9.12 Retirement Incentive Summary (pages 31-33)

A few important points:

• There is no cap on the number of eligible employees who may participate.
• Members must have at least 10 consecutive years of full-time service with the District by the date of retirement.
• Members must be eligible to retire under TRS or IMRF.
• Members who want to participate must submit a written notice of intent to retire to the Superintendent or designee no later than April 1 of their Base Year.
  • What is the Base Year? It is the last full work year immediately before your first year receiving the retirement incentive. Your Base Year earnings are also used to calculate the 6% increases. 
• The incentive may be received for one to four Notice Years, depending on how far in advance you retire.
• Eligible employees receive a 6% increase in creditable earnings for each Notice Year, up to four years, subject to TRS or IMRF limits.
• The program applies to all eligible employees across our bargaining groups.

Bottom line: There is no numerical cap on participation. If you are considering retirement and want to take advantage of the incentive, April 1 of your Base Year is the key deadline.