If you are thinking about retirement or are just looking for information for when you are ready, the MTRS (Massachusetts Teachers' Retirement System) website is a great place to start.
The process for retirement as an HEA member is outlined below.
ARTICLE 32 - RETIREMENT INCENTIVE
(excerpt from HEA contract pp.37-39)A. Definitions.
1. "Applicant." - An "applicant" is a person covered by this Agreement who has completed at least fifteen (15) years of service in the bargaining unit and is at least fifty-five (55) years of age as of the August 31st immediately following the completion of the school year which he/she intends to be his/her last year of service in the Hudson Public Schools, and sets a retirement date no earlier than June 30th and no later than August 31st. -
2. "Retirement Incentive." - The lump sum amount of Five Thousand Dollars ($5,000), (less legally required tax withholding) shall be paid to the applicant under this plan, in recognition of his/her years of service to the Hudson Public Schools and the value to the educational system.
B. Procedure
1. An applicant shall declare his/her intention to participate in this plan by submitting his/her written intention to resign, via certified mail, to the Office of the Superintendent of Schools by November 1st of the school year in which he/she intends to be his/her last year of service in the Hudson Public Schools.
2. The Hudson School Committee shall thereafter vote its acceptance of said resignation. Once said resignation is so accepted, the applicant may not revoke his/her resignation or withdraw from this plan unless the School Committee votes to consent to a written request for such revocation or withdrawal.
3. The retirement incentive shall be paid by the August 31st immediately following the completion of the school year, which is the applicant's last year of service in the Hudson Public Schools. However, teachers who retire in accordance with this provision shall have the option of receiving the retirement incentive on January 1st following their retirement.
C. Limitation
Effective 2018 – 2019 school year, the Committee shall not be obligated to expend more than $105,000.
Effective 2019 – 2020 school year, the Committee shall not be obligated to expend more than $100,000.
Effective 2020 - 2021, the Committee shall not be obligated to expend more than $100,000.
In the event that there are unexpended funds in Article 32 (Retirement Incentive), said unexpended funds will be used to fully fund obligations under Article 17C (Sick Leave Compensatory Benefit).
In the event that this amount is insufficient to satisfy the requests of all applicants for a given year, applicants shall be disqualified in order of inverse date of receipt of their letter of application until the amount is sufficient to pay the remaining applicants. Ties will be broken by disqualifying applicants in inverse order of seniority. An applicant so disqualified shall be freed from the restrictions imposed by his/her letter of resignation, and free to reapply for a retirement incentive pursuant to the terms of this article.
D. Notwithstanding the provisions of this Article, the Committee may offer such additional retirement incentives as it may from time to time deem to be appropriate pursuant to the following conditions:
1. A written announcement of the retirement incentive will be sent to the President of the Association and to all members of the bargaining unit who will be completing twenty (20) or more years of service in Hudson at the end of the school year in which the announcement is made.
2. Eligible personnel will be given at least forty-five (45) calendar days from the date of the announcement in which to submit an irrevocable written resignation to be effective without any further action by the Committee upon the close of the school year.
3. No later than July 31st of the calendar year in which the resignation is effective, the Committee will pay each teacher who submits a resignation the amount of money set forth in the announcement as a retirement incentive.