1. Revised Retirement Benefit Effective July 1, 2013 Revised 04/01/2014

2.  BOE approved the basic concept of this plan at the April 7, 2013 Special Board Meeting.  Plan will go into effect 7/1/13  You must retire to get the benefit.

3.  Grandfathered Status  Transitional Status  Young Employee Status

4.  Those employees that are eligible to retire on or before 6/30/2015.  Employees in this class are eligible for the retirement benefits outlined in the last collective bargaining agreement.  Teacher 25 years 8 years of insurance or 3 years of insurance & 100 days of last year’s salary contributed to an Health Reimbursement Account 15 years – 24 years 3 years of insurance & 60-96 days contributed to Health Reimbursement Account.

5.  Secretary 18 years 3 years of insurance (or 36 mos. of contributions to HRA) 15 years 2 years of insurance (or 24 mos. of contributions to HRA) Can substitute dental coverage  Para-Professional (full time status prior to 2010) 15 years 3 years of insurance (health or dental insurance only) $12.50/day of unused sick leave

6.  Custodial 18 years 3 years of insurance 15 years 2 years of insurance Employees hired prior to 3/21/2009 and who qualify for retirement (rule of 75) $40,000 one time contribution into HRA

7.  Caveat  We may need to limit the dollar amount of the District’s contribution towards covering the cost of health insurance provided. This may be limited to the COBRA amount for 2014.  Assuming our 2013 health insurance premium goes up 8% in 2014, the COBRA amount could be: Single – $9,150(1/1/14 est. $9,882) Employee +1 - $17,955 (1/1/14 est. $19,391) Family - $27,600(1/1/14 est. $29,840)

8.  The maximum amount contributed by the District to cover the cost of the retiree’s insurance going forward in future years may be: Single - $10,000 Employee +1 - $20,000 Family - $ 30,000  We are assuming that we will not reach those levels due to a need to restructure insurance benefits as a result of the Health Care Reform Act. {Cadillac Tax implications}

9.  Those employees that are eligible to retire between 2016 – 2023.  A Transition Calculator was developed by Milliman Actuarial Services to design a benefit that would provide for a benefit that would be similar to the one you would have received under the old CBA.

10.  A Health Reimbursement Account was set up in your name through Mid-America.  The District contributed a lump sum payment into your HRA based on your pro-rata share of the benefit (as determined by Milliman), based on your age and years of service.  Each year the Board will contribute a designated amount into your HRA account, based on your employment class and insurance benefit that year.

11.  Teachers  Single or Waived Insurance - $3,800  Employee +1 or Family – $7,600  Support Staff (Custodians, Secretaries & Para’s)  Single or Waived Insurance - $1,900  Employee +1 or Family Insurance - $3,800

12.  Those employees that are first eligible to retire on 7/1/2024 or after.  Each year, beginning in 2013-2014 the Board will deposit a designated amount based on your employment class and insurance benefit that year.

13.  Teachers  Single or Waived Insurance - $3,800  Employee +1 or Family – $7,600  Support Staff (Custodians, Secretaries & Para’s)  Single or Waived Insurance - $1,900  Employee +1 or Family Insurance - $3,800  Issues to still work out  Portability  Vesting