407.6 Licensed Employee Early Retirement

Licensed Employee Early Retirement Plan

Early Retirement Plan:  2013-14 School Year:

This Early Retirement Plan applies to certified teaching staff, nurses, administrators and professional support and classified staff who are 12 month, 260 day contracted employees. This plan will be offered through February 28, 2014 to be paid out beginning October 20, 2014.  Any eligible employee who has not committed their participation in the plan prior to February 28, 2014 will lose their opportunity to participate in the upcoming year.   The Estherville Lincoln Central Board will not look at an early retirement plan again until December 2015 for the 2016-17 school year or for the FY 17 OR if unforeseen financial need arises prior to FY 17.

Purpose:

•    Provides financial advantages for those persons who are near a personal decision to retire.

•    Enables necessary staffing modification to take place without disrupting careers of those who do not wish to leave the classroom.

•    Provides an orderly means for employees to initiate retirement.

•    This rewards employees for satisfactory service to the District.

•    Facilitates a continuing blend of experienced and less-experienced employees.

•    Facilitates a cost savings to the District.

Eligibility

•    Must have completed a minimum of 7 years of continuous service to the Estherville Lincoln Central School District or its predecessors Lincoln Central Community School District and Estherville Community School District.

•    Employee must be the minimum age of 55 on or before June 30, 2014.

Application Procedure

The date of retirement for eligible employees will generally be the end of the school/contract term (June 30, 2014).  However, another date may be agreed upon by the eligible employee and Superintendent and, subsequently, approved by the Board.

  1. Application materials must include the following forms:
    1. Resignation and Request for Retirement from all employment assignments (teaching, coaching, directorship, ect.)
    2. Designation of Beneficiary Form
    3. Release of Claim
    4. Agreement Not to Reapply for Employment.  This agreement does not prohibit the School District from offering employment to the employee in the future.
  2. The Superintendent must receive all application materials not later than 4:00 p.m., on February 28, 2014.
  3. An employee’s application for early retirement benefits is not, in itself, a resignation of a contract with the School District nor does it require the Board to accept the application.  However, acceptance by the Board of an employee’s application for early retirement will be considered a voluntary resignation and termination of his/her continuing contract or letter of assignment.  If the Board does not accept the employee’s application, the employee’s contract will continue in effect.                                                                                                        Page 1 of 2

 

Benefits:

An employee who has reached the personal decision to retire may elect the following Early Retirement Benefit:

One-half of the employee’s current salary. This does not include any other monies the employee may receive such as extra duty increments or supplemental pay contracts. 

 

Note:  Retirees may elect to purchase health insurance under the district’s plan until the employee is Medicare eligible

Benefit Pay Out:

•    Total dollars payable over one year and two payments.  Payments will occur on October 20, 2014 and April 20, 2015.  Payments will be made to a Special Payment Plan and may be withdrawn from the Special Payment Plan at anytime by the retiree.

 

 

Revised: 12/13                                                Reviewed:  04/14

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

407.6E1 Resignation and Request for Early Retirement

RESIGNATION AND REQUEST FOR EARLY RETIREMENT

 

I, ___________________________________, born on _______________________, hereby submit my resignation to the Board of Directors of the Estherville Lincoln Central School District and request the early retirement benefit package offered to employees in the Estherville Lincoln Central School District with the payout being placed in a Special Payment Plan for my withdrawl.

I commenced continuous service in the Estherville Lincoln Central School District, or one of its predecessor school districts, on ____________________ and I am _______ years old, thereby meeting the plan’s age at retirement requirement.

 

 

Print Full Name: _____________________________________________________

 

____________________________________________                                ________________

Signature                                                                                                                                                  Date

 

 

 

To be completed by the Board of Director’s Secretary

 

The resignation and request for early retirement was accepted by the Board of Directors on the _______ day of _____________________, 2014, by action as noted in the minutes of the Board.

 

______________________________________________

Secretary of the Board of Directors

Estherville Lincoln Central School District

 

 

 

Revised: 12/13                                                                                    Reviewed:  04/14

 

Uploaded Files: 
File 407.6e1_resignation_election_for_early_retirement.docx

407.6E2 Designation fo Beneficiary

DESIGNATION OF BENEFICIARY

 

If the Board of Directors approves my application for early retirement benefits and I die before I receive the cash payment provided by the Early Retirement Plan, I direct the Board of Directors to make the payment to:

 

 

 

 

_____________________________________________________________________________

(Print Full Name of Beneficiary)

 

 

 

Print Full Name of Employee _____________________________________________________

 

 

 

____________________________________________                                ________________

Employee Signature                                                                                                                                 Date

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revised: 12/13                                                                                    Reviewed:  04/14

 

Uploaded Files: 
File 407.6e2_designation_of_beneficiary.docx

407.6E3 Release of Claim

RELEASE OF CLAIM

 

Estherville Lincoln Central School District (the “School District”) and   _________________________________________ (“Employee”) agree as follows:

 

  1. In consideration of the benefits to be provided to him/her in accordance with the Early Retirement Plan, Employee agrees to immediately sign and submit a letter of resignation to the be effective on ______________________________, 2014.

 

  1. Employee is advised that he/she has the right to consult with an attorney prior to signing this Agreement.

 

  1. Employee hereby releases and discharges the School District, the Board of Directors of the School District, and any and all officers, employees, representatives or agents of the School District from any and all liability whatsoever including claims, demands, or causes of action which he/she has or may ever claim to have by reason of his/her employment with the School District and the termination of his/her employment relationship with the School District.

 

  1. Employee agrees that this Agreement is entered into freely and voluntarily and solely in reliance upon his/her own knowledge, belief and judgment and not upon representations made by the School District or others on its behalf.

 

 

 

____________________________________________                                                                                            ________________

Estherville Lincoln Central School District Signature                                                                                               Date

 

 

____________________________________________                                                                                               ________________

Witness Signature                                                                                                                                                    Date

 

 

____________________________________________                                                                                                ________________

Employee Signature                                                                                                                                                 Date

 

 

____________________________________________                                                                                                 ________________

Witness Signature                                                                                                                                                    Date

 

 

 

 

 

Revised 12/13                                                                         Reviewed:  04/14

                                                                                                            

Uploaded Files: 
File 407.6e3_release_of_claim.docx

407.6E4 Agreement Not to Seek Re-employment

AGREEMENT NOT TO SEEK RE-EMPLOYMENT

 

In consideration of the benefits that will be provided to me by the Estherville Lincoln Central School District through its Early Retirement Plan, I hereby agree not to apply for or seek employment with the Estherville Lincoln Central School District at any time in the future.  It is understood that this Agreement does not apply to substitute teaching.

 

 

 

Print Full Name of Employee _____________________________________________________

 

 

 

____________________________________________                                                                             ________________

Employee Signature                                                                                                                                 Date

 

 

 

____________________________________________                                                                                           ________________

Witness Signature                                                                                                                                                    Date

 

 

 

 

 

 

 

 

 

 

 

                                

Uploaded Files: 
File 407.6e4_agreement_not_to_seek_re-employment.docx