The first Early Retirement Incentive payments will be sent over to ING on October 21, 2011. All subsequent payments will be sent on a monthly basis on the last pay period of each month.
Contact your financial services representative or log on to planwithease.com to view your balances and payment information.
Announcing Early Retirement Incentive for Principals, Teachers and Educational Assistants!
The Board of Education has approved a one-time incentive for principals, teachers and educational assistants who voluntarily separate employment from SPPS at the end of this school year. The Early Retirement Incentive (ERI) provides District contributions into an account established for the employee under the existing Severance Pay Plan. Contributions will be made over the course of five years with the intent of increasing retirement savings for employees who agree to resign or retire in June, 2011.
To be eligible for the ERI, principals, teachers and educational assistants must meet the following requirements:
1) Must be a tenured, regular, full-time teacher or principal or must be a regular, full-time educational assistant (defined as working 75 hours each biweekly pay period);
2) Must be on active status on April 20, 2011;
3) Must have completed at least fifteen years of regular (not temporary) employment in the District immediately preceding July 1, 2011;
4) Must not have submitted a resignation notice to the District prior to April 20, 2011, that has been accepted by the Board of Education; and
5) Must submit to the District's Human Resource Department, no later than May 20, 2011, a completed 2011 Early Retirement Incentive Resignation Form.
The 2011 Early Retiree Incentive Resignation Form is available below, on the District website at hr.spps.org or in the Human Resource Department. If fewer than 100 eligible teachers have applied for the ERI by May 20, 2011, the ERI will be deemed canceled and all resignations submitted on the 2011 ERI Resignation Form will be null and void.
Retiree Guideline Book
Retiree Seminar Presentation
Retiree application for health coverage
Frequently Asked Questions
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