SUBJECT: Early Retirement Incentive—Licensed (Voluntary)
| THIS POLICY ONLY APPLEIS TO EMPLOYEES WHO HAVE RETIRED PRIOR TO THE 2006-07 CONTRACT YEAR.
- Board Policy
The Board shall provide certificated
of the District retirement incentive, and directs the District
Administration to administer the program as outlined below.
Administration shall administer the retirement
program according to the
NOTE: The prime interest
rate shall be examined annually and adjusted
as necessary to reflect
significant changes in interest rates.
- A licensed employee is eligible for this
- The employee has a
of ten (10) years full-time equivalent service with the District
and, at the time of resignation, retires under the provisions
of the Utah Retirement Systems. Years of service will be calculated
on the full-time equivalents; i.e., 2 years of half-time service
equal I year of full-time service.
- The employee has signed
voluntary retirement acknowledgment agreement and waiver to
Discrimination in Employment Act (P.L. 101—433)
prior to the
retirement date of the employee.
- Each year
the retiree will receive a percentage of the difference
between Lane A,
Step 1, of the teachers' C salary schedule and
that lane and step which
the employee is on at the time of retirement.
Retirees paid on the B
salary schedule shall have their salary
placement converted to the
full-time equivalent lane and step
on the C schedule to calculate this
benefit. The percentages shall
be based on Jordan District full-time
equivalent service, as listed
in the following table:
Equivalent Full-time Years
Percentage of the
- Upon retirement, an employee has four options:
- This benefit will be paid
maximum of four (4) years or until the month in which the
reaches the age for the unreduced Social Security benefit,
comes first. An employee retiring during the contract
year will be paid
monthly commencing the month following the actual
Employees retiring at the end of the contract
year will receive a
monthly entitlement commencing with the July
1 pay period.
- The retiree may authorize
the District to purchase additional service credit for the employee
through the State Retirement System as allowed by the Utah State
Retirement System and Utah State law (See Senate Bill 34 passed
State Legislature in 1995). The lump sum amount used as
retirement credit shall be discounted by the current
prime interest rate
plus 2 percent for each year to offset the
District’s loss of
- The retiree
the monthly benefit for the first 12 months in a lump sum
The current prime interest rate plus 2 percent will be imposed
to offset the District’s loss of interest earnings.
- The retiree may receive
the entire early retirement in one lump sum. The lump sum payment
be discounted by the current prime interest rate plus 2 percent
year to offset the District’s loss of interest
- Upon death of retiree, a one-time lump sum survivor
will be made to surviving beneficiary as listed at the time of
retirement, unless appropriate changes have occurred. The lump
sum payment will be discounted by the current prime interest rate
plus 2 percent for each year to offset the District’s loss
These policies have been developed and
approved by the Jordan School District Board of Education for exclusive
use within Jordan School District. Any use by a person or organization
outside of Jordan School District is not authorized by the school district.
Jordan School District bears no responsibility for such unauthorized
use or adaptation of the policies of Jordan School District. Any party
copying or revising these policies for its own use does so at its own
risk and responsibility as to applicability and legal sufficiency.
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