Retirement incentive

Post date: Mar 17, 2015 9:57:52 PM

Important reminder: April 1 is the deadline to receive the first time eligible retirement incentive.

Article XXV- Retirement Incentive (page 54 of our contract)

25.01 A one-time retirement bonus in the amount of $20,000 for 2014-2015 and $15,000 for 2015-2016 will be available to bargaining unit members who become first time eligible for retirement or reach 30 years of service (July 1, 2014-June 30, 2015) 31 years of service (July 1 2015-June 30, 2016) under STRS guidelines and retire effective at the end of the school year in which they qualify. If the member fails to take the incentive when first time eligible he/she forfeits the incentive. This Article shall not be carried forward to the successor contract.

25.02 An irrevocable notice of intent to retire must be received by the Superintendent by April 1 of the year of retirement. Payment shall be made the January following retirement.

25.04 Individuals must provide proof from STRS of first time eligibility.

Please contact Susan Ray if you have any questions.