Sec.10-183l-24. Early retirement incentive plan

(a) Notice to Board. Upon adoption of an early retirement incentive plan in accordance with Public Act No. 89-233, the employer shall notify the State Teachers' Retirement System on an official form approved by the State Teachers' Retirement Board.

(b) Teacher Application. A teacher may initiate action to retire under the locally adopted early retirement incentive plan in accordance with Public Act No. 89-233 by completing the employee section of a form adopted by the State Teachers' Retirement Board and by filing such form with the employer. The employer will then complete the balance of the form and file it with the Teachers' Retirement System no later than the last day of the month preceding the date of retirement.

(c) Purchase of Service Credit. The cost to the employer for additional credited service purchased will be determined by factors recommended by the actuary for the State Teachers' Retirement Board as sufficient to yield an amount equal to the additional liability created by such purchase of additional credited service. Actuarial cost factors will be revised no more frequently than once a year, and revised factors shall apply only to purchases of service made after the adoption by the Teachers' Retirement Board of such revised factors.

(d) Payment in Installments. An employer may pay the cost of purchased additional service credit in one sum, or in equal annual installments over a number of years equal to the number of years purchased under the plan it had adopted. The due date for payment for service shall be June 30 of the year in which service is purchased, and interest at the rate of nine per cent shall be assessed on all payments made after that date, and on annual installment payments. Any payment made before August 1 shall be deemed to have been made on June 30.

(Effective March 26, 1990)