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Policy DEBA - Early Retirement

Policy DEBA-Early Retirement (PDF)

Issue Date: November 18, 2009

 

District personnel who wish to retire under an early retirement incentive may do so under the following early retirement policy:  

  1. Eligibility:Employees may elect to retire early if they meet at least one of the criteria listed below: 
  2. The employee currently is working full time* for the Juab School District, is 60 years of age as of June 30 of the current school year and has fifteen [15] years of service in the Juab School District  immediately preceding early retirement.

or

  1. The employee currently is working full time* for the Juab School District,has 30   years of eligibility in the Utah State Retirement System, and ten [10]years of service in the District immediately preceding early retirement.

            *Full time is definded as follows:

  • Certified staff, secretaries, instructional assistants – 37.5 hours per week
  • Custodians, maintenance personnel, bus drivers – 40 hours per week
  • School lunch workers -35 hours per week
  1. Benefit:
  2. The eligible employee will receive a sum equal to one year of salary divided over a five-year period immediately following retirement. 
  3. The sum will be based on the salary schedule step and/or lane of the employee at the time of  retirement, and be adjusted yearly to the current salary schedule.
  4. Salary step and lane changes will not be approved after retirement.
  5. All benefits will cease after the five year, early retirement period is complete.
  6. Benefits will be paid monthly for twelve months beginning on or before July 31 of the year of retirement.
  7. The benefits under this policy will be provided for a maximum of five years as described above.  If the death of the retiree receiving benefits shall occur at any time between the actual early retirement date and the consecutive five year entitlement, stipends will continue for the surviving spouse. If there is not a surviving spouse, all benefits shall terminate.
  8. Eligible employees who qualify for benefits as detailed by this policy shall receive these benefits provided that any monthly, old-age  insurance benefits under the Social Security ACT  42 U.S.C. [ 401 et seq. ]  which the employee is eligible to receive [whether actually applied for or not]  are computed as if the employee is actually receiving the benefits  and shall be  incorporated into the monthly stipends paid under this policy so that the monthly stipend amount paid   during any month by the Juab School District, plus any such Social Security benefits the employee is eligible to receive shall equal no more than  the  amount specified in number 2 above.
  1. Insurance:
  1. District group health and life insurance will be available to the retiree upon the same basis as other employees with the provision that the employee's stipend will be reduced by the amount equal to the insurance premium.  A retiree whose yearly stipend does not equal the yearly cost of insurance at the time of retirement will be required to pay the difference between the actual yearly cost of insurance and the yearly stipend.
  2. In the event that the employee forfeits his/ her early retirement incentive due to the provisions in 2 d  above, the District will pay the insurance premium for the retiree and his/her spouse under the current District group insurance plan, except that a retiree whose yearly stipend at the time of retirement does not equal the    yearly cost of insurance will continue to pay the difference between the yearly            cost of insurance and the yearly stipend.  In the event the retiree dies during the five year entitlement period, the District will continue to pay its same share of the retirement insurance costs for the surviving spouse until the five year entitlement period has been completed. {See paragraph 3 a above}.  An employee at his/her discretion may elect to take the dollar amount of the insurance premium for which he/she is eligible under the rules estblished in this policy with the provision that no employee may draw more money in lieu of premiums than the yearly cost of   the premium, or one-fifth of their yearly salary, whichever is less. No further insurance premiums, or money in lieu of premiums, will be paid to the employee when the employee, or the surviving spouse, becomes eligible for Medicare before the five year period is complete. 
  1. Application:
  2. Application for early retirement will be made  on forms provided by the District.
  3. The deadline for application will be April 1 of the current school year.