Is at least age 55 prior to the start of the next school year.
Completes a total of 15 years of service as a full-time licensed employee to the school district;
Submits an application to the superintendent for participation in the plan on or before Wednesday of the first week of February of the year in which the licensed employee wishes to retire. Applications submitted after Wednesday of the first week of February may be considered at the discretion of the board depending on the circumstances for the late application;
Submits a written resignation. The resignation may be contingent upon approval by the board of participation in the voluntary early retirement plan; and,
Receives board approval of the licensed employee's application for participation in the early retirement plan, of the licensed employee's resignation and of the disbursement of early retirement incentive to the licensed employee.
Approval by the board of the licensed employee's early retirement application shall constitute a voluntary resignation. Approval by the board of the licensed employee's early retirement application will also make the licensed employee eligible for disbursement of the early retirement incentive the sooner of July 1 following the licensed employee's approval for early retirement or a date mutually agreed upon by the school district and the licensed employee. Failure of the board to approve the licensed employee's early retirement application will make the licensed employee's current contract with the board continue in full force and effect.
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Employees eligible to retire in accordance with the accompanying criteria will be provided: $6000/year for five years. If the early retiree does not choose to remain on the schools health insurance policy the retirement incentive will be paid into a 403b. If the early retiree chooses to remain on the school's health insurance policy the retirement incentive will be paid into a Health Retirement Account (HRA). Early Retiree Not Remaining on School Health Insurance: $6000 may be withdrawn after deposit in the 403.b thus allowing the staff member a substantial tax savings. In the event of the death of the retiring employee prior to completion of the installment payments provided for in this section, the remaining installments shall be paid to the estate, heirs, or successors in interest of such deceased employee on the same basis to which the retiring employee would have been entitled had he or she survived. Any deductions required by State or Federal Laws shall be made prior to payment of the net amount due. In the event of the death of the licensed employee prior to payment of the early retirement incentive but after the licensed employee's retirement has begun, the early retirement incentive will be paid to the designated beneficiary in one lump sum payment. In the event no beneficiary is designated, the incentive will be paid to the licensed employee's estate in one lump sum payment. Early Retiree Remaining on School Health Insurance: There are no beneficiaries for the HRA. A surviving spouse or qualifying dependent will still be able to access funds for eligible medical expenses and premiums. If the participant does not have a surviving spouse or qualifying dependent, the executor of their estate or trustee can use the remaining funds to reimburse eligible medical expenses and premiums not previously submitted on the participant’s behalf. If an account balance still remains after 12 months with no plan activity, the balance will forfeit back to the employer. |
The board has complete discretion to offer or not to offer an early retirement plan for licensed employees. The board may discontinue the school district's early retirement plan at any time.
Legal Reference:
29 U.S.C. §§ 621 et seq.
Iowa Code §§ 97B; 216; 279.46; 509A.13.
Cross Reference:
407.3 Licensed Employee Retirement
413.2 Classified Employee Retirement
Approved: 2/13/2023 Reviewed: __________ Revised: ___________
The undersigned licensed employee acknowledges receipt of the early retirement plan documents stated below, for the licensed employee's consideration:
early retirement policy (plan description);
early retirement insurance options]; and
early retirement application.
The undersigned licensed employee acknowledges that the application and participation in the early retirement plan is entirely voluntary.
The undersigned licensed employee acknowledges that the school district recommends the licensed employee contact legal counsel and the employee's personal accountant regarding participation in the early retirement plan.
__________________________________ ________________
Licensed Employee Date
Approved: 02/13/2023 Reviewed: ______________ Revised: _______________
Board policy 407.6, Licensed Employee Early Retirement, allows the employee to continue to participate in the school district's group health insurance plan until age 65 by meeting the requirements of the insurer.
The licensed employee is responsible for the cost of the health insurance premium. The licensed employee must pay the employee's share of the premium by paying the monthly premium amount in full to the board secretary prior to the due date of the school district's premium payment to the insurance carrier.
The undersigned licensed employee __________________ (does, does not) wish to continue to participate in the school district's group health insurance plan.
______________________________________ ________________
Licensed Employee Date
Approved: 02/13/2023 Reviewed: __________ Revised: ___________
The undersigned licensed employee is applying for early retirement pursuant to board policy 407.6, Licensed Employee Early Retirement. Please complete the following information:
(Full Legal Name of Licensed Employee) ____________________________________ (Social Security Number) ______________________________
(Current Job Title) ___________________ (Date of Birth)____________ (Years of Service)___________
Please attach a letter of resignation effective the last contractual day of the year in which the undersigned licensed employee intends to retire.
The undersigned licensed employee acknowledges that application and participation in the early retirement plan is entirely voluntary.
The undersigned licensed employee acknowledges that the school district recommends that the licensed employee contact legal counsel and the employee's own personal accountant regarding participation in the early retirement plan.
Should the licensed employee die prior to full payment of an early retirement benefit, the licensed employee designates either the following individual as beneficiary or the licensed employee's estate.
_______ Beneficiary _______ Estate
Beneficiary ____________________________
Beneficiary Address ________________________
Licensed Employee _________________________________ Date ___________
Witness ______________________________________ Date ___________
Approved: 02/13/2023 Reviewed: __________ Revised: __________