2009+Early+Retirement+Research

ARTICLE XV: Early Retirement

Post any information about early retirement, including incentives for early retirement, on this page. RATIONALE: Teachers who have reached the age of 55 or older often begin considering the option of early retirement. This consideration may be prompted by ill health, family circumstance, or a desire to be involved in another activity. The Association proposal provides a benefit to the teacher as well as the district. Since the teacher is most likely placed on the high end of the salary schedule due to education and experience, the teacher costs the district more money than a younger teacher. The benefit to the district is mainly monetary. The savings to the district will pay for the retirement benefits as well as the teacher hired to replace the person who is retiring. The additional savings could be used to improve the salary of teachers who remain on staff. Since most teachers considering retirement are concerned about insurance for themselves and their spouse, this provision provides a solution for that concern. The additional stipend, which decreases each year, provides a transition from full income to the retirement income level. The stipend also recognizes the professional service of the employee.

RETIREMENT EARLY RETIREMENT A. Professional employees may retire from employment with the district at the end of any academic semester in which he/she meets the eligibility requirements for early retirement. Early retirement is strictly voluntary. B. ELIGIBILITY An employee is eligible for early retirement if the employee: a) is currently a professional employee of the district b) is not less than age 55 or meets the KPERS provision for early retirement, c) has 5 years of employment in the district. C. APPLICATION  An employee desiring to take early retirement must submit his or her request in writing on  or before the first day of the employee's last semester of service. This letter shall be  submitted to the superintendent or his/her designee. This provision may be waived by the  board in the event the employee's health dictates such consideration.  D. BENEFITS  The employee who has met the qualifications listed above and has submitted a valid  application shall be entitled to the following benefits:  a) The retiree shall receive the health insurance benefits provided in the current master agreement until he/she qualifies for Medicare benefits. The employee’s spouse shall also have his/her health premium paid by the district until Medicare qualified. b) The retiree may, at his/her option, purchase additional coverage for family members who qualify for such benefits under the provisions of the current master agreement;  c) The following payments shall be made each month as follows: 40 The following annual percentages shall be applied to the employee’s highest salary. Year Percentage 1 15 2 14  3 13  4 12  5 11  6 10  7 9  8 8  9 7  10 6  This schedule shall terminate when the employee becomes Medicare eligible. RATIONALE: