School board approves early retirement policy – vermillion plain talk_ local news

The Vermillion School Board gave second reading and final approval to an amended policy dealing with the school district’s early retirement program for administrators.

The school board had given the policy its first reading on Jan. What is health information management 24. Information about world health organisation At its Feb. Health information database 13 meeting, it gave the second reading to a policy to guidelines that had been amended by Jim McCullough, the school district’s policy.

The early retirement program will remain in effect only for those administrators who have currently qualified for early retirement eligibility and those other administrators who will qualify for such eligibility over the ensuing 2016-2017, 2017-2018, and 2018-2019 school years until their eligibility ceases. Information about health and safety Early retirement benefits are limited to current 2016-2017 school year salaries for all affected administrators.

The amended policy states that to be eligible for early retirement benefits, an administrator must have at least 12 years of consecutive, full-time service in the Vermillion School District immediately prior to entering the program. Information about health and medicine The age of the retiree on Aug. Components of health information systems 31, following the final year of employment, will be utilized as a basis of eligibility for retirement.

Administrators must be at least 55 and no older than 62 no later than Aug. Health and medicine information 31 and prior to the starting date of the next school term to elect early retirement at the end of such school year. Health information exchange organizations A written application to enter the early retirement program must be submitted to the school board prior to March 1 of the year in which they elect to retire. Information about healthy food Early retirement must coincide with the end of the school term.

A formal agreement must be signed by the retiree and the school board, which will include the designation of a beneficiary. Health information news Once administrators choose early retirement and enter this program, they cannot return to fulltime employment in the school district.

No more than one administrator can choose early retirement in any given school year, unless approved by the school board. Human health information Unless so approved, the administrator with the most years of experience in the school district shall receive first consideration for early retirement benefits in the event there is more than one application per year.

Early retirement payments will be made on the basis of 70 percent of salary of the 2016-2017 contract year salary. Health information systems degree Salary shall be defined as the present contracted salary of the administrator electing early retirement, exclusive of extracurricular payments. Health information exchange market The administrator will receive early retirement compensation as follows: 1) Age 55-60 – three equal annual payments; 2) Age 61-62 – two equal payments.

There will be only one early retirement payment per retiree in a given school district fiscal year made on the November payroll date. Information about health care The early retirement payment shall be paid into an employer directed non-ERISA 403(b) plan in the name of the retiree in accordance with the annual maximum deposit limits of such post-retirement contributions as outlined in IRS Code.

If an early retired administrator dies prior to receiving complete payment of early retirement benefits, remaining payment will be made to the designated beneficiary. Information about health is wealth The school district shall withhold all deductions required by law.

An administrator who has been dismissed through the Reduction in Force policy of the district may apply prior to May 1 of the dismissal year for early retirement benefits. Information on health and medicine Administrators who are granted early retirement benefits may continue to participate in the district’s group health insurance program under the following conditions: a. E health information management Early retiree shall pay 100 percent of the premium cost for his/her

participation; b. Health information sources The monthly premium shall be paid by each early retiree at such time and in such a manner as required by the business manager of the district; c. Health information exchange standards If an early retiree maintained dependent coverage at the time of early retirement, such coverage may be continued hereunder. Health information sites No dependent coverage may be added after the date of retirement; d. Benefits of health information exchange The district’s group coverage shall cease on the 65th birthday of the retiree. Health information systems salary If a dependent reaches the age of sixty-five (65) before the retiree, the plan shall be reverted to an individual plan for the retiree only; e. Health information exchange models The early retiree, at age 65 or older, must convert to an individual policy at the time of retirement; f. What is health information technology If an early retiree dies and the spouse was not an employee for the district eligible for group health insurance, the spouse shall lose coverage under the district’s group plan within 60 days of such death, unless the spouse is eligible for continuing group coverage under federal mandated law COBRA.

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