(a) The Board of Education is authorized to establish a retirement incentive program (“program”) which shall apply to eligible employees under the personnel authority of the Board of Education. This authorization is conditioned on the requirement that no District employee who receives an incentive payment under the early out retirement program shall be reemployed with the District government, including the Board of Education, for 5 years, or hired or retained as a sole source personal services contractor for 5 years from the date of retirement.
(b) The Board of Education may exclude or limit positions from the program based on the needs of the Board.
(c) The program shall be effective from December 21, 1994, through September 30, 1995.
(d) The program shall be limited to employees retiring under the early out retirement provisions of 5 U.S.C. 8336(d)(2), employees who become eligible to retire on or before June 15, 1995, under the optional retirement provisions of 5 U.S.C. 8336(a), (b), or (f), and teachers who are eligible to retire under § 38-2021.01(f).
(e) The program shall offer a retirement incentive of 50% of an employee’s annual rate of basic pay paid from the employee’s salary or pay schedule which was in effect on the employee’s date of retirement, not to exceed $24,000, to be paid in 24 equal installments.
(f) Retirement incentive payments shall be prorated in the case of a part-time employee.
(g) Retirement incentive payments shall not be considered basic pay for computing retirement entitlement, insurance entitlement, any category of premium pay entitlement, lump-sum leave, or any other entitlement that is computed on basic pay.
(h) No incentive payments shall be paid to:
(1) An employee retiring under the law enforcement provisions of 5 U.S.C. § 8336(c), the discontinued service/involuntary retirement provisions of 5 U.S.C. § 8336(d) (1), or the disability retirement provisions of 5 U.S.C. § 8337; or
(2) An employee who is a reemployed annuitant under the provisions of 5 U.S.C. § 8334.