407.03 – Licensed Employee Early Retirement
The Board, at its discretion, may offer an early retirement program.
Date of Adoption: January 10, 2014
Reviewed & Revised: October 19, 2020
Colfax-Mingo Community School District
Licensed Employee Early Retirement Plan
- Eligible licensed employees include only teachers, school counselors, and administrators. Eligible licensed employees must be a minimum age of 55 by June 30,-, and have 20 years of consecutive service in the Colfax-Mingo Community School District. Part-time service will be factored as to Full Time Equivalency.
- This early retirement policy is intended to be offered in any fiscal year at the Board’s discretion.
- An eligible licensed employee must submit an application on the form provided. Deadlines will be determined yearly by the Board.
- An eligible licensed employee shall not have received a notice of staff reduction or notice of termination prior to submitting the request for early retirement.
- An eligible licensed employee shall not be on an extended unpaid leave of absence, other than Family Medical Leave Act or Military Leave, prior to submitting the request for early retirement.
- An eligible licensed employee shall submit a written resignation, which will not be accepted except as a part of and contingent on approval by the Board of Directors for participation in the voluntary early retirement plan. Failure of the Board to approve the licensed employee’s early retirement application shall make the licensed employee’s current contract with the Board continue in full force and effect.
- Employees receiving early retirement benefits will not be eligible for re-employment except under terms to be determined by the Board of Directors, in its sole and exclusive discretion.
- All applications for early retirement under this policy must be approved by the Colfax-Mingo Community School Board of Directors and, once accepted and approved, will become binding unless both parties agree to do otherwise.
- The retiree shall receive an incentive payment equal to 1% of his/her present contracted salary less any supplemental pay or extended contract pay for each year of service. Amounts received through TSS and other compensations shall not be included in the calculation of the contracted salary,
- The incentive payment will be forwarded to the District’s Health Reimbursement Arrangement to avoid initial taxation of these monies. The payment will be made in one lump sum on or before July at the end of that school year.
- In the event of death of the employee, after approval of their early retirement but prior to the payment of the retirement benefit, a lump sum payment of the amount due shall be made to a designated beneficiary, or in the event, there is no beneficiary, the benefit shall be paid to the estate.
- The Colfax-Mingo Community School Board of Directors reserves the sole and exclusive discretion to discontinue or change this early retirement program at any time in the future with or without notice. The Board shall make the final decision on the resolution of any and all disputes regarding the implementation of this policy.
Date of Adoption: January 10, 2014
Reviewed & Revised: October 19, 2020