1. At age fifty five (55) the teacher shall receive sixty percent (60%) of his/her annual salary, payable in four (4) equal installments on the first (1) days of July, October, January and April.
2. At age fifty six (56) the teacher shall receive fifty five percent (55%) of his/her annual salary, payable in four (4) equal installments on the first (1) days of July, October, January and April.
3. At age fifty seven (57) the teacher shall receive fifty percent (50%) of his/her annual salary, payable in four (4) equal installments on the first (1) days of July, October, January and April.
4. At age fifty eight (58) the teacher shall receive thirty percent (30%) of his/her annual salary, payable in four (4) equal installments on the first (1) days of July, October, January and April.
5. At age fifty nine (59) the teacher shall receive twenty percent (20%) of his/her annual salary, payable in four (4) equal installments on the first (1) day of July, October, January and April.
6. At age sixty (60) and over the teacher shall receive a lump sum payment of ten thousand dollars ($10,000.00), payable in one installment on the 1st day of July in the year of retirement of the teacher.
For the purposes of the early retirement incentive plan, the teacher’s age shall be defined as the age of the retiring teacher on his/her last day of employment with the Education Authority.
It is mutually agreed that any teacher who participates in the early retirement incentive plan shall Not be re-employed in a full-time capacity by the Education Authority, Unless the early retirement incentive plan payments which have been paid to the retiree have been paid back in full to the Education Authority, prior to the commencement of any re-employment.
All Early Retirement Incentive Plan applicants who are authorized by the Education Authority shall retire effective the last day of the school year.
The Education Authority shall have the sole discretion to decide between all applicants who apply for early retirement benefits under the provisions of this Clause.
In the event of the death of a teacher who has been receiving benefits under the Early Retirement Incentive Plan, payments shall continue to be made in accordance with the Pay Schedule, to the Estate of the deceased teacher.