2/29/2008 Early Retirement Incentive What is it? I.C. 33-1004G One-time lump sum payment Agree not...

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2/29/2008 2/29/2008 Early Retirement Early Retirement Incentive Incentive What is it? What is it? I.C. 33-1004G I.C. 33-1004G One-time lump sum payment One-time lump sum payment Agree not to come back to Agree not to come back to work for an Idaho public work for an Idaho public school district where school district where you would be eligible to you would be eligible to participate in PERSI. participate in PERSI.

Transcript of 2/29/2008 Early Retirement Incentive What is it? I.C. 33-1004G One-time lump sum payment Agree not...

Page 1: 2/29/2008 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.

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

One-time lump sum paymentOne-time lump sum payment

Agree not to come back to work for an Agree not to come back to work for an Idaho public school district where Idaho public school district where

you would be eligible to participate in you would be eligible to participate in PERSI.PERSI.

Page 2: 2/29/2008 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.

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

One-time lump sum paymentOne-time lump sum payment

Agree not to come back to work for an Agree not to come back to work for an Idaho public school district where Idaho public school district where

you would be eligible to participate in you would be eligible to participate in PERSI.PERSI.

Page 3: 2/29/2008 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.

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

One-time lump sum paymentOne-time lump sum payment

Agree not to come back to Agree not to come back to work for an Idaho public work for an Idaho public school districtschool district where individual where individual would be eligible to participate in would be eligible to participate in PERSI.PERSI.

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

One-time lump sum paymentOne-time lump sum payment

Agree not to come back to work for Agree not to come back to work for an Idaho public school districtan Idaho public school district where where individual would be eligible to participate in individual would be eligible to participate in PERSI.PERSI.

Caution – I.C

. 33-1004H

“Employing Retired Teachers and

Administrators” Does not a

pply to

those individuals Receive benefits

under the early

Retirement p

rogram

provided in I.C

. 33-1004G

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Who Qualifies?Who Qualifies? Contracted with an Idaho public school FY 2007-Contracted with an Idaho public school FY 2007-

20082008 Working in a “Instructional” certificated positionWorking in a “Instructional” certificated position

Administrator positions are not eligibleAdministrator positions are not eligible Will complete 2007-2008 ContractWill complete 2007-2008 Contract Eligible to be offered a contract FY 2008-2009Eligible to be offered a contract FY 2008-2009 Between age 55 and 62 before 9/1/2008Between age 55 and 62 before 9/1/2008 Completed 10 continuous full-time years with an Completed 10 continuous full-time years with an

Idaho public school in a certified position prior to Idaho public school in a certified position prior to 9/1/20079/1/2007

Have Have notnot met the “Rule of 90” on 4/1/2008 met the “Rule of 90” on 4/1/2008

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Who Qualifies?Who Qualifies?Contracted with an Idaho public school Contracted with an Idaho public school

FY 2007-2008FY 2007-2008

Working in a “Instructional” certificated positionWorking in a “Instructional” certificated position Administrator positions are not eligibleAdministrator positions are not eligible

Will complete 2007-2008 ContractWill complete 2007-2008 Contract Eligible to be offered a contract FY 2008-2009Eligible to be offered a contract FY 2008-2009 Between age 55 and 62 before 9/1/2008Between age 55 and 62 before 9/1/2008 Completed 10 continuous full-time years with an Idaho Completed 10 continuous full-time years with an Idaho

public school in a certified position prior to 9/1/2007public school in a certified position prior to 9/1/2007 Have Have notnot met the “Rule of 90” on 4/1/2008 met the “Rule of 90” on 4/1/2008

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Who Qualifies?Who Qualifies?

Contracted with an Idaho public school FY 2007-2008Contracted with an Idaho public school FY 2007-2008

Working in a “Instructional” certificated Working in a “Instructional” certificated positionpositionAdministrator positions are not eligibleAdministrator positions are not eligible

Will complete 2007-2008 ContractWill complete 2007-2008 Contract Eligible to be offered a contract FY 2008-2009Eligible to be offered a contract FY 2008-2009 Between age 55 and 62 before 9/1/2008Between age 55 and 62 before 9/1/2008 Completed 10 continuous full-time years with an Idaho Completed 10 continuous full-time years with an Idaho

public school in a certified position prior to 9/1/2007public school in a certified position prior to 9/1/2007 Have Have notnot met the “Rule of 90” on 4/1/2008 met the “Rule of 90” on 4/1/2008

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Who Qualifies?Who Qualifies?

