36-12. Teacher Retirement Program
Article 36 shall be amended as follows: CPS will offer an early retirement incentive to teachers who are eligible to retire and who submit their retirement notice on or before March 31, 2017 with an effective retirement date of June 30, 2017 provided that a minimum of 1500 teachers who are currently eligible to retire participate. The incentive program will be a one-time non-pensionable lump sum bonus payment equal to the teacher’s years of CPS service (not including fractions of years), times $1500, payable by December 31, 2017. If the minimum isn’t met, the teacher will be allowed to rescind the retirement notice.