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Early Retirement for Certificated Employees POLICY NO: 456

All certificated employees of this district, except administrative staff, are eligible for an early retirement incentive through the State of Idaho, so long as they meet the following criteria: 

1.         The employee has completed a minimum of ten (10) years of continuous full-time certificated employment, which may include time spent on a sabbatical leave in Idaho public school districts at the time of application. 

2.         The employee is not eligible for unreduced service, early or disability retirement from the Idaho public employee retirement system at the time of application. 

3.         The employee is fifty-five (55) years old before September 1 of the year the application is made; provided that employees turning fifty-six (56) years old or greater between August 15 and 31, 2000, will be eligible to receive the retirement incentive option percentage provided in this section that reflects their age on August 15, 2000. 

4.         The employee submits his or her application to the state superintendent of public instruction on or before April 1 of the year of application. 

5.         The employee is contracted with an Idaho public school district for the entire school year during the year of application and has not been terminated or on a leave of absence for the current or upcoming school year. 

6.         An otherwise qualified certificated employee who becomes medically unable to work prior to July 1 will be eligible to apply for the early retirement incentive for which the employee would have been eligible retroactive to April 1. 

All full-time, qualifying certificated employees who make application with the superintendent of public instruction on the form provided by the Idaho Department of Education will receive as a one-time incentive the following amount of the employee’s qualifying state salary allocation as set forth in Idaho Code Section 33-1004E: 

At 55 years of age                    55% of allocation

At 56 years of age                    50% of allocation

At 57 years of age                    45% of allocation

At 58 years of age                    40% of allocation

At 59 years of age                    30% of allocation

At 60 years of age                    30% of allocation

At 61 years of age                    20% of allocation

At 62 years of age                    20% of allocation

At 63 years of age and over        0% of allocation

 

Certificated employees working less than full-time in the application year will have the early retirement incentive payment prorated according to their full-time equivalent (FTE) percentage. 

The early retirement incentive for those certificated employees not placed on the experience and education multiplier table (Idaho Code Section 33-1004A) will be calculated using the BA column of the table.

Incentives and the employer’s share of FICA benefits shall be paid by the State Department of Education to the district at which the applicant was last contracted on or before July 31 of the year of application and acceptance. 

The early retirement incentive will not be considered salary as defined by the public employees retirement system, Idaho Code Section 59-1302(31), but will be considered additional compensation flowing from the employment relationship and subject to federal and state tax laws. 

Any certificated employee receiving an early retirement incentive will not be eligible for future employment with an Idaho school district where such employment would again qualify him or her for participation in the state retirement system.  

Any applicant choosing to withdraw their application must notify the state superintendent of public instruction in writing on or before June 20 in the year of application. 

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LEGAL REFERENCE:

Idaho Code Sections

33-1004A

33-1004E

33-1004G

59-1302(31)

 

ADOPTED:   November 10, 1997

AMENDED:  November 9, 1999

AMENDED:  April 10, 2001

AMENDED:  October 12, 2004