Contracted with an Idaho public school FY 2007-2008Contracted with an Idaho public school FY 2007-2008 Working in a “Instructional” certificated positionWorking in a “Instructional” certificated position

Administrator positions are not eligibleAdministrator positions are not eligible

Will complete 2007-2008 ContractWill complete 2007-2008 Contract

Eligible to be offered a contract FY 2008-2009Eligible to be offered a contract FY 2008-2009 Between age 55 and 62 before 9/1/2008Between age 55 and 62 before 9/1/2008 Completed 10 continuous full-time years with an Idaho public school Completed 10 continuous full-time years with an Idaho public school

in a certified position prior to 9/1/2007in a certified position prior to 9/1/2007 Have Have notnot met the “Rule of 90” on 4/1/2008 met the “Rule of 90” on 4/1/2008

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Who Qualifies?Who Qualifies?

Contracted with an Idaho public school FY 2007-2008Contracted with an Idaho public school FY 2007-2008 Working in a “Instructional” certificated positionWorking in a “Instructional” certificated position

Administrator positions are not eligibleAdministrator positions are not eligible Will complete 2007-2008 ContractWill complete 2007-2008 Contract

Eligible to be offered a contract Eligible to be offered a contract FY 2008-2009FY 2008-2009

Between age 55 and 62 before 9/1/2008Between age 55 and 62 before 9/1/2008 Completed 10 continuous full-time years with an Idaho Completed 10 continuous full-time years with an Idaho

public school in a certified position prior to 9/1/2007public school in a certified position prior to 9/1/2007 Have Have notnot met the “Rule of 90” on 4/1/2008 met the “Rule of 90” on 4/1/2008

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Who Qualifies?Who Qualifies?

Contracted with an Idaho public school FY 2007-2008Contracted with an Idaho public school FY 2007-2008 Working in a “Instructional” certificated positionWorking in a “Instructional” certificated position

Administrator positions are not eligibleAdministrator positions are not eligible Will complete 2007-2008 ContractWill complete 2007-2008 Contract Eligible to be offered a contract FY 2008-2009Eligible to be offered a contract FY 2008-2009

Between age 55 and 62 Between age 55 and 62 beforebefore 9/1/2008 9/1/2008

Completed 10 continuous full-time years with an Idaho Completed 10 continuous full-time years with an Idaho public school in a certified position prior to 9/1/2007public school in a certified position prior to 9/1/2007

Have Have notnot met the “Rule of 90” on 4/1/2008 met the “Rule of 90” on 4/1/2008

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Who Qualifies?Who Qualifies? Contracted with an Idaho public school FY 2007-2008Contracted with an Idaho public school FY 2007-2008 Working in a “Instructional” certificated positionWorking in a “Instructional” certificated position

Administrator positions are not eligibleAdministrator positions are not eligible Will complete 2007-2008 ContractWill complete 2007-2008 Contract Eligible to be offered a contract FY 2008-2009Eligible to be offered a contract FY 2008-2009 Between age 55 and 62 before 9/1/2008Between age 55 and 62 before 9/1/2008

Completed 10 continuous full-time years Completed 10 continuous full-time years with an Idaho public school in a certified with an Idaho public school in a certified position position prior prior to 09/01/2007to 09/01/2007

Have Have notnot met the “Rule of 90” on 4/1/2008 met the “Rule of 90” on 4/1/2008

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Who Qualifies?Who Qualifies?

Contracted with an Idaho public school FY 2007-2008Contracted with an Idaho public school FY 2007-2008 Working in a “Instructional” certificated positionWorking in a “Instructional” certificated position

Administrator positions are not eligibleAdministrator positions are not eligible Will complete 2007-2008 ContractWill complete 2007-2008 Contract Eligible to be offered a contract FY 2008-2009Eligible to be offered a contract FY 2008-2009 Between age 55 and 62 before 9/1/2008Between age 55 and 62 before 9/1/2008 Completed 10 continuous full-time years with an Idaho Completed 10 continuous full-time years with an Idaho

public school in a certified position prior to 9/1/2007public school in a certified position prior to 9/1/2007

Have not met the “Rule of 90” on Have not met the “Rule of 90” on 04/01/200804/01/2008

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How is the Payment Calculated?How is the Payment Calculated?

Based on how the state would reimburse the Based on how the state would reimburse the school district for that individual’s positionschool district for that individual’s position

Based on individuals Based on individuals personal informationpersonal information

Based on IBEDS data submitted to SDE (fall Based on IBEDS data submitted to SDE (fall 2007) by the school district/charter2007) by the school district/charter

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How is the Payment How is the Payment Calculated?Calculated?

Based on how the state would reimburse the school district for that Based on how the state would reimburse the school district for that individuals positionindividuals position

Based on individuals personal informationBased on individuals personal informationBased on data submitted to the State Department of Education on Based on data submitted to the State Department of Education on

9/28/2007 by the school district9/28/2007 by the school district

Base SalaryBase Salary (I.C. 33-1004E) (I.C. 33-1004E)

times times IndexIndex (I.C. 33-1004A)(I.C. 33-1004A)

times times % according to age% according to age (I.C. 33-1004G) (I.C. 33-1004G) proratedprorated if not if not

working full time in aworking full time in a certificated instructional positioncertificated instructional position

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What Are Base Salaries What Are Base Salaries FY 2007-2008?FY 2007-2008?

