Tuesday, April 7, 2015

Explanation of Early Retirement Benefits


Current
Early Retirement Benefits
Professional, Support Staff, and Confidential Staff with 10 years of full time local service to the District and 20 years of WRS or similar professional service receive 48 months of health and drug coverage. Additional months of coverage available through sick leave conversion (see below).  All dental coverage ends.

Full time status for OPEB is 7 hours per day or more. An employee can be categorized full time school year or full time calendar year. Early Retirement age is between ages 55-64.

Professional, Support Staff, and Confidential Staff that retire at age 62 with 10 years of full time local service receive 36 months of health and drug coverage

Classified Staff with 10 years of full time local service to the
District and 20 years of WRS or similar professional service receive
36 months of health and drug coverage. Full time for OPEB is
7hours per day or more.  An employee can be categorized full time school year or full time calendar year. Early Retirement age is between 62-64.

The classified staff can retire earlier than age 62 with additional months of coverage through sick leave conversion. (see below).

Professional, Support, and Confidential Staff
Unused Sick Days                Additional Months of Coverage
   30-39 days                                       12 months
   40-97 days                                       24 months
  98-129 days                                      36 months
 130 or more days                              48 months

  Classified Staff Sick Leave Conversion 
  Unused Sick Days                 Additional Months of Coverage
        60 days                                          12 months
    61-130 days                                       24 months             
  
Early Retirees pay same contribution rate as active employees.

Board Action: Approved 3/10/15

Option 5
Early Retirement Benefits
Professional, Support Staff, and Confidential Staff with 10 years of full time local service to the District and 20 years of WRS or similar professional service receive fixed months of health and drug
coverage. All dental coverage ends.  Full time for OPEB is 7 hours per
day or more. An employee can be categorized full time school year or full time calendar year.

Classified Staff with 10 years of full time local service to the District and 20 years of WRS or similar professional service receive fixed months of health and drug coverage.  Full time for OPEB is 7hours per day or more.

An employee can be categorized full time school year or full time calendar year. Additional months of coverage available through sick leave conversion. Each day of accrued sick leave converted to a dollar amount of $147.  The total applied to additional months of coverage at the full premium rate at the time of early retirement.

Early Retirees pay same contribution rate as active employees.

Eligible to early retire: July 1, 2015- June 30, 2016
Professional, Support & Confidential Staff
· 48 months plus Additional months w/ sick leave dollar conversion
Classified Staff
· 36 Months plus Additional months w/sick leave dollar conversion

Eligible to early retire: July 1, 2016 June 30, 2025
All Eligible Staff
· 36 Months plus Additional months w/sick leave $ conversion

Eligible to early retire: July 1, 2025 June 30, 2035
All Eligible Staff
· 24 Months plus Additional months w/sick leave $ conversion

Eligible to early retire: July 1, 2035 June 30, 2045
All Eligible Staff

· 12 Months plus Additional months w/sick leave $ conversion

Board Action: Rescinded Option 5  3/24/15
Approved Option 5A  3/24/15

Option 5-A
Early Retirement Benefits
Eligible to early retire: July 1, 2015- June 30, 2018
AND retires by June 30, 2018

· Same Benefit as Current

Eligible to early retire: July 1, 2015June 30, 2018
BUT retires after June 30, 2018

Professional, Support & Confidential Staff
·      48 Months plus Additional months w/ sick leave dollar conversion

Classified Staff
·      36 Months plus Additional months w/ sick leave dollar conversion

Eligible to early retireJuly 1, 2018– June 30, 2025

All Eligible Staff
· 36 Months plus Additional months w/sick leave conversion


Eligible to early retire: July 1, 2025-June 30, 2035

All Eligible Staff
· 24 Months plus Additional months w/sick leave conversion


Eligible to early retire: July 1, 2035 No end date but only covers current employees.

All Eligible Staff
· 12 Months plus Additional months w/sick leave conversion

Option 5-B
Early Retirement Benefits
Eligible to early retire: July 1, 2015- June 30, 2018


· Same Benefit as Current



Eligible to early retireJuly 1, 2018 June 30, 2025

All Eligible Staff

· 36 Months plus Additional months w/sick leave $ conversion



Eligible to early retire: July 1, 2025 June 30, 2035

All Eligible Staff

· 24 Months plus Additional months w/sick leave $ conversion


Eligible to early retire: July 1, 2035 No end date but only covers current employees.

All Eligible Staff

· 12 Months plus Additional months w/sick leave $ conversion


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