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.
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
1. Applications must be submitted electronically on the form provided by the School District no earlier than September 1 and no later than December 1st of the school year prior to the school year in which the certificated employee wished to discontinue full-time employment. Once the budgeted $400,000 annual allotment has been met, applications will still be accepted in the event an applicant does not qualify or an applicant rescinds their application.
2. 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 (July 31).
3. Certificated employees participating in the program relinquish all tenure, contract or other employment rights with the School District.
4. Certificated employees receiving long-term disability benefits are not eligible to participate in this program.
5. 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.
6. A certificated employee electing to participate in the program may have the option to continue hospitalization, surgical, major medical and life insurance programs of the School District, however, the premiums shall be paid by the employee.
7. Entrance into the program and payment of the monthly benefit shall begin in September of the fiscal year following the employee's separation date and continue until the month the certificated employee attains age 62, or reaches the $100,000 maximum benefit limit or the month of the employee's death, if earlier.
8. The certificated employee's monthly benefit shall be equal to the lessor of 25% of employee's scheduled monthly salary* or the estimated social security benefit payable to the employee at age 62.
*Excludes long service increments and payments for co-curricular/ activity supervision.