Instructional - $24,623Instructional - $24,623

Per I.C. 33-1004EPer I.C. 33-1004E

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HowHow are Indexes are Indexes Calculated?Calculated?

Eligible staff are placed on the Experience & Education Multiplier Table based on the Eligible staff are placed on the Experience & Education Multiplier Table based on the

following: following:

Years Years completedcompletedDegree claimed Degree claimed Additional college transcript credits Additional college transcript credits

earned earned beyond the degreebeyond the degree reported reported ANDAND initial certification initial certification initial certification - issue date of the certificateinitial certification - issue date of the certificate reported in semester credit hours onlyreported in semester credit hours only do do notnot report in-service credits in this section report in-service credits in this section

(I.C. 33-1004A)(I.C. 33-1004A)

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Experience and Education Experience and Education MultiplierMultiplier

““Each instructional … staff position shall be assigned an Each instructional … staff position shall be assigned an appropriate multiplier based on the following table:”appropriate multiplier based on the following table:”

MA MA+12 MA+24 MA+36 Year BA BA+12 BA+24 BA+36 BA+48 BA+60 ES/DR

0 1.00000 1.03750 1.07640 1.11680 1.15870 1.20220 1.24730 1 1.03750 1.07640 1.11680 1.15870 1.20220 1.24730 1.29410 2 1.07640 1.11680 1.15870 1.20220 1.24730 1.29410 1.34260 3 1.11680 1.15870 1.20220 1.24730 1.29410 1.34260 1.39290 4 1.15870 1.20220 1.24730 1.29410 1.34260 1.39290 1.44510 5 1.20220 1.24730 1.29410 1.34260 1.39290 1.44510 1.49930 6 1.24730 1.29410 1.34260 1.39290 1.44510 1.49930 1.55550 7 1.29410 1.34260 1.39290 1.44510 1.49930 1.55550 1.61380 8 1.34260 1.39290 1.44510 1.49930 1.55550 1.61380 1.67430 9 1.39290 1.44510 1.49930 1.55550 1.61380 1.67430 1.73710 10 1.39290 1.49930 1.55550 1.61380 1.67430 1.73710 1.80220 11 1.39290 1.49930 1.55550 1.61380 1.73710 1.80220 1.86980 12 1.39290 1.49930 1.55550 1.61380 1.73710 1.86980 1.93990 13 or 1.39290 1.49930 1.55550 1.61380 1.73710 1.86980 2.01260 more

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Experience FactorExperience Factor

“ “In determining the In determining the experience experience factorfactor, the actual years of , the actual years of teaching … service in an teaching … service in an accreditedaccredited publicpublic school or in an school or in an accreditedaccredited private or parochial private or parochial school shall be credited.”school shall be credited.”

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Education FactorEducation Factor

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

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What is the Percentage What is the Percentage Based on My Age?Based on My Age?

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

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ExampleExampleJoe is a full-time elementary teacher. He has a Masters Joe is a full-time elementary teacher. He has a Masters degree plus 12 additional college credits. Joe has degree plus 12 additional college credits. Joe has completed 25 years teaching and is 57 years old. The completed 25 years teaching and is 57 years old. The lump-sum payment would be calculated as follows:lump-sum payment would be calculated as follows:

Base = Base = $24,623 $24,623

x x 1.73710 1.73710

x x 45% 45%

x x 1.001.00 fte fte

(gross subject to federal, state, FICA and Medicare (gross subject to federal, state, FICA and Medicare withholdings)withholdings)

Base

MA + 12 cr + 13+ yrs

Age 57

Full-Time Teacher

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ExampleExampleJoe is a full-time elementary teacher. He has a Masters Joe is a full-time elementary teacher. He has a Masters degree plus 12 additional college credits. Joe has degree plus 12 additional college credits. Joe has completed 25 years teaching and is 57 years old. The completed 25 years teaching and is 57 years old. The lump-sum payment would be calculated as follows:lump-sum payment would be calculated as follows:

Base = Base = $24,623 $24,623

x x 1.73710 1.73710 = = $19,247.68$19,247.68

x x 45% 45%

x x 1.001.00 fte fte

(gross subject to federal, state, FICA and Medicare withholdings)(gross subject to federal, state, FICA and Medicare withholdings)

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How to Apply?How to Apply?

