2010+Article+15+Retirement+Incentive

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Information from Olathe Negotiated Agreement 2008-2009

Retirement Benefits Upon retirement from the Olathe District Schools, employees will receive a retirement benefit equal to 50% of the longevity entitlement earned during the period of employment up to a maximum of $5,000. The amount will be included in the contract during the last year of employment. Retirement is defined as eligibility for Kansas Public Employees Retirement System retirement or disability benefits. The retirement benefit applies only to those licensed/certified employees who are retiring or are disabled. It does not apply to employees leaving the District for any other reason or to employees who choose to participate in the Voluntary Early Retirement Plan. The benefit is based on years served in the Olathe District Schools. Any employee who retires and is KPERS eligible may use accumulated leave for health and dental insurance. [See terms in Retirement Insurance Benefit Plan //(GBZCD) //.]  Voluntary Early Retirement Plan//(GBZCDA) //

Plan Eligibility Requirements: Note for retiring employees who are 3 or 4 years from the age of eligibility for full Social Security benefits at the end of their adopted personnel calendar: Individuals meeting all other policy 38
 * 1) The Voluntary Early Retirement Plan applies only to licensed/certified and administrative staff members on continuing contract and paid from a USD 233 District budget funding source at the time of retirement. Licensed/certified staff is defined as those staff members who require a valid Kansas teaching license/certificate on file with the District and/or are compensated on the "Olathe District Schools Salary Schedule." Administrative staff is defined as those staff members who require a valid Kansas teaching license/certificate and/or are compensated according to the Administrative Salary Guidelines.
 * 2) The employee must be formally retiring from the Olathe School District after having held a valid employment contract with the District at the time of the election to participate in the Voluntary Early Retirement Plan. Further, the employee must have submitted an application to the Kansas Public Employees Retirement System (KPERS) in order to begin drawing benefits before the end of the calendar year.
 * 3) The employee must have completed a minimum of 15 continuous years of licensed/certified service in USD #233 to receive early retirement benefits. Employees with more than 15 years of service in USD #233 shall receive benefits as outlined in the schedule below. A Year of Service is defined as continuous employment for which the employee receives twice monthly payroll checks from USD #233. The term of employment shall be for an established school year as set forth by an adopted annual calendar. Further, such employment during the year must be in a covered retirement position and not seasonal or temporary. Administrative staff shall be eligible for schedule benefits with a reduction of three percent from the established rate schedule.

requirements who are 3 or 4 years from the age of eligibility for full Social Security benefits at the end of their adopted personnel calendar may elect to receive the following: For those 3 years from eligibility for full Social Security benefits: In the first year following retirement, one-third of the combined total percent for Year 4 and Year 5 of the Years of Service Schedule in addition to the appropriate percent for Year 1. In Year 2, the employee will receive the appropriate percent for Year 2 according to the Years of Service Schedule and one-third of the combined total percent for Year 4 and Year 5 of the Years of Service Schedule in addition to the appropriate percent for Year 2. In Year 3, the employee will receive the appropriate percent for Year 3 according to the Years of Service Schedule and one-third of the combined total percent for Year 4 and Year 5 of the Years of Service Schedule in addition to the appropriate percent for Year 3. In no case shall the employee receive more than the total percent according to the Rate Schedule for Years of Service for five years. For those 4 years from eligibility for full Social Security benefits: One-fourth of the total percent for Year 5 of the Years of Service Schedule shall be added to the appropriate percent for Year 1, Year 2, Year 3, and Year 4. In no case shall the employee receive more than the total percent according to the Rate Schedule for Years of Service for five years. Rate Schedule for Years of Service in the District (Percentages relate to the employee’s final annual base contract salary.) Retiring Employees who are 5 or more years from the age of eligibility for full Social Security benefits: 25+ Years |||| 20-24 Years |||| 15-19 Years || Year 1 |||| 19% |||| 18% ||  17% || Year 2 |||| 15% |||| 14% ||  13% || Year 3 |||| 12% |||| 11% ||  10% || Year 4 |||| 10% |||| 9% ||  8% || Year 5 |||| 9% |||| 8% ||  7% ||