Some Retirement News

Hi MLEA members,

A couple of things to think about this month, both related to retirement:

1) As per Article V Section 11 of the current contract, if you notify the District in advance of your intent to retire at the end of the current school year you'll receive a Notification Stipend to be added on to your base contract amount. Given the fiscal mess that we're faced with it's a real blessing to know what the staffing for the next year will look like as early as possible; to that end, the District has agreed to both raise the amount offered from $1,000 to $1,500, and keep the amount level until March--under the current language, it would step down a couple hundred dollars per month.

If you have any questions about this part of the contract, please give me a call!

2) For those of us on Plan 3, this is the month where you can change your contribution option either up or down. There's a form that you'd have to turn in to Lynn Paul in the payroll office; you can find it, and more information, here:

http://www.icmarc.org/xp/plan3/trs/contributionrateflexibility.xml

Happy New Year!

--Ryan--

First Retirement Notification Incentive Date Coming Up

In the most recent Bargain we negotiated language regarding an additional stipend for teachers who announce their retirement early on; the exact language is on page 25, lines 24-27:

Employees who plan to retire at the end of the school year will be given an extended contract if they announce their retirement early. If the employee notifies the District with a letter of resignation by January 31st, the extended contract shall be worth $1,000; by February 28th, $800; by March 31st, $600; and by April 30th, $400.

Should you have any questions please contact an Exec Board member, or your building Bargaining Team representative.

Thanks!

--Ryan--