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1. What should I do if I'm thinking about retirement?
   1. There are three important steps
      1. If you are a contract teacher or a certficated administrator:
         1. Contact the State Teachers Retrirement System (STRS)
         2. Advised your administrator (or RED) of your intent to retire
         3. Submit to Human Resources in writing a letter of your intent to retire. Be sure to sign the letter.
      2. If you are a classified employee or a non-certificated administrator:
         1. Contact the School Employees Retirement System (SERS)
         2. Advised your department head of your intent to retire
         3. Submit to Human Resources in writing a letter of your intent to retire. Be sure to sign the letter.
2. What needs to be in my intent to retire letter to Human Resources?
   1. Your letter should include:
      1. Your name and signature
      2. Your Employee ID
      3. Your last day of service (the last day of service must be a work day. It cannot be a weekend or a holiday)
3. Who is eligible to retire?
   1. Unfortunately, we do not have the expertise here to answer this question. Our recommendation is you reach out to your retirement system, either STRS or SERS
4. Can I collect severance?
   1. Severance is a percentage of accrued by unused sick days. In order to qualify for severance, you must retire with STRS/SERS within 120 days of your last day of service. Employees are only eligible to receive Severance once (per contract or compensation package agreement), and is typically paid out within 60 days of retirement.
      
      1. For specifics about Severance, refer to Severance Pay
5. How soon will I received my severance or enhanced severance pay out?
   1. Regardless of the type of severance pay, payment will be received within 60 days of retirement. However, if retirement occurs at the end of the school year, teachers on the 21 pay plan, will be paid out in August. Teachers on the 26 pay plan (stretch pay) will be paid out in September. In most cases, severance pay will be paid in a separate check for the regular pay.
6. What is "Enhanced Severance"?
   1. With enhanced severance (sometimes referred to as "Super Severance") your accumulated sick leave is paid out at a higher percentage rate, provided you notify Human Resources in advance of your intent to retire. 
      1. For specifics regarding "Enhanced Severance," refer to the Severance Pay page page.
7. What do I need to do to qualify for "Enhanced Severance"?
   1. To qualify for "Enhanced Severance." Human Resources must be notified in advance of your retirement per the contract agreement or association compensation package. 
      1. For specifics regarding what is considered "advanced notification" refer to the Severance Pay page.
8. Is the severance paid based on the current daily rate at the time of retirement?
   1. Yes, severance is paid at the current rate at the time of retirement.
9. How do I figure the dollar amount of my severance pay?
   1. Access the intranet (http://cpsnet.columbus.k12.oh.us/) under Departments > Treasurer's Office, in the Payroll Section, there is a Severance Pay Estimator link. Utilize that calculator to estimate the amount of your severance pay.
10. Can I defer the payout for my severance pay until next year in order to avoid tax consequences?
    1. No, IRS regulations restrict delaying severance payments in order to avoid tax consequences.
11. Can I defer any of my severance pay to an annuity account?
    1. Yes, but the annuity account must be established and all paperwork received in the payroll office by your last day of service with the district. Annuity forms may be found on the intranet (http://cpsnet.columbus.k12.oh.us/) under Departments > Treasurer's Office, in the Payroll - Annuity section.
12. When will my insurance end?
    1. Unfortunately, I don't have the expertise to provide that information, but let me get you in touch with a benefits expert. In case you need to call them directly, their number is (614) 365-6475
       
       

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