Early Retirement Incentive

1
Early Retirement Incentive

• The Deal That You Deserve
• (And They Can Afford)

2
Do I qualify for the ERI offer?

• Are you a member of the GHEA Bargaining unit?
• Are you at Step 12 or above on the 2008-2009
  salary schedule?
• Are you currently eligible for retirement under
  MPSERS?
• Do you have 30 or more years of service credit
  under MPSERS? (Including years that you may have
  bought)

3
What is the offer?

• This is a one time deal, good for only the next
  45 days.
• Full-time GHEA Members will receive a 40,000
  payout spread over the next 4 years 10,000 each
  August 2009-2012.
• Part-Time GHEA Members will receive a pro-rated
  amount (e.g. .6 teachers would receive 6,000)
  for the next 4 years each August 2009-2012.
• It does not replace the severance language
  already in the Master Agreement.

4
What is the rest of the story?

• You must sign the separation and release
  agreement by June 5, 2009.
• A minimum of 12 GHEA Members must participate, or
  the offer becomes null and void.
• The incentive money must be deposited in a 403b
  plan account, but may be withdrawn the next day
  if you are 59.5 years old. (Be advised that
  you will pay the tax rate in that fiscal year)

5
What happens if you die before the final payout?

• You will receive an amount determined by the IRS,
  based upon your final years gross income and
  pro-rated for the year you would pass.
• The longer into the 4 year pay-out period, the
  more your survivors would receive.

6
This is a good deal, but is this a good deal for
me?

• Only you can answer that question.
• Take some time to discuss it with your family.
• Attend the MEA Retirement Informational meeting
  (if you havent attended one already) This
  Saturday is full. We will see if we have a need
  to ask for a special meeting here in Grand Haven.
• Go to the MEA Web site and run your own
  retirement numbers.
  We have a link on our web site at
  WWW.myghea.org Go to the Members Only
  section. User name is GHEA and Password is
  member.