407.4 LICENSED EMPLOYEE EARLY RETIREMENT

The school district offers an early retirement plan for full-time licensed employees.  Full-time licensed employees are licensed employees who work 20 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 age of 55 or older on or before June 30 of the year in which the licensed employee wishes to retire;
  • Completes a total of 10 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 February 1st of the year in which the licensed employee wishes to retire.  Applications submitted after February 1st 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 will constitute a voluntary resignation.  Approval by the board of the licensed employee's early retirement application will also make the licensed employee eligible for 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.

 

Settlement Benefit

 

The settlement benefit for a full-time teacher will be an amount to be determined times the number of years of service.  The retirement benefit may be paid directly to the 403(b) special pay deferral plan or to the health care savings plan.

 

Duration of Policy

This early retirement policy is offered for one year only, for retirements to begin with (enter year) school year.  It will be re-evaluated for subsequent years. 

 

 

Legal Reference:   

29 U.S.C. §§ 621 et seq. 

Iowa Code §§ 97B; 216; 279.46; 509A.13 

1978 Op. Att'y Gen. 247.

1974 Op. Att'y Gen. 11, 322.

 

Cross Reference:       407.3      Licensed Employee Retirement

                                  413.2      Classified Employee Retirement

 

Approved   July 1999            

Reviewed  May 2024

Revised  

407.4E1 LICENSED EMPLOYEE EARLY RETIREMENT ACKNOWLEDGEMENT OF RECEIPT

The 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 benefit 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

 
 

407.4E2 LICENSED EMPLOYEE EARLY RETIREMENT APPLICATION

The undersigned licensed employee is applying for early retirement pursuant to board policy 407.4, Licensed Employee Early Retirement.  Please complete the following information:
 
___________________________________________          ____________________________
                 Full Legal Name of 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 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:___________________