Menu

 

Board Policies –  Section C – General School Administration

CGAA – Administrator Voluntary Early Retirement Incentive

Unified School District #253 staff members may elect to take early retirement under the terms and conditions set forth in this policy.

Eligibility

Staff members are eligible for early retirement if they meet the following:

  • are currently a full-time employee.
  • are a minimum of 60 years of age prior to September 1 of the calendar year in which early retirement is requested, or who are eligible for KPERS early retirement without the reduction in benefits. If the employee has not attained age 55 during the year of separation from service, assets withdrawn prior to the attainment of age 59 ½ will be subject to an IRS 10% early withdrawal penalty in addition to the applicable State and Federal taxes.
  • are not older than 64 years of age as of September 1 of the calendar year in which early retirement is requested.
  • at the time of request for early retirement, the staff member must have 15 years of service in this district as an employee to be vested for this early retirement benefit. The employee shall be 100% vested in installments as they are paid.

Compliance with the above items will be determined by the appropriate central office administrator. Staff members applying for early retirement shall have the responsibility to provide all facts and information necessary to prove eligibility for early retirement and to determine benefits to be paid.

Applications

Each staff member shall apply for early retirement benefits by submitting a completed application form as provided in this policy to the appropriate central office administrator.

Application forms shall be submitted on or before the first day of February preceding the anticipated retirement date.

Any full-time administrator is eligible to receive the Early Notification Incentive upon written notification of resignation/retirement and subsequent action by the Board of Education. Any incentive shall be paid at the end of the contract year.

Retirement applications/notification for each category shall include the following information:

  • a statement of the staff member’s desire to take early retirement
  • the anticipated date of retirement
  • birth date and age on the date of retirement
  • current mailing address
  • telephone number
  • years employed by USD #253 in the retiring job category
  • current contracted primary annual salary. It does not include overtime, merit, supplemental, extracurricular, summer school, board paid health benefits, or travel pay.
  • the understanding that lump sum payment will be invested in an Employer Contributory 403(b) Plan, established for the retiree, with the approved district vendor. Assets in the plan will be subject to the regulations under IRC Section 403(b). The employee is subject to management charges to maintain the 403(b) plan. The retiree may choose to leave the assets in the account and withdraw them at a later date or chose to withdraw the assets from the account immediately after the account is established. If the retiree has attained age 55 during the calendar year of separation from service, assets withdrawn will be subject to the applicable State and Federal taxes.
  • whether the staff member desires health insurance coverage through the district’s health insurance program with monthly premiums paid by the employee.

 

Following final action on any application for early retirement, the appropriate central office administrator shall notify the applicant, in writing, of the final disposition and the date and amount of annual early retirement benefits to be paid.

Early Retirement Benefits

The annual early retirement benefit shall be:

  • a sum of money equal to the product of the number of years of qualified service credit in the district for the employee,
  • multiplied by the current contracted primary annual salary received by the employee as a result of employment in the applicable job category with the district
  • multiplied by a factor related to the person’s current age as defined in the policy, as follows: .0060 at age 60, .0060 at age 61, .0060 at age 62, .0060 at age 63, .0060 at age 64 or who are eligible otherwise.
  • the initial payment may be before age 60, but shall not exceed five (5) years in length. No payment shall be after age 65.
  • only USD #253 teaching and administrative job service will be used to compute retirement benefits for administrative staff.

Terms and Conditions

The following terms and conditions shall apply to the district’s early retirement plan for administrative staff:

The annual early retirement benefit may be payable by the district in a lump sum in July of each year.

An employee taking early retirement shall have the option to maintain health insurance coverage through the school district’s health insurance program by agreeing to pay the full premium on a monthly basis.

All early retirement benefits excluding the option to maintain health insurance shall automatically terminate at the time an employee reaches age 65.

A professional employee who chooses to take the district early retirement benefit shall be eligible for re-employment by the school district as a substitute, Rule 10 coach, classified staff member, or adjunct staff member in a position of classified employment which is less than half-time. For the purpose of this section, this part-time position is defined as not eligible for or in conflict with benefits usually afforded through the Kansas Public Employees Retirement System.

