Coverage
This policy shall apply to certified employees who are currently under contract with the Bennett Community School District.
Eligibility
To be eligible for the voluntary early retirement benefits described in this policy, an employee must have completed at least the number of years of continuous full-time service, as specified in the scale listed below, to Bennett Community School District or the full-time equivalent thereof prior to the effective date of the employee’s early retirement. The employee must have reached the age, as specified in the schedule of benefits, on or before September 1st of the school year for which early retirement is first granted. The last year of employment must be a complete year of employment excluding absences due to illness or other approved leaves.
To be eligible for the early retirement benefits described in this policy an employee must also make application for early retirement not earlier than October 1st and not later than April 1st of the school year prior to the first school year in which early retirement would commence. The Board shall have the authority to approve or disapprove any and all applications for early retirement benefits.
An employee applying for early retirement shall submit his or her resignation, with the effective date to be the end of the contract year in which the early retirement application is submitted, from employment with the application for early retirement, which resignation may be contingent upon the Board’s approval of the application for early retirement. Applications for early retirement shall be addressed to the Superintendent on forms prepared by the Bennett Community School District.
Benefits
Full-time certified employees shall be eligible for an early retirement stipend as set out in the following:
Years of employment Age Basis of Payment
within the district
15 or more 57 A deposit to a 403(b) account of $10,000.00
for year one; $8,000.00 for year two; $7,000.00 for year three; $5,000.00 for years four and five, effective through 9/1/15. The deposits will be in consecutive Januarys following the acceptance of the early retirement application.
Unused/accumulated Employees may qualify for additional per
sick leave formula diem pay for unused/accumulated sick leave
upon retirement from the district. The
employer’s per diem shall be the daily rate
as provided in Schedule A for the regular
school year prior to the year of retirement.
*110 to 120 sick leave days - 20 additional
days per diem pay
*100 to 109 sick leave days - 15 additional
days per diem pay
*90 to 99 sick leave days – 10 additional
days per diem pay
*80 to 89 sick leave days – 5 additional
days per diem pay
Payment
The district will pay the incentive amount concurrent with the early voluntary retirement stipend.
Payments
The payments shall be treated by the district as a contribution to a 403(b).
Beneficiary
In the event of the death of the employee prior to payment, payment shall be made to a designated beneficiary; or, in the event no beneficiary is named, payment shall be made to the estate of the employee. In the event of the death of the employee, the entire sum remaining to be paid shall be paid to the estate in one lump sum.
Insurance
A school district employee who retires is allowed to individually pay for and participate in the district’s group health plan at the group rates until he/she reaches age 65 by meeting the requirements of the insurer.
Non-Vesting, Amendable Policy
No employee of the Bennett Community School District shall be considered to have any vested rights by virtue of this policy. The Board retains the right to cancel, repeal, amend or otherwise change or eliminate the terms of this policy at any time. Any and all rights to employees, their heirs, successors, beneficiaries or dependents under this policy shall terminate upon the death of any employee or retiree except for payments due and owing an employee whose retirement has commenced pursuant to this policy, which payment shall be paid to the estate of such retiree when payable.
An employee eligible to retire under this policy waives all future rights to apply for employment with the Bennett Community School District with the exception of substitute services.
This policy is not offered for the 2016-2017 school year.
This policy is offered for the 2017-2018 school year.
This policy is not offered for the 2018-2019 school year.
Approved: 02-10-97
Reviewed: 12-12-22
Revised: 02-09-15, 10-08-18
