Retirement Benefits

Amended:        10-14-92
Amended:        2-12-03, 2-8-06, 11-10-21
Amended:        9-9-26 (Combined GBQ & GBR)

Philosophy:   

The purpose of this policy is to detail the benefits to employees in the South Sanpete School District when they choose to retire. 

Policy:                                    

For Tier 1 and Tier 2 Hybrid employees, the employee (Educator Support Professional and Certified) must work for the District a minimum of ten (10) years in a leave-qualifying capacity and of the (10) years, a minimum of (5) consecutive years immediately prior to retiring to qualify for the retirement leave incentive. The employee must qualify for immediate retirement under the provisions of the Utah State Retirement guidelines.

For Tier 2 Defined Contribution (DC) Plan employees, the employee must work for the District a minimum of fifteen (15) years in a leave qualifying capacity, and of the (15) years, a minimum of (5) consecutive years immediately prior to retiring to qualify for the retirement leave incentive. These benefits are only paid out once, meaning an employee cannot retire, receive these benefits, and then later return to work and accrue the benefits again.

Accumulated Sick Leave Payout

The District will compensate employees for their unused accumulated sick leave up to a maximum of 120 days.  The cash settlement of unused accumulated leave will be paid based on the employee’s regular salary schedule position in their final contract year excluding any extensions or salary modifications based upon the following:

   Number of Days                    Percentage to be Paid

Policy GBQ-1 will be used to calculate this reimbursement.

Educator Support Professionals were approved for this benefit on 1-1-1991. 

Early Retirement Stipend

Early Retirement is possible in the South Sanpete School District under the guidelines of the Utah Retirement System. Certified employees are eligible for this benefit for three years or until the employee is eligible for Medicare, whichever comes first.

Any certified employee who has met the requirements of the Utah Retirement System and the District requirements above who desires to retire early shall be entitled to benefits. The table below describes the amount paid by the District.  The amount will be prorated if not eligible for the full year.  (July 1 – June 30) Policy GBQ-1 will be used to calculate this benefit.

Health Insurance Benefit

The School District shall continue to offer the same health insurance coverage and HSA/HRA contributions for the early retiree as currently employed certified employees for three years or until the employee is eligible for Medicare, whichever occurs first. After that period, the employee shall be entitled to rights under COBRA but must make arrangements for any further coverage and bear its expense. If the employee waives the health insurance, they will receive the same amount that current employees will receive into their HSA/HRA for each of the three years. The amount will be prorated by month if the employee would not have been on insurance for that full year. Policy GBQ-1 will be used to calculate this benefit.

If an employee dies before their retiree insurance coverage ends, and the employee’s spouse is covered under the plan, the District will provide the spouse with a single lump sum payment.  This payment will equal the single premium multiplied by the number of months remaining in the coverage period. After receiving this payment, the spouse and any other covered dependents will no longer be eligible for coverage under the insurance plan. Only the spouse will receive the payment; other dependents will not receive any cash compensation. (See Policy GCBC)

GBQ.pdf