Madison Teachers Newsletter: Teacher Retirement and TERP Deadline February 15

Madison Teaches, Inc. Solidarity Newsletter via a kind Linda Doeseckle email:

In order for one to be eligible for the MTI-negotiated Teacher Emeritus Retirement Program (TERP) [Clusty Search], he/she must be a full-time teacher, at least 55 years old, with a combined age (as of August 30 in one’s retirement year) and years of service in the District totaling at least 75. (For example, a teacher who is 57 and has eighteen (18) years of service to the MMSD would be eligible: 57 + 18 = 75.) Teachers who are younger than age 55 are eligible if they have worked for the MMSD at least 30 years. Up to ten (10) part-time teachers may participate in TERP each year provided they have worked full-time within the last ten (10) years and meet the eligibility criteria described above.
Retirement notifications, including completed TERP agreements, are due in the District’s Department of Human Resources no later than February 15. Appointments can be made to complete the TERP agreement and discuss insurance options at retirement by calling the District’s Benefits Manager, Sharon Hennessy at 663-1795.
MTI was successful in negotiations for the 2009-13 and 2013-14 Contracts in negotiating a guaranteed continuance of TERP. Thus, MTI members can be assured that TERP runs through 2014 and not feel pressured into retirement before they are ready.
MTI Assistant Director Doug Keillor is available to provide guidance and/or to provide estimated benefits for TERP , insurance continuation, application of one’ s Retirement Insurance Account, WRS and Social Security. Call MTI Headquarters (257-0491) to schedule an appointment.