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