407.6 - Licensed Employee Early Retirement
407.6 - Licensed Employee Early RetirementThe school district offers an early retirement plan for full-time licensed employees. Full-time licensed employees are licensed employees who work 38.75 hours per week and who are currently performing their assigned duties within the school district. A licensed employee is eligible under the early retirement plan when the licensed employee:
· Is over the age of 55 on or before June 30 of the year in which the licensed employee wishes to retire;
· Completes a total of 15 years of service as a full-time licensed employee to the school district;
· Submits an application to the superintendent for participation in the plan on or before March 31 for the year in which the licensed employee wishes to retire. Applications submitted on or after March 31 may be considered at the discretion of the board depending on the circumstances for the late application.
· Submits a written resignation. The resignation may be contingent upon approval by the board of participation in the voluntary early retirement plan; and,
· Receives board approval of the licensed employee's application for participation in the early retirement plan, of the licensed employee's resignation and of the disbursement of early retirement incentive to the licensed employee
Approval by the board of the licensed employee's early retirement application shall constitute a voluntary resignation. Approval by the board of the licensed employee's early retirement application will also make the licensed employee eligible for commencement of disbursement of the early retirement incentive the sooner of July 1 following the licensed employee's approval for early retirement or a date mutually agreed upon by the school district and the licensed employee. Failure of the board to approve the licensed employee's early retirement application will make the licensed employee's current contract with the board continue in full force and effect.
The board has complete discretion to offer or not to offer an early retirement plan for licensed employees. The board may discontinue the school district's early retirement plan at any time.
Legal Reference: 29 U.S.C. §§ 621 et seq. (2006).
Senate File 2366, 77th General Assembly, 2nd Reg. Sess. (1998).
Iowa Code §§ 97B; 216; 279.46; 509A.13 (2009).
1978 Op. Att'y Gen. 247.
1974 Op. Att'y Gen. 11, 322.
Cross Reference: 407.3 Licensed Employee Retirement
413.3 Classified Employee Early Retirement
Approved 9/13/99
Reviewed 10/18/21
Revised 02/14/11
407.6E1 - Licensed Employee Early Retirement Acknowledgement of Receipt
407.6E1 - Licensed Employee Early Retirement Acknowledgement of ReceiptThe undersigned licensed employee acknowledges receipt of the early retirement plan documents stated below, for the licensed employee's consideration:
· early retirement policy (plan description);
· early retirement insurance options; and
· early retirement application.
The undersigned licensed employee acknowledges that the application and participation in the early retirement plan is entirely voluntary.
The undersigned licensed employee acknowledges that the school district recommends the licensed employee contact legal counsel and the employee’s personal accountant regarding participation in the early retirement plan.
_________________________________________________ ___________________________
Licensed Employee Date
407.6E2 - Licensed Employee Early Retirement Insurance Options
407.6E2 - Licensed Employee Early Retirement Insurance OptionsBoard policy 407.6, Licensed Employee Early Retirement, allows the employee to continue to participate in the school district's group health insurance plan until the employee receives Medicare or secures health insurance by other means by meeting the requirements of the insurer.
The licensed employee will be responsible for the cost of the health insurance premium.
The undersigned licensed employee (does, does not) wish to continue to participate in the school district's group health insurance plan.
___________________________________________________ ________________________
Licensed Employee Date
Approved _________
Reviewed 10/18/21
Revised 7/19/06
407.6E3 - Licensed Employee Early Retirement Application
407.6E3 - Licensed Employee Early Retirement ApplicationThe undersigned licensed employee is applying for early retirement pursuant to board policy 407.6, Licensed Employee Early Retirement. Please complete the following information:
______________________________________________ _________________________________
(Full Legal Name of Licensed Employee) (Social Security Number)
______________________________________________ ________________ ______________
(Current Job Title) (Date of Birth) (Years of Service)
Please specify the date desired for payment of the early retirement benefit and the reason for the date if a date other than _____________ of the year in which the undersigned licensed employee retires is desired.
______________ __________________________________________________________________
(Date) (Reason for date other than ______________)
Please attach a letter of resignation effective June thirtieth of the year in which the undersigned licensed employee intends to retire.
The undersigned licensed employee acknowledges that application and participation in the early retirement plan is entirely voluntary.
The undersigned licensed employee acknowledges that the school district recommends that the licensed employee contact legal counsel and the employee’s own personal accountant regarding participation in the early retirement plan.
Should the licensed employee die prior to full payment of an early retirement benefit, the licensed employee designates either the following individual as beneficiary or the licensed employee’s estate.
____ Beneficiary ____ Estate
_________________________________________________________________________________
Beneficiary
_________________________________________________________________________________
Beneficiary Address
____________________________________________________________ ___________________
Licensed Employee Date
____________________________________________________________ ___________________
Witness Date
Approved 2/13/06
Reviewed _10/18/21
Revised ______________