Complete current year (2008) Complete current year (2008) “Application “Application for Early Retirement Incentive” for Early Retirement Incentive” formform

(must be notarized)(must be notarized)

Include copy of Include copy of proof of ageproof of age with application with application

DeliverDeliver to SDE to SDE

Postmarked Postmarked on or beforeon or before April 1, 2008April 1, 2008

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How to Apply?How to Apply?

CompleteComplete “Application for Early Retirement Incentive” form “Application for Early Retirement Incentive” form • Notarized ~ mandatoryNotarized ~ mandatory• Use current year application formUse current year application form

Proof of AgeProof of Age must be includedmust be included• Drivers License,Drivers License,• Passport, orPassport, or• Birth Certificate Birth Certificate

DeliverDeliver to: to:Public School FinancePublic School FinanceIdaho Department of EducationIdaho Department of EducationP.O. Box 83720P.O. Box 83720Boise, Idaho 83720-0027Boise, Idaho 83720-0027

Due to SDEDue to SDE on or before on or before April 1, 2008April 1, 2008Other than direct proof of actual delivery (such as a copy date stamped as received by the StateOther than direct proof of actual delivery (such as a copy date stamped as received by the StateDepartment of Education), a registered or certified mail receipt or proof of delivery by a recognizedDepartment of Education), a registered or certified mail receipt or proof of delivery by a recognizeddelivery service (e.g. DHL, Fed Ex) is the only prima facie evidence of delivery that this applicationdelivery service (e.g. DHL, Fed Ex) is the only prima facie evidence of delivery that this applicationhas met the filing deadline.has met the filing deadline.

Page 26: 2/29/2008 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.

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How To Get a Form?How To Get a Form?

Application form available at Application form available at

http://www.sde.idaho.gov/financeandtechnology/default.asp

Must use current year (2008) application formMust use current year (2008) application form – (if you use an old form, it will be rejected and returned to you).(if you use an old form, it will be rejected and returned to you).

From the district/charter officeFrom the district/charter office

SDE website (see above)SDE website (see above)

SDESDE 208-332-6845 ~ LaRae Ashby208-332-6845 ~ LaRae Ashby

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What Happens After the What Happens After the Applications Are Received?Applications Are Received?

After April 1, 2008, the information is verified with the school After April 1, 2008, the information is verified with the school district/charterdistrict/charter

PERSI will confirm that the individual has not met the Rule of 90 PERSI will confirm that the individual has not met the Rule of 90 (etc.)(etc.)

SDE notifies the applicant prior to June 1SDE notifies the applicant prior to June 1stst whether they are eligible whether they are eligible for the program and of the estimated gross amount based on for the program and of the estimated gross amount based on information in the IBEDS database.information in the IBEDS database.

If the applicant feels there is an error with the IBEDS data, they must If the applicant feels there is an error with the IBEDS data, they must resolve any differences with their employer immediately. Changes resolve any differences with their employer immediately. Changes must be submitted to SDE by district or charter administrator.must be submitted to SDE by district or charter administrator.

On July 31, 2008, the money will be sent to the district/charter.On July 31, 2008, the money will be sent to the district/charter. Payment to the applicant will be made through the district/charter Payment to the applicant will be made through the district/charter

payroll systempayroll system

SDE VERIFIES

APPLICANTS ELIGIBILITY

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What Happens After the What Happens After the Applications Are Received?Applications Are Received?

Information is verified with the school district/charter ~ After Information is verified with the school district/charter ~ After April 1, 2008April 1, 2008

Verifies eligibility with PERSI Verifies eligibility with PERSI

SDE notifies the applicant prior to June 1SDE notifies the applicant prior to June 1stst whether they are whether they are eligible for the program and of the estimated gross amount eligible for the program and of the estimated gross amount based on information in the IBEDS database.based on information in the IBEDS database.

If the applicant feels there is an error with the IBEDS data, If the applicant feels there is an error with the IBEDS data, they must resolve any differences with their employer they must resolve any differences with their employer immediately. Changes must be submitted to SDE by district immediately. Changes must be submitted to SDE by district or charter administrator.or charter administrator.

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What if the Individual Wants to What if the Individual Wants to Withdraw Their Application?Withdraw Their Application?

Individual should notify Individual should notify SDE in writing no later than SDE in writing no later than June 20, 2008June 20, 2008

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If it’s a “go”….If it’s a “go”….

On July 31, 2008, the money sent to On July 31, 2008, the money sent to the district/charterthe district/charter

Payment made through the Payment made through the district/charter payroll system district/charter payroll system (taxable (taxable income)income)

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What If I Have Questions?What If I Have Questions?

Contact ~ LaRae AshbyContact ~ LaRae Ashby

Phone ~ 208-332-6845Phone ~ 208-332-6845

Email ~ Email ~ [email protected]@sde.idaho.gov

Between 8 a.m. and 4 p.m. (mst)Between 8 a.m. and 4 p.m. (mst)