The Division will provide an Early Retirement Incentive to teachers under contract to the Division in accordance with the foregoing:
A. That seven (7) consecutive years of service with the Garden Valley School Division be required with the last year of employment being the year in which the Early Retirement Incentive is taken.
B. A Deferred Salary Leave shall not constitute a break in service with the Division.
C. That a sliding incentive scale be used, as follows:
- 54 and 55 years of age to receive $15,000.00;
- 56 and 57 years of age to receive $12,000.00.
D. That the incentive payment be pro-rated based on time taught during the seven (7) consecutive years of employment prior to the incentive being taken.
E. That there be no restriction on the number of incentives offered, provided applicants meet the eligibility requirements stipulated above and have submitted notification of retirement prior to March 15 of the school year in which they wish to retire. Teachers submitting such notification will be permitted to complete the school year.
F. That the Early Retirement Incentive take effect January 1, 1994.