4024 Teachers – Early Retirement Incentive Payment

POLICY NO.:     4024                                DATE APPROVED:    1992-06

SUBJECT:                                Teachers

– Early Retirement Incentive Payment

Policy

In accordance with the attached regulations, the Board will pay an allowance to teachers who resign from the school district and retire from teaching before reaching age sixty five (65).

REGULATIONS:

  1. On an annual basis, the Board will establish a budget line item as an Early Retirement Incentive Fund in the amount of $30,000 to be divided among eligible applicants with the maximum available to any one individual set at $3,000.
  1. In order to qualify for the Early Retirement Incentive Payment, applicants must:

a) be between age fifty-five (55) and (64) by June 30th of the current School year.

b) be on a continuing contract

c) be on the maximum step of any category

d) have completed 10 or more years of service with the District

e) retire from teaching (see paragraph 6 below)

  1. The total Early Retirement Incentive Payment will be pro-rated based on the number of teachers accepted.
  1. The Early Retirement Incentive Payment will be paid as a one-time payout.
  2. In accordance with Revenue Canada Regulations, tax will be withheld as required.
  3. Teachers who receive the Early Retirement Incentive Payment will be eligible for the Teacher On-Call list, however, work in one position will be limited to a maximum of five consecutive days. From time to time, the Board may deem it necessary to alter the regulations to provide classroom continuity and/or accommodate Teacher On-Call requirements.

PROCEDURES

  1. Correspondence will be sent to eligible teachers by March 15th (sample attached as Schedule A).
  2. Teachers must respond by April 5th.
  3. The Board will advise applicants by April 10th.

SCHEDULE A

(Applicable Date)

Eligible Teacher

Dear Eligible Teacher,

The Board has had a policy in place for some time that addresses an opportunity for teachers to receive a small payment if they choose to retire early. You are being contacted not because we believe that you are preparing for retirement but simply because you have met certain criteria as laid out in the Policy. In order to be fair with all, every year those teachers who meet these criteria are made aware of this opportunity. If you are not contemplating retirement at this time then this letter does not apply to you, please forgive the intrusion, however we still require a response, even though it may not apply to you.

 

The criteria, as laid out in Board Policy 4024, is that teachers are to be between the ages of 55 (by June 30 of the current School year) and 64 who have a minimum of 10 years of service with the District. To qualify for this incentive, teachers must be on a continuing contract and on the maximum step of any category. Also, teachers must retire from teaching. Teachers will be eligible for the Teacher On-Call list; however, work in one position will be limited to a maximum of five consecutive days.

The deadline to apply for the Local Early Retirement Incentive Payment is April 5, ______. The form attached must be returned by the above date to indicate that it has been received.

Yours truly,

BOARD OF EDUCATION

School District No. 60

(Peace River North)

 

_____________________________

Secretary-Treasurer

DB:sh

cc:        President, PRNTA

Superintendent of Schools

Principal, District Administration Office

***********************************************************************************

____YES   I________________________________wish to apply for the local early retirement incentive.

(name – please print)

 

_____NO   I____________________________do not wish to apply for the local early retirement incentive.

(name – please print)

Date_____________________________       Signature______________________________

Please RETURN THIS FORM to, Human Resources Officer at the Board Office by (April 5, ____)

Revised:

1992-06-24, 1994-05-10, 2002-03, 2012-02, 2014-09-22,

2015-05-19, 2016-06-20, 2016-09-19,2016-10-17

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