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RETIREMENT DETAILS
These benefits are
only for teachers that announce their retirement during the 06/07 school
year through the 08/09 school year. Teachers who announced retirement
during the last contract, follow that contracts benefits.
Retirement Salary Benefits
Under the new contract, CTC members that announce their intent to retire
will receive a salary increase of 6% per year for 4 years. (6%/yr is the
maximum allowed by state law without incurring penalties)
Assuming a salary of $94,009; this is the pay schedule:
Year Salary
Increase Salary
1
$94,009 $
94,009.00
2
6%
$ 99,649.54
3
6%
$105,628.51
4
6%
$111,966.22
5
6% $118,684.20
The state will get its 4 year average from years 2-5.
Total salary amount: $435,928.47
Divide this by 4. Then, multiply by 75% (this
number will vary based on years experience) and retirement benefit is $81,737/yr.
This amount is increased every year by the state
and this is considered a Cost of Living Increase.
District had proposed 6% for 3 years and the CTC
proposed 6% for 4 years. The CTC proposal was accepted.
Retirement Health Benefits
Retirees will no longer stay on the
District health plan. They will receive $375/mo for singles and an
additional $250/mo for their spouse for 4 years. This option is also
available as a lump sum payout and the retirees can take $11,250 for single
and an additional $7500 for spouse.
District had proposed $250/mo
for retiree and spouse for 3 years.
The following link will take you to the State of Illinois Teachers
Retirement System brochure.
http://trs.illinois.gov/subsections/members/pubs/memberguide/retirement.pdf
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