ARTICLE 29 RETIREMENT
Tiverton School District
The School Committee and the Association hereby agree that the School Committee shall accept by resolution to the retirement board an incentive plan to provide supplemental payments for teachers who are eligible for a service retirement allowance at the time they retire, or who become eligible for a service retirement allowance subsequent to their retirement, as follows:
A. 1. As an incentive to retire, the School Committee shall grant at time of retirement a lump sum payment not to exceed one hundred fifty dollars ($150) for each year of service in that community, up to a maximum of forty (40) years.
2. Twenty dollars ($20) a day will be paid for any unused sick days up to a maximum of 200 days.
3. Each teacher must notify the School Committee by July 1 of the year in which she/he intends to retire. The incentive payment shall be paid to such teacher at date of retirement or at the time she/he becomes eligible for a service retirement allowance and no retirement contribution shall be made from such payment.
B. Incentive payments under such plan shall not be included in the final salary of a teacher for the computation of the basic pension due from the retirement plan and such supplemental amount shall be computed as a separate item based on the existing pension formula, including five (5) year average, and such supplemental payment shall then be added to the teacher's basic pension amount.
C. Supplemental payments under this section shall be applied, in the case of an option, after the optional annuity amount is determined, and shall be continued for the lifetime of the teacher only and not a beneficiary.
D. Supplemental payments under this section shall not be included in the original pension allowance subject to any cost-of-living increase provided by S 16-16-40.
E. The total of all supplemental payments to retired teachers under this section shall be reimbursable to the retirement board by the school districts on a monthly basis. Whenever any amounts due are not paid within thirty (30) days from the date due, the Board shall levy regular interest on such payments from date due to date of payment.
F. Early retirement incentive and supplemental payments shall be considered a reimbursable expenditure under the state aid formula for education modified as follows: a minimum reimbursement equal to fifty (50) percent of approved school incentive payments shall be guaranteed but in no instance shall a city or town receive less than ten (10) percent increase over its current entitlement percentage under the formula irrespective of whether said entitlement is less than or exceeds fifty (50) percent, provided that such reimbursement to the school district shall be made in the subsequent fiscal year that such incentive and supplemental payments are made.
Health benefits for retirees shall cease at age 65. Eligibility for receipt of benefits after retirement shall be made available under the following two (2) options and conditions thereof:
Option 1: An employee is eligible to receive medical benefits providing that the employee meets all the conditions of the State Retirement system to determine retirement eligibility and that the employee has a minimum of twenty (20) years of permanent certified employment in the Tiverton School system. The cost for said benefits shall be borne equally.
Option 2: An employee is eligible to receive medical benefits providing that the employee meets all the conditions of the State Retirement system to determine retirement eligibility, that the employee has a minimum of twenty (20) years of permanent certified employment in the Tiverton School system and where the age of the retiree and years of service at retirement equal at least eighty (80). The cost for said benefits shall be paid at the rate of seventy-five percent (75%) by the school department and twenty-five percent (25%) by the retiree.