1 / 31

Early Retirement Incentive What is it? I.C. 33-1004G

Early Retirement Incentive What is it? I.C. 33-1004G. One-time lump sum payment Agree not to come back to work for an Idaho public school district where you would be eligible to participate in PERSI. Early Retirement Incentive What is it? I.C. 33-1004G. One-time lump sum payment

kizzy
Download Presentation

Early Retirement Incentive What is it? I.C. 33-1004G

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Early Retirement Incentive What is it?I.C. 33-1004G • One-time lump sum payment • Agree not to come back to work for an Idaho public school district where you would be eligible to participate in PERSI.

  2. Early Retirement Incentive What is it?I.C. 33-1004G • One-time lump sum payment • Agree not to come back to work for an Idaho public school district where you would be eligible to participate in PERSI.

  3. Early Retirement Incentive What is it?I.C. 33-1004G • One-time lump sum payment • Agree not to come back to work for an Idaho public school districtwhere individual would be eligible to participate in PERSI.

  4. Caution – I.C. 33-1004H “Employing Retired Teachers and Administrators” Does not apply to those individuals Receive benefits under the early Retirement program provided in I.C. 33-1004G Early Retirement Incentive What is it?I.C. 33-1004G • One-time lump sum payment • Agree not to come back to work for an Idaho public school districtwhere individual would be eligible to participate in PERSI.

  5. Who Qualifies? • Contracted with an Idaho public school FY 2007-2008 • Working in a “Instructional” certificated position • Administrator positions are not eligible • Will complete 2007-2008 Contract • Eligible to be offered a contract FY 2008-2009 • Between age 55 and 62 before 9/1/2008 • Completed 10 continuous full-time years with an Idaho public school in a certified position prior to 9/1/2007 • Have not met the “Rule of 90” on 4/1/2008

  6. Who Qualifies? • Contracted with an Idaho public school FY 2007-2008 • Working in a “Instructional” certificated position • Administrator positions are not eligible • Will complete 2007-2008 Contract • Eligible to be offered a contract FY 2008-2009 • Between age 55 and 62 before 9/1/2008 • Completed 10 continuous full-time years with an Idaho public school in a certified position prior to 9/1/2007 • Have not met the “Rule of 90” on 4/1/2008

  7. Who Qualifies? • Contracted with an Idaho public school FY 2007-2008 • Working in a “Instructional” certificated position • Administrator positions are not eligible • Will complete 2007-2008 Contract • Eligible to be offered a contract FY 2008-2009 • Between age 55 and 62 before 9/1/2008 • Completed 10 continuous full-time years with an Idaho public school in a certified position prior to 9/1/2007 • Have not met the “Rule of 90” on 4/1/2008

  8. Who Qualifies? • Contracted with an Idaho public school FY 2007-2008 • Working in a “Instructional” certificated position • Administrator positions are not eligible • Will complete 2007-2008 Contract • Eligible to be offered a contract FY 2008-2009 • Between age 55 and 62 before 9/1/2008 • Completed 10 continuous full-time years with an Idaho public school in a certified position prior to 9/1/2007 • Have not met the “Rule of 90” on 4/1/2008

  9. Who Qualifies? • Contracted with an Idaho public school FY 2007-2008 • Working in a “Instructional” certificated position • Administrator positions are not eligible • Will complete 2007-2008 Contract • Eligible to be offered a contract FY 2008-2009 • Between age 55 and 62 before 9/1/2008 • Completed 10 continuous full-time years with an Idaho public school in a certified position prior to 9/1/2007 • Have not met the “Rule of 90” on 4/1/2008

  10. Who Qualifies? • Contracted with an Idaho public school FY 2007-2008 • Working in a “Instructional” certificated position • Administrator positions are not eligible • Will complete 2007-2008 Contract • Eligible to be offered a contract FY 2008-2009 • Between age 55 and 62 before 9/1/2008 • Completed 10 continuous full-time years with an Idaho public school in a certified position prior to 9/1/2007 • Have not met the “Rule of 90” on 4/1/2008

  11. Who Qualifies? • Contracted with an Idaho public school FY 2007-2008 • Working in a “Instructional” certificated position • Administrator positions are not eligible • Will complete 2007-2008 Contract • Eligible to be offered a contract FY 2008-2009 • Between age 55 and 62 before 9/1/2008 • Completed 10 continuous full-time years with an Idaho public school in a certified position prior to 09/01/2007 • Have not met the “Rule of 90” on 4/1/2008

  12. Who Qualifies? • Contracted with an Idaho public school FY 2007-2008 • Working in a “Instructional” certificated position • Administrator positions are not eligible • Will complete 2007-2008 Contract • Eligible to be offered a contract FY 2008-2009 • Between age 55 and 62 before 9/1/2008 • Completed 10 continuous full-time years with an Idaho public school in a certified position prior to 9/1/2007 • Have not met the “Rule of 90” on 04/01/2008

  13. How is the Payment Calculated? • Based on how the state would reimburse the school district for that individual’s position • Based on individuals personal information • Based on IBEDS data submitted to SDE (fall 2007) by the school district/charter

