8. The purpose of this program is to help those who may desire to leave the profession earlier than age sixty-five (65). It is not intended nor can it be used in any way to become a cost factor to the District or for the retiree to receive more than fifty percent (50%) of the difference in item one (1) in benefits or salary differential. 9. Employees who otherwise would qualify for benefits under this policy but are involved in adverse employment action are not eligible to apply for benefits under early retirement incentives. Adverse employment includes but is not limited to: remediation, probation, under investigation, suspension, termination proceedings, or termination. 10. Licensed employees requesting early retirement must notify the district in writing by March 1 of their intent to retire at the close of the current school year.
3.0421 REEMPLOYMENT OF RETIRED EMPLOYEES
3.0421.01 GUIDELINES
Issue Date: 9/12/96 Updated: 11/14/19
1. If any state or District employee retires and is later employed in the District, the District Personnel Director shall immediately notify the executive director of the state Retirement Board. § 49-1-505(1) (a) (i) 2. An employee who is reinstated as an active member of the retirement plan shall be credited with service credits standing to the employee’s account at the time of first retirement and from that time shall be treated as a member of the retirement plan in all respects, including accrual of additional service credits but subject to recalculation of the retirement allowance. 3. If a previously retired District employee is reemployed on a part-time basis, twenty (20) hours or less for purposes of retirement credit, then that employee may earn, without penalty, compensation from that employment which is not in excess of the exempt earnings permitted by Social Security. § 49-1-505(1) (b) (i) 4. If an employee receives compensation in the calendar year in excess of the Social Security limitation, then twenty-five percent (25%) of the retirement allowance shall be suspended during the remainder of the calendar year. 5. The District personnel director shall maintain an accurate record of gross earnings in employment after the retirement of all reemployed employees shall report earnings on a monthly basis to the retirement office, shall notify the executive director of the State Retirement Board in writing of any post-retirement earnings and whether those earnings equal or exceed the exempt earnings. § 49-1-515(2) 6. Any employee, who has been reinstated to active service after a prior retirement and then retires, shall have retirement allowances calculated on the following:
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