EARLY RETIREMENT
The Board of Directors of the Hartley-Melvin-Sanborn Community School District adopts as a compensation benefit for early retirement the following:
- Teaching staff and administrative staff who have reached the age of 55 and completed 10 years of continuous employment of which the last year must be a complete school year (excluding absences due to illness or other approved leave) shall be eligible for early retirement compensation if an application with accompanying resignation, waiver and release, and a covenant not to reapply with this district for continuous employment, is tendered to the Board of Directors by March 6 of the applicable year.
- This benefit is not available for persons who have received a notice of termination under Chapter 279 of the Iowa Code.
- The person may not be on an extended unpaid leave of absence for disciplinary reasons or pending termination at the time of submission of the request for acceptance of resignation and election to receive benefits of early retirement.
- Licensed staff making application for early retirement shall receive as compensation an amount equal to $20,000 for 3 years if the application for early retirement is submitted during a period beginning within the fiscal year the teacher attains age fifty-five (55). They will also be reimbursed $20 per day for accumulated unused personal sick leave up to a maximum of 120 personal sick leave days.
- Licensed staff on a part-time contract shall receive a percentage of the benefit prorated accordingly.
- Upon retirement, the employee may choose to continue coverage under the school district’s medical insurance plan at the school district’s group rate by meeting the requirements of the insurance carrier and by paying the monthly premium amount in full to the business office (or to the Third-Party Administrator) prior to the due date of the school district’s premium to the insurance carrier. No part of the premium will be paid by the school district.
- Individuals electing to continue on the school district’s medical insurance plan are subject to any modifications or changes in the plan adopted by the Board of Directors.
- The employee will receive their early retirement incentive pay in one payment with the payment being made on or before July 31, 2016.
a. Those employees that elect to continue District health insurance will receive 100% of their early retirement incentive pay into a Health Reimbursement Arrangement (HRA).
b. Those employees that elect to discontinue District health insurance will receive 100% of their early retirement incentive pay into a 403(b) Special Pay Plan. - In the event an eligible employee dies after applying for early retirement benefits and prior to the disbursement of the monetary benefit, that amount shall be paid as follows:
a. In the event of the employee's death ny amounts still credited with the district for the employee may be utilitized by the employee's surviving spouse.
b. If there is no surviving spouse the remaining credit shall pass to the employee's estate.
- Employees serving the district in more than one capacity are only eligible for one early retirement incentive.
The Board of Directors may limit the number of Retirement Benefit approvals in any given year. The limit for this year will be four licensed staff members. Should more than the limited number apply, determination shall be made based upon seniority and based upon the date the application was received.
An employee’s application for early retirement benefits on the form provided is, in itself, not a resignation of a contract with the school district. 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.
If the Board of Directors rejects the application for early retirement benefits, the request for acceptance of resignation shall be considered void.
This policy is in effect through June 30, 2016.
Adopted: May 17, 2004
Reviewed: December 19, 2005
November 24, 2009
October 18, 2010
December 19, 2011
June 20, 2011
July 11, 2016
Revised: January 16, 2006
January 28, 2008
December 21,2009
November 15, 2010
January 16, 2012
January 19, 2015
January 11, 2016