If death should occur to the recipient during this agreement, the board of education will honor said agreement for that school year only. If compensation has not been made at the time of death, said compensation shall be paid to the beneficiary as designated under the Kansas Public Retirement System.

Definition of salary shall mean the current primary salary.

Eligible employees are entitled to reimbursement for their unused accumulated leave time. After the Board of Education has received proper written notification of retirement, this reimbursement shall be made at the nearest pay cycle after completion of the staff member’s contract and it will be subject to all withholdings as required by law.

If any provision of this early retirement plan is determined to be in violation of federal or state laws or regulations, then the entire plan shall immediately terminate and shall be of no further force or effect.

 

Approved: January 12, 1993
Amended: August 23, 1994
Amended: November 8, 2006

 

 

EMPORIA USD #253

APPLICATION FOR EARLY RETIREMENT PROGRAM

 

 

I, _____________________, hereby make application for early retirement from employment with the Emporia USD #253 (herein after called district). I understand that, if my application for early retirement is approved, I will be entitled to receive annual early retirement benefits from the district as determined under the provisions of the board of education policy on early retirement. A copy of the early retirement policy has been provided to me and I agree to comply with and be bound by the terms and conditions of stated policy and any subsequent amendments.

 

In support of my application for early retirement, I submit the following information:

 

  1. The effective date of my retirement is ______________.
  2. My birth date is______________________________.
  3. On my effective date of retirement, I will be_______ years of age.
  4. My current mailing address is______________________________________________.
  5. On the effective date of my retirement, I will have completed________ years of employment with the district.
  6. Salary which is to be used in my retirement computation is $__________
  7. I (check one) do______ or do not_______ desire to continue my current health insurance coverage through the district’s health program.

 

In consideration of the benefits provided to me under the Early Retirement Policy, I acknowledge and agree that said policy may be amended or terminated at any time by mutual agreement of the board of education and an advisory group of EAA/Classified staff. If the early retirement policy is terminated for any reason prior to my receiving full early retirement benefits, I may have the option of returning to employment with the district.

 

Date:______________ Employee Signature________________________________________

 

Date:______________ Approved by Superintendent__________________________________

 

 

Emporia USD #253

Administrator Early Retirement Benefit

 

Date _________________________ Name ________________________________

Date of Birth ___________________ Address ________________________________

Retirement Date ________________ ________________________________

   

 

 

1. Current contracted annual salary.

$ _______________

 

 

2. The initial payment may be made before age 60, but shall not exceed five (5) years in length. 
No payment shall be made after age 65.

 

           

 

           

School 
Year

Current 
Salary

Percent

Index

USD253
Years of
 
Service

Due 
Amount

Date 
Payable

               

1st Year

 

 

 

 

 

 

20___-___

  $_________  X  

(.0060)

  =  $_________  X  

  ________  =  

  $_________  

  ________  

2nd Year

           

20___-___

  $_________  X  

(.0060)

  =  $_________  X  

  ________  =  

  $_________  

  ________  

3rd Year

           

20___-___

  $_________  X  

(.0060)

  =  $_________  X  

  ________  =  

  $_________  

  ________  

4th Year

           

20___-___

  $_________  X  

(.0060)

  =  $_________  X  

  ________  =  

  $_________  

  ________  

5th Year

           

20___-___

  $_________  X  

(.0060)

  =  $_________  X  

  ________  =  

  $_________  

  ________  

               

 

 

 

3. Total Early Retirement Benefit

$ _______________

 

   

4. If you have chosen health insurance, you will be required to pay the monthly premium.

 

 

Dated _____________________

Approved By ________________________________

 

(Central Office Administrator)

 

 

Date to Payroll ______________

Accepted By ________________________________

 

(Employee)

 

 

 

Pin It on Pinterest

USD253
usd253_reverse_logo_200px