My employer is paying a one time bonus of $10,000 if I retire this school year. Is this compensation creditable, and how will it affect my final compensation or service credit?
Most retirement incentives are only creditable to the member’s Defined Benefit Supplement (DBS) account and have no effect on the member’s service credit or final compensation within the Defined Benefit Program. Member contributions and employer contributions on a retirement incentive increase the balance in a DBS account and therefore the benefit ultimately paid from that account.
Related Questions
- My employer is paying a one time bonus of $10,000 if I retire this school year. Is this compensation creditable, and how will it affect my final compensation or service credit?
- How much time do I have to locate a high need school and begin my three year teaching commitment?
- Is an employer required to give employees time off to attend school conferences?
