Read INFORMATION FOR NEW RETIREES OF THE PINE BUSH CENTRAL SCHOOL DISTRICT: text version

INFORMATION FOR NEW PBTA RETIREES: Congratulations on your decision to retire! What you will find here is information about retirement at the district level. This means any information you need about the New York State Teachers' or Employees' Retirement System, Medicare, or your retirement investments should be obtained from those providers directly. Here you will find information about: 1. Important retirement related dates 2. Long Service Increment Payment 3. Unused Sick Day Payment 4. Continuation of Major Medical Coverage 5. Continuation of Benefits Trust Coverage (optical, dental, hearing aid)

SUBMITTING YOUR RETIREMENT LETTER: You need to submit a letter to the district indicating your intention to retire at the end of the year. This letter should be submitted no later that April 1. Please visit the PBTA website (pbtaonline.net), which has a sample generic retirement letter available for download. All you have to do is insert your information and follow the included directions for handing the letter in.

ELIGIBILITY FOR LONG SERVICE INCREMENT AND UNUSED SICK DAY PAYMENT: In order to be eligible for these two payments, you must meet the criteria of a "career teacher" in the district according to the definition in the contract. For those members hired before December 21, 1999, you must have 10 years of service to the district. For those hired after December 21, 1999, you must have 20 years of service to the district. For those who do not meet these criteria, you are not eligible for the long service increment or the unused sick day payment. You may refer to page 46 of the contract for the exact definition of a "career teacher".

LONG SERVICE INCREMENT: If you are a "career teacher", you are eligible for this one time payment which is calculated based on your number of years of service to the district. The exact calculation can be found on page 47 of the contract. You can take this any time you wish (not just at retirement), but it is worth more the longer into your career you wait. Application for this payment must be made by April 1 for payment during the following school year and may only be subsequently withdrawn on or before June 10. Please visit the PBTA website (pbtaonline.net), which has a sample generic letter requesting this payment available for download. All you have to do is insert your information and follow the included directions for handing the letter in.

UNUSED SICK DAY PAYMENT: If you are a "career teacher", you are eligible to be paid for your accumulated unused sick days upon your retirement. The exact calculation of this payment is explained on page 47 of the contract. This payment must be made into a 403(b) account through ING. If you do not have a 403(b) with ING, you must call Jack Parise at 845-486-4197 to set one up. Even if you already have a 403(b) with another provider, you must have one with ING in order to receive this payment. This is an automatic payment, so no letter of application is necessary, but you should make sure the district knows your account number with ING to properly deposit the funds.

CONTINUATION OF MAJOR MEDICAL COVERAGE: If you have 15 years of service to the district, you will maintain your current major medical coverage in retirement, but you will no longer be required to pay the contractual percentage of the premium. This is explained on page 54 of the contract.

CONTINUATION OF PBTA BENEFITS TRUST FUND COVERAGE: If you have 15 years of service to the district, you will also maintain your current coverage through the PBTA Benefits Trust Fund at no cost to you. This covers optical, dental, hearing aid, and, in some cases, life insurance benefits. There is some paperwork that needs to be filled out to continue these benefits, but there will be meeting in June you will be informed about to take care of this.

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INFORMATION FOR NEW RETIREES OF THE PINE BUSH CENTRAL SCHOOL DISTRICT:

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