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 5-A 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, 2015–June 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 retire:  July 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 retire:  July 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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