Code No. 407.6
LICENSED EMPLOYEE EARLY RETIREMENT
A. Purpose: This voluntary early retirement program provides an incentive that allows an orderly means of attrition of employees, demonstrates the District’s appreciation for services employees have rendered to the District, aids employees in transition to retirement and Medicare eligibility, and provides an estimated cost savings to the District.
B. Eligibility: This voluntary early retirement program applies to all licensed employees, including administrators, who are employed at least thirty (30) hours per week on a regular (non-substitute) contracts during the current contract year who resign effective at the end of the current contract year, who are at least fifty-six (55) years of age on July 1 of the elected year who have been employed with the Riverside Community School District for at least six (6) consecutive years immediately prior to July 1 of the elected year, and who were on active employment (not on leave) at least ninety (90) days during the current contract year. Time on extended unpaid leave will not break years of service, but will not be counted towards the required six years. If an employee previously received voluntary early retirement payments from the District and then was rehired, the employee is not eligible to again receive payments under this program. Eligibility to receive these benefits is contingent upon having successfully fulfilled all contractual obligations.
C. Application and Resignation: The employee must make application for early retirement benefits not later than February 1 of the elected year. The application shall be made on a form provided by the District and shall be submitted to the Superintendent. The Board shall have the discretion to approve or disapprove any and all applications for early retirement benefits. The employee shall submit a resignation from all contracts with the Riverside Community School district effective at the end of the current contract year, which resignation may be contingent upon the board approving the application for early retirement benefits. Approval of the request for early retirement benefits will be considered acceptance of the employee’s resignation and will constitute a voluntary termination of all of the employee’s contracts.
D. Voluntary Early Retirement Benefits: An employee whose early retirement under this program has been approved may elect to continue participation in the District’s group medical insurance plan until the employee becomes eligible for Medicare (whether or not the employee actually applies for Medicare) or until the employee’s death, whichever first occurs. The District will pay up to the single premium dollar amount per month for the plan designated by the Board on an annual basis. The District reserves the right to change coverage or carriers during such time period. No level of benefits or maximum deductibles or maximum out of pocket expenses is guaranteed for early retirees during their period of eligibility for early retirement benefits. The employee must meet requirements of the insurer to continue medical coverage.
E. No Vesting: The adoption of this employee voluntary early retirement program shall not vest any right in any employee whether or not the employee is currently eligible for early retirement. The Board shall have the complete discretion to repeal, renew or not renew this program at any time and shall not be obligated to provide any benefits to any employee, except to those employees whose early retirement pursuant to this program has commenced.
The board may in its discretion offer an early retirement program. Considered by on an annual basis in December.
Legal Reference:
29 U.S.C. §§ 621, etseq. (2012).
Iowa Code §§ 97B; 216; 279.46; 509A.13
1978 Op. Att'y Gen. 247.
1974 Op. Att'y Gen. 11,322.
Approved 9-13-93 Reviewed 11-21-16 Revised 8-19-2019