  14. How is the Payment Calculated? • Based on how the state would reimburse the school district for that individuals position • Based on individuals personal information • Based on data submitted to the State Department of Education on 9/28/2007 by the school district Base Salary (I.C. 33-1004E) times Index(I.C. 33-1004A) times % according to age (I.C. 33-1004G) prorated if not working full time in a certificated instructional position

  15. What Are Base Salaries FY 2007-2008? • Instructional - $24,623 Per I.C. 33-1004E

  16. Howare Indexes Calculated? • Eligible staff are placed on the Experience & Education Multiplier Table based on the following: • Years completed • Degree claimed • Additional college transcript credits • earned beyond the degree reported AND initial certification • initial certification - issue date of the certificate • reported in semester credit hours only • do not report in-service credits in this section • (I.C. 33-1004A)

  17. Experience and Education Multiplier • “Each instructional … staff position shall be assigned an appropriate multiplier based on the following table:”

  18. Experience Factor “In determining the experience factor, the actual years of teaching … service in an accreditedpublic school or in an accredited private or parochial school shall be credited.”

  19. Education Factor • “In determining the education factor, only credits earned after initial certification, based upon a transcript on file with the teacher certification office of the state department of education, earned at an institution of higher education accredited by the state board of education or a regional accrediting association, shall be allowed. . .”

  20. What is the Percentage Based on My Age? • Measured on 9/1/2008 (I.C. 33-1004G) • Age 55 = 55% • Age 56 = 50% • Age 57 = 45% • Age 58 = 40% • Age 59 = 30% • Age 60 = 30% • Age 61 = 20% • Age 62 = 20% • Age 63 = 0%

  21. Example • Joe is a full-time elementary teacher. He has a Masters degree plus 12 additional college credits. Joe has completed 25 years teaching and is 57 years old. The lump-sum payment would be calculated as follows: Base = $24,623 x 1.73710 x 45% x 1.00 fte (gross subject to federal, state, FICA and Medicare withholdings) Base MA + 12 cr + 13+ yrs Age 57 Full-Time Teacher

  22. Example • Joe is a full-time elementary teacher. He has a Masters degree plus 12 additional college credits. Joe has completed 25 years teaching and is 57 years old. The lump-sum payment would be calculated as follows: Base = $24,623 x 1.73710 = $19,247.68 x 45% x 1.00 fte (gross subject to federal, state, FICA and Medicare withholdings)

  23. How to Apply? • Complete current year (2008) “Application for Early Retirement Incentive” form (must be notarized) • Include copy of proof of age with application • Deliver to SDE • Postmarked on or beforeApril 1, 2008

  24. How to Apply? • Complete “Application for Early Retirement Incentive” form • Notarized ~ mandatory • Use current year application form • Proof of Agemust be included • Drivers License, • Passport, or • Birth Certificate • Deliver to: Public School Finance Idaho Department of Education P.O. Box 83720 Boise, Idaho 83720-0027 • Due to SDE on or before April 1, 2008 Other than direct proof of actual delivery (such as a copy date stamped as received by the State Department of Education), a registered or certified mail receipt or proof of delivery by a recognized delivery service (e.g. DHL, Fed Ex) is the only prima facie evidence of delivery that this application has met the filing deadline.

  25. How To Get a Form? • Application form available at http://www.sde.idaho.gov/financeandtechnology/default.asp • Must use current year (2008) application form • (if you use an old form, it will be rejected and returned to you). • From the district/charter office • SDE website (see above) • SDE208-332-6845 ~ LaRae Ashby

  26. What Happens After the Applications Are Received? • After April 1, 2008, the information is verified with the school district/charter • PERSI will confirm that the individual has not met the Rule of 90 (etc.) • SDE notifies the applicant prior to June 1st whether they are eligible for the program and of the estimated gross amount based on information in the IBEDS database. • If the applicant feels there is an error with the IBEDS data, they must resolve any differences with their employer immediately. Changes must be submitted to SDE by district or charter administrator. • On July 31, 2008, the money will be sent to the district/charter. • Payment to the applicant will be made through the district/charter payroll system SDE VERIFIES APPLICANTS ELIGIBILITY

  27. What Happens After the Applications Are Received? • Information is verified with the school district/charter ~ After April 1, 2008 • Verifies eligibility with PERSI • SDE notifies the applicant prior to June 1st whether they are eligible for the program and of the estimated gross amount based on information in the IBEDS database. • If the applicant feels there is an error with the IBEDS data, they must resolve any differences with their employer immediately. Changes must be submitted to SDE by district or charter administrator.

  28. What if the Individual Wants to Withdraw Their Application? • Individual should notify SDE in writing no later than June 20, 2008

  29. If it’s a “go”…. • On July 31, 2008, the money sent to the district/charter • Payment made through the district/charter payroll system (taxable income)

  30. What If I Have Questions? • Contact ~ LaRae Ashby • Phone ~ 208-332-6845 • Email ~ lbashby@sde.idaho.gov • Between 8 a.m. and 4 p.m. (mst)

More Related