Code Number: 432
The intent of this policy is to recognize long term employees for their years of service. The Board reserves the right to review, amend, change, or eliminate this policy for future retirees at its sole discretion.
Eligibility
Full-time employees age 62 or older by the end of the fiscal year, June 30, who have at least twenty-five years of service with the Sioux City Community School District, and are eligible to begin retirement through the IPERS program, are eligible to participate in this plan. Consecutive service is defined as the most recent employment within the District. Years of service will be calculated as of the end of the school year in which they are retiring. Employees who worked part-time (does not include temporary or substitute work) prior to becoming full-time will be given a partial year credit for part-time years worked.
An employee must be in a full-time position at retirement in order to qualify. Full-time employment is defined as 30 hours or more weekly.
Benefits
Full-time employees who are otherwise eligible will receive a District stipend based on a sick day balance on their retirement date per the following schedule:
| Number of Sick Days | Stipend Paid By District |
| 0-80 days | $300 per quarter |
| 81-100 days | $600 per quarter |
| 101-120 days | $900 per quarter |
| 121-145 days | $1200 per quarter |
The retiree’s stipend will be paid quarterly beginning in July following the retirement and is subject to applicable taxes. The benefit will be provided for three years.
Service Definition
Each full-time year of service shall be counted as one full year of credited service toward this benefit. A partial year of service shall be prorated. For purposes of this policy only, a break in service (excluding an approved medical leave of absence, periods of military leave, short-term absences due to illness, or maternity leave, which are not considered a break in service), will not be counted.
Any years where an employee worked part-time but was at least 20 hours weekly, will be counted as one-half year of credit. Years where service averaged less than twenty hours weekly will not be counted for service toward this benefit. Years of service as a substitute or temporary employee will not count toward this benefit.
Early Retiree Insurance Eligibility
Employees who retire under this policy are eligible for the early retiree insurance offered by the district. The retiree is responsible for paying the full cost of the health insurance premium. Failure to pay such premiums on a timely basis will result in loss of coverage and will not be reinstated.
Restrictions
If the retiree returns to the District in a full-time position, benefits will be discontinued.
If the retiree dies prior to receiving the full amount of benefits to which he/she would be entitled, any remaining early retirement benefits will discontinue at the end of the quarter after the death of the retiree.
This retirement benefit will not be available to anyone who terminates employment with the District prior to the full completion of the academic year.
Notification Timeline
Any eligible employees who meet the above conditions will need to submit a retirement letter and Application for Early Retirement by the 15th of January of the year in which they intend to retire.
Right to Amend
The Board retains the exclusive right to review this policy annually and may amend, alter, or terminate this policy at its discretion for future availability.
- First Adoption:
- 2014-03-10
- Revision Adoption:
- September 8, 2014/ September 28, 2015/ November 28, 2016
- Legal Reference:
- Iowa Code Sections 279.46 & 298.4; 29 U.S.C. 623(I)(1)(A); Jankovitz v. Des Moines Independent Community School District, 421 F.3d 649 (8th Cir. 2005)