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ARTICLE 27: EARLY RETIREMENT PLANS

27.1     One-Time Payment

 

A unit member who has been on one (1) of the following schedules, at the designated step for at least fourteen (14) consecutive years, and who elects to retire will receive an additional one-time payment of One Thousand Seven Hundred Fifty Dollars ($1750) upon retirement.

 

27.1.1     The Teachers Salary Schedule at Column V, Step 13 or beyond; or

 

27.1.2     The Psychologist Salary Schedule at the highest step.

 

27.2     Available Early Retirement Programs

 

A unit member may select only one (1) of the two (2) early retirement programs:  27.2.3 Health Benefits or 27.2.4 One Time Buy-Out Plan.  A third option may be available in some years:  the Golden Handshake.  The eligibility and specifications for this third option are delineated in 27.2.5.

 

27.2.1     Eligibility:  Unit members will be eligible for the District’s early retirement programs under the following conditions:

 

                                          Age                                Years of Effective Consecutive

                                                                                 District Service*

                                          At least 60                                        15

                                          59                                                     17

                                          58                                                     18

                                          57                                                     19

                                          56                                                     20

 

* Years of service to District must be consecutive immediately preceding date of retirement.

 

* Up to five (5) years of classified service may count towards the total number of years required.  The remainder of years must be certificated service.

 

      Age                                Years of Effective Non-Consecutive

                                                District Service**

 

      At least 60                                     20

      59                                                  22

      58                                                  23

      57                                                  24

      56                                                  25

 

** At least four (4) years of certificated service to the District must be consecutive immediately preceding the date of retirement.

 

27.2.2     Notification of Intent to Retire:

 

A unit member must serve written notice to the District of his/her plan to retire at least by: (1) March 1st of any year for eligibility for the next fiscal year; or (2) at least three (3) months in advance if a retirement is to take place during the school year.

 

27.2.3  Option #1 Health Benefits:

 

a.      Unit members will receive the medical, dental and vision benefits, including spousal coverage where appropriate, until age sixty-five (65) or a maximum of nine (9) consecutive years whichever is less.

 

b.      Benefits shall be as follows:

 

 

(1)        Retiree may choose from any plan (available through the insurance provider in the month the benefit is received) that accepts retirees;

 

(2)        The District contribution for Retirees shall be fixed at Nine Hundred Eighty-Two Dollars and Ninety-One Cents ($982.91) unless a different contribution has been negotiated for retirees.

 

(3)        Up to the  District CAP of Nine Hundred Eighty-Two Dollars and Ninety-One Cents ($982.91), the District will pay the premium rate for the retiree for the base plan established by YCTA in Appendix D at paragraph A.3 (plus dental and vision).  The District shall have the discretion of selecting the form of the premium rate most advantageous to the District, i.e. composite vs. tiered rate.  If a Retiree chooses a more expensive plan, he/she shall pay the difference.

 

27.2.4     Option #2 One-Time Buy-Out Plan

 

a.      Unit members will receive a one-time payment of twenty-five percent (25%) of the unit member’s last year’s base salary.

 

b.      Beginning in the 2014/2015 school year, if a unit member is sixty-five (65) years of age or older, he/she must also be on column V of the Certificated Salary Schedule, highest step of the Psychologists Salary Schedule or the highest step of Preschool and Children’s Center Salary Schedule at the time of retirement.

 

27.2.5     Golden Handshake

 

Unit members will be eligible for the District “Golden Handshake” program, if provided by law, under the following conditions:

 

a.      Only full-time unit members are eligible (full-time equivalents who work a standard school year).

 

b.      Eligibility begins at fifty-five (55) years of age.

 

c.      Based on the analysis of the cost associated with the implementation of the early retirement credit program, there must be no net costs to the District as certified by the request for Certification of No Cost for Implementation of an Early Retirement Credit Program.

 

d.      A unit member must serve written notice to the District of his/her plans to retire at least by March 1st of the year of eligibility.

 

e.      Unit member retirement dates must correspond to the “Golden Handshake Window Period” established by the Governing Board.

 

f.       A unit member must be on Column V, Step 13, for at least one (1) year to qualify.

 

g.      Only fifteen (15) unit members will be selected in any one (1) year.  If more than fifteen (15) unit members apply, eligible unit members will be selected on the basis of number of years in the District and age.  The unit member with the most seniority will be selected first.  When seniority is equal, age will be the determining factor.

 

h.      The program will apply only to unit members who meet the eligibility requirements and who are currently working as of the date of ratification of this Agreement.  Former unit members now retired are not eligible for the program.

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