For specific information about your pension, please visit the Employee Retirement System of Rhode Island at www.ersri.org.
Contract Information (Pages 37 to 39):
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A-7. Early Retirement Plan
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A-7.1 Eligibility:
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Any teacher in the East Greenwich School System who wishes to take advantage of the RETIREMENT INCENTIVE PLAN may do so, provided that the following eligibility criteria have been satisfied:
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A-7.1.1 The teacher has been employed by the East Greenwich School System for a minimum of twenty (20) years.
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A-7.1.2 The teacher has met all requirements of the Employee Retirement System of Rhode Island to be eligible to collect retirement benefits under its plan.
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A-7.1.3 The teacher has notified the Superintendent of Schools, in wiritng, of his/her intention to reture, during the month of January of the school year in which he/she is contemplating retirement.
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A-7.1.4 The Superintendent of Schools has responded, in writing, that the Early Retirement Incentive, has been approved by the School Committee by March 15th, which approval will not be unreasonably withheld.
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A-7.1.5 The teacher notifies the Superintendent of Schools, in writing, by April 1st of his/her final decision to retire at the end of the current school year, which decision shall be irrevocable.
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A-7.2 Benefits:
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The retiring teacher shall receive the following bneefits as part of the Retirement Incentive Plan:
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A-7.2.1 Incentive Remuneration - An amount equal to the product of five hundred dollars ($500.00) and a number to be determined by subtracting the teacher's age as of the effective date, July 1st, in the year of retirement, from seventy (70). (For example, a teacher retiring at age fifty-eight [58] would be eligible for an incentive remuneration payment in the amount of six thousand dollars ($6,000) i.e., (seventy [70] - fifty-eight [58] x five hundred dollars [$500] = six thousand dollars [$6,000].) This remuneration shall be paid in one (1) of three (3) payment options, as directed by the retiring teacher as follows:
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a. One hundred percent (100%) of the amount due on or before July 15th of the year of retirement.
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b. Fifty percent (50%) of the amount on or due before July 15th of the year of retirement and the remaining fifty percent (50%) on or before the following January 15th, or
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c. One hundred percent (100%) of the amount due after January 1st, but not later than January 15th of the year following retirement. Incentive remuneration payments shall be subject to all withholding and other taxes in existence as of the effective date of retirement.
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A-7.3 Additional Fringe Benefits
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A-7.3.1 For two (2) years following the teacher's effective date of retirement, all Appendix D benefits in effect as stated in the Contract between the East Greenwich School Committee and the East Greenwich Education Association shall be provided to the retiring teacher, at the same cost as provided to active teachers, to the extent that those fringe benefits are legally available to a retiring individual when all facts such as age, etc., are considered. It is understood that in the event the retiring teacher accepts other employment following retirement whereby fringe benefits are provided by another employer, the obligation of the East Greenwich School Department to provide these benefits will immediately cease and will not be further required, regardless of the retiring teacher's future employment status.
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A-7.3.2 Upon expiration of the two (2) year period identified in A.7.3.1 above, the retired teacher shall have the option to purchase, at the rate then being paid by the East Greenwich School System, any of the Appendix D benefits he/she is eligible for, provided that:
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a. Written notice of his/her intent to purchase same shall be given to the Superintendent of Schools not later than March 31st of the second year following retirement.
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b. The benefit in question is legally available for purchase by a retired employee, as determined by the carrier or underwriter in question.
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c. Payments are made when due, for periods determined by the carrier or underwriter in question.