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 April 2022
Revised April 2022