Retirement information
29.5 End-of-Year Notice Requirement. Teachers resigning or retiring prior to the start of the next school year must give notice by March 30th (90 days prior to the end of the preceding school year). Teachers providing less than the 90-workday notice, but more than 30-days’ notice, shall receive a prorated severance payment; i.e., a teacher giving 89-days’ notice shall be eligible for 89/90ths of the severance benefit. Teachers giving less than 30-days’ notice shall not be entitled to any severance benefit, assuming there are no extenuating circumstances. A written notice should be sent to the Assistant Superintendent, Employee Services.
If you are planning to collect social security, please see the following message:
If you are considering retirement for the upcoming school year, it is critically important that you structure your pay schedule so that you are EITHER receiving 21 pays OR 26 pays with the 'lump sum' in June. Current Social Security policy is that your SS does NOT start until the month after you retire AND you earn less than $1,520. Clearly, IF you receive paychecks through July and August, your SS benefits do not start until September, whereas if you receive all your pay in June you can collect SS starting in July. This two-month differential in collecting SS is between $5,000 and $6,000 for most retiring TSD teachers.
If you are planning to collect social security, please see the following message:
If you are considering retirement for the upcoming school year, it is critically important that you structure your pay schedule so that you are EITHER receiving 21 pays OR 26 pays with the 'lump sum' in June. Current Social Security policy is that your SS does NOT start until the month after you retire AND you earn less than $1,520. Clearly, IF you receive paychecks through July and August, your SS benefits do not start until September, whereas if you receive all your pay in June you can collect SS starting in July. This two-month differential in collecting SS is between $5,000 and $6,000 for most retiring TSD teachers.
