Full-time certificated employees, upon written application, may participate in the Early Leaving Incentive Program.  The program will be analyzed and evaluated annually for possible appropriate modification or termination.  Modification or termination shall not affect employees previously participating in the program.
 

Purpose

The major purpose of this program is to provide eligible certificated employees a voluntary early retirement incentive plan that is in coordination with the Omaha School Employees’ Retirement System and that provides supplemental retirement income as a bridge between early retirement from the Omaha Public Schools and the age when the retiring employee is eligible to receive reduced old-age insurance benefits under title II of the Social Security Act (age 62).  The objectives of the program include, but are not limited to, the following:
 

a.   To offer financial incentives which will assist long-term employees considering early retirement or early leaving decisions.

b.   To reduce or eliminate the possibility of teacher layoffs.

c.   To provide a better balance of employee experience.

Program Eligibility Requirements and Provisions

a.   Applications must be made in writing on the appropriate form provided by the School District by March 1 of the school year prior to the school year in which the certificated employee wished to discontinue full-time employment.

b.   The certificated employee must have at least eighteen (18) creditable years of service (Sec. 5.03a) as a full-time employee in the School District and attained at least age fifty-five (55) as of the separation date (August 31).

c.   Certificated employees participating in the program relinquish all tenure, contract or other employment rights with the School District.

d.   Certificated employees receiving long-term disability benefits are not eligible to participate in this program.

e.   A certificated employee is not eligible to participate in the program if his or her employment is terminated by the District pursuant to Nebraska law for any reason other than a reduction in force.

f.   A certificated employee's entrance into the program must coincide with the beginning of the next school year.

g.   A certificated employee electing to participate in the program may have the option to continue participation in the hospitalization, surgical, and major medical and life insurance programs of the School District, however, the premiums shall be paid by the employee.

 

h.   Payment of benefits shall be monthly.

Benefits

The monthly supplemental retirement benefit to be received by a certificated employee who participates in the program shall be equal to the lesser of: (i) the monthly Social Security retirement benefit that will be payable to the certificated employee at age 62 (as determined by the School District as of the employee's August 31 separation date), or (ii) 25 percent of the certificated employee's scheduled monthly salary* in the certificated employee's last full year of employment.  Payment of the monthly retirement benefit shall begin in September of the fiscal year following the employee's separation date and continue until the month that the certificated employee attains age 62 or the month of the employee's death, if earlier.  The payment of the monthly benefit is conditioned upon the certificated employee providing such information and documentation as the School District may require for the administration of this program, including all information needed to determine the certificated employee's monthly Social Security retirement benefits beginning at age 62.

 

*Excludes long service increments and payments for co-curricular/ activity supervision.