GBQ- 1 Early Retirement Assistance Contract

Adopted : 1/8/03 Reviewed : 1/10/06
Amended: 9/9/26

 

Name		SSN:
The employee must work for the District a minimum of 10 years in a leave-qualifying capacity to qualify  and of those 10 years, a minimum of 5 consecutive years immediately prior to retiring to qualify for for the retirement leave incentive.(URS Tier 1 and 2 hybrid.  Tier 2 DC Plan employees must work for the District for a minimum of 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
The employee must qualify for immediate retirement under the provisions of the Utah State Retirement guidelines.
The maximum number of days the District will provide the retirement -leave incentive for is 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
step and lane value excluding any extensions or salary modifications based upon the following scale.
Days 1-50 15%	Days 51-90 20%	Days 91-120 25%
DOB
Date of Employment-
Last Working Day-	Assumption
Salary Contract Days
Certified Teacher	Elementary Principal	High School Principal	District Office All Staff
183	205	220	225
Calculation		(Maximum Available 120)	1-50 Days @ 15%
Contract Salary	Daily Rate	Total Accumulated Sick Leave	51-90 Days @ 20%
Lane 4 Step 25			91-120 Days @ 25%
	$0.00		$0.00
(Step & Lane Only, No extra)
*Note Policy will allow this yearly stipend to be paid all on the June 15th Career Ladder Payroll
		Only Certified Staff Eligible for Early Retirement~ Below This Line
$3,000 per year Waive Max
		Yearly Total	Monthly Cost to District
			$0.00
			$0.00
			$0.00
(Policy Sept. 1 to Aug. 31)
(Three years our until 65th birthday or when Medicare Eligible)			$0.00
(Certified Employees Only)~
Early Retirement Stipend  (Certified Teachers Only)			(N/A)$1,500 per year for 3 yrs. or until employee is eligible for Medicare.
Yearly Stipend (FY20)
Yearly Stipend (FY21)
Yearly Stipend (FY22)
Stipend may be paid on the 6/15/?? CL Payroll or spilt over June, July, and August payrolls.
Notes:		Sick Leave	$0.00	10-027--0050-1000-230
		Insurance	$0.00	10-027--0050-1000-240
		Early Retirement	$0.00	10-027--0050-1000-235
Employee Signature:			$0.00
District Offical:
		Note: The above stipends will not be calculated toward retirement earnings.

 

GBQ-1_Early_Retirement_Assistance_Contract.pdf