Retirement Benefits
All employees of Interlocal#637 who have served ten (10) or more consecutive years in this district before retirement will be eligible for additional compensation according to the following schedule.
Provisions of the Retirement Incentive apply only to those employees hired prior to July 1, 2003.
The additional compensation will be $25.00 per day for each day of unused sick leave. Compensation for unused sick leave shall be limited to a maximum of 120 days.
The employee requesting the above benefits shall notify the Director of the Interlocal in writing no later than February 1st of the contracted school year of his/her intention to retire to be eligible to receive these stipulated benefits.
An employee is eligible for retirement if such employee:
has ten (10) or more years of continuous employment completed with the Interlocal or combined service in the Interlocal and SEK Cooperative and, without any break in employment, continues to be either a full-time or part-time employee.
meets the KPERS guidelines for retirement and actually retires through KPERS.
A leave granted by the Board will not be counted as part of the ten (10) year requirement. Leaves provided for under Board policy may or may not break the continuity of employment at the discretion of the Board. If it is the intent of the Board to break the continuity of employment when granting a leave, the employee will be notified in writing when the leave is approved. The Director will confirm eligibility in accordance with a-c. The employee applying for retirement shall have the responsibility to provide all facts and information necessary to prove eligibility for retirement and to determine benefits.
Application
An employee may apply for retirement by giving written notice to the Director. Written notice by the employee shall be submitted on or before February 1 preceding the anticipated retirement date, and the notice shall include the following information:
a. A statement of the applicant's desire to take retirement
b. The anticipated date of retirement.
c. The applicant's birth date and age on the date of retirement.
d. The current mailing address and telephone number of the applicant.
e. The number of years applicant has been employed by the Interlocal or combined service in
the Interlocal and SEK Cooperative.
f. Applicant's current salary
g. The applicant desiring coverage through the Interlocal's health insurance program will pay his/her own premium quarterly to the Interlocal. He/she will be notified before each due date what the premium will be. Following final action by the board on any application for retirement, the director shall notify the applicant in writing of the final disposition and the date and amount of retirement benefits to be paid.
Basis of Retirement Benefit
The retirement benefit shall be an annual payment equal to 15% of the retiree's annual base salary in the final year of service. The payment shall be paid annually in January with the first payment being made in January after said retirement. Payment will be made for a period of five (5) years.
Terms and Conditions
Retirees from the Interlocal are eligible to maintain membership in the Interlocal's health insurance group upon timely payment of premiums until eligible for Medicare insurance coverage. Upon the death of the employee receiving benefits, all unpaid benefits due under the retirement provision will be payable to the employee's designated beneficiary. These benefits will be paid under the same schedule as that approved for the employee or may be paid in a lump sum at the option of the Interlocal. An employee who takes retirement shall have the responsibility to keep the Interlocal informed of his/her current mailing address and telephone number. An employee who has completed ten (10) years eligible service with the Interlocal or combined service in the Interlocal and the SEK Cooperative shall be vested in the Interlocal's plan and remain eligible for retirement from the district under provisions of this article. An employee who voluntarily resigns from the Interlocal or is terminated or non-renewed from a position in the Interlocal prior to accessing the retirement plan is not eligible for retirement benefits. If any provision of this retirement plan is determined to be violation of federal or state laws or regulations, the plan shall then immediately be determined by board action and shall not be in further force or effect unless re-adoption by the board.
A bonus payment of $250.00 shall be paid to employees submitting written notice of their resignation/retirement by December 15 of the year prior to their effective resignation/retirement date for a July 1 retirement. (Bonus Pay applies only to staff eligible for retirement)