The Retirement Incentive Program is available to an employee who qualifies for retirement as outlined by Oklahoma Teachers Retirement System and has made application for retirement. The incentive shall be a lump sum payment as provided for below.

An applicant must be an active Regular Full-time employee of the district with the last seven (7) contract years of which must be consecutive service as a full-time employee of the district. Creditable service is defined as the number of years of service accepted by the Oklahoma Teachers Retirement System (OTRS), A) 20 years of creditable service with OTRS or B) 15 years of creditable service with OTRS to qualify for 75% of the full benefit, or C) 10 years of creditable service with OTRS to qualify for 50% of the full benefit. Employees who have already retired through OTRS shall qualify based on their post retirement years of service with the district though they may not be considered creditable years by OTRS.

1. A request to participate in the program must be received by the Superintendent by APRIL 1 for a retirement to be effective at the end of the employee’s current contract.

2. A request to participate in the program is not revocable unless approved by the Superintendent for extenuating circumstances.

3. A request to participate in the Retirement Incentive Program is revocable for a period of seven (7) days from the date of the request, and that seven (7) day period may not be waived. Thereafter, the request to participate is irrevocable.

4. The benefit shall be a one-time payment equal to 75% of the full-time employee’s salary, not to exceed $10,000.00, on or before JUNE 30 of the year the retirement becomes effective.

5. The benefit will be automatically approved for those full-time employees who qualify and apply according to #2 above.

6. The payment shall be made by check through payroll. The retiring employee may electively defer to an approved 403(b) provider’s product or to an approved 457 plan. The employee and the district will both pay FICA.

7. If notice is received prior to April 1 for resignation and retirement at the conclusion of the following year, the incentive in the amount equal to the anticipated sum may be paid out in a salary supplement throughout the following contract. If the employment contract is not fulfilled, the employee may be required to repay the district the sum of overpayment.

Approved by the Board of Education on 7/21/03
Amended by the Board of Education on 8/26/04, 9/20/05, 11/22/05, 08/09/10, 05/09/11, 11/12/12, 02/11/13, 12/9/13, 5/14/18, 02/08/21, 12/12/22, 04/08/24, 05/12/25