a full-time employee.
(4) The employer shall maintain the records necessary for an employee to receive his retirement credit.
(5) Participation in this program does not reclude an employee from participating in the consultancy contract program; however, concurrent participation is not permitted.
2. Consultancy Contract
a. The employer may award a consultancy contract to a retired employee under the age of 65. Persons hired by a consultancy contract are considered employees. Any person retained to furnish such services, here-in-after called an early retirant, shall meet the following requirements:
(1) The early retirant was a full-time employee of the District for the ten (10) years immediately preceding his resignation and retirement.
(2) the early retirant is at least fifty-five (55) years of age.
b. Compensations: Payments shall be made at the rate of $132.50 for each day of service completed up to a maximum of 40 days service and $5300.
c. Terms: The term of any agreement for services under this section may be renewed on an annual basis, not to exceed five (5) years. Any agreement with an early retirant for the furnishing of services shall be terminated automatically at the end of the fiscal year in which the early retirant reaches the age of sixty-five (65) or upon the reemployment of the early retirant in a position requiring certification qualifications other than as a substitute teacher on a day to day basis.
d. Health Benefits: An early retirant may continue in force and effect at the early retirant’s own expense, the health insurance policies previously held by the early retirant. This is contingent upon the willingness of the insurance carriers to provide such coverage.
3. Early Full Retirement
a. Eligibility: To be eligible, the employee must be at least fifty-five (55) years of age and have 10 years of service with the District immediately preceding resignation and retirement. Retirement is at the employee’s option at age 55 to 60. At age 61, retirement under this option requires mutual consent.
b. Benefits: The District shall pay a portion of the cost of the same health and major medical insurance equal to the amount which active employees are entitled. Payments will cease the month following the month the employee reaches his/her 65th birthday or becomes eligible for Medicare, whichever occurs first.
Reference: District Originated.
CSBA Date –