Early Retirement Incentive Plan
The Toronto District School Board has notified ETT members that an Early Retirement Incentive Plan (ERIP) will be introduced due to insufficient cost recovery through VLAP, as per Memorandum of Understanding (MOU) provisions.
The following message was sent by the Board to members via DirectLine:
In the recently signed 2013 MOU, a provision for offering an Early Retirement Incentive Plan was included as a potential cost recovery mechanism for funding one unpaid day for Teachers.
At this time it has been determined that the ERIP will be offered to elementary teachers in the Toronto District School Board. The ERIP shall be in the form of a $5,000 payment to any elementary teacher who retires between the end of November 2013 and January 31, 2014, as per ETFO MOU.
The ERIP payment will be added to the Sick Leave Gratuity payable to the eligible teachers. A package will be sent to eligible teachers outlining the options for payment of their gratuity and ERIP payments.
Please note that any requirements for notification periods for retirement or specific retirement dates shall be waived in the 2013-2014 school year. A minimum two week retirement notice period shall be provided in the open period as described above.