The retirement benefit in the SHEA contract is detailed in Article 2.11 and includes both a retirement incentive payment and sick leave conversion. Below is a comprehensive summary of how it works, including eligibility, due dates, and benefit amounts:

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Eligibility Requirements

• Must be a member of the New York State Teachers Retirement System (TRS).

• Must have completed at least 10 years of service in the Sweet Home Central School District.

• Must be retiring on July 1 at the end of the school year in which the teacher first becomes eligible for a penalty-free retirement under TRS.

  • Teachers may defer retirement if penalties apply, and still retain eligibility for the incentive.

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Required Notification Deadlines

• January 15 of the final school year: Submit a letter of resignation for retirement purposes, effective July 1.

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Retirement Incentive (Article 2.11.3)

• $35,000 incentive paid to any eligible TRS member retiring July 1, provided they meet the eligibility criteria and submit the letter by the January 15 deadline.

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Sick Leave Conversion (Article 2.11.4)

At retirement, unused sick days are converted to a dollar value based on this scale:

Sick Days Rate/DayMax Value

• 1–180 days$135/day$24,300

• 181–210 days$142/day$29,820

• 211–234 days$145/day$33,930

• 235 days$150/day$35,250

• The converted amount is placed into a 105H account, which can be used for medical expenses in retirement.

• If the retiree passes away, the balance transfers to their spouse; if the spouse passes, any remaining funds go to the estate.

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Payment Method (Articles 2.11.5 & 2.12.3)

• The District will make the payment as a non-elective employer contribution into a 403(b) account, subject to IRS limits.

• If the full amount can’t be paid in one year due to tax limits, the District may use up to five years of post-retirement deposits to complete the payment.