401(a) Benefit For teachers employed on or before June 30, 2004 Sample Clauses

401(a) Benefit For teachers employed on or before June 30, 2004. The Board will buy back, at the rate of seventy dollars ($70.00) per day, up to a maximum of twelve (12) unused sick days and up to three (3) unused Personal Business Leave days annually if the teacher has maintained the minimum of one hundred eighty-three (183) days. The compensation for these days shall be deposited into each individual teacher’s Section 401(a) account. The value of these days at the time of deposit will not be discounted in any manner, including the Medicare and Social Security taxes (“FICA”) that would have been payable if the value of this benefit had been paid directly to the teacher. Starting June 30, 2006 and each year thereafter, if the teacher is at least age fifty-one (51) years of age the Board will deposit one hundred forty-five dollars ($145.00 present value) into each teacher’s 401(a) account. These funds will not be discounted by Medicare and Social Security taxes (FICA). Upon retirement, the EVSC will pay seventy dollars ($70.00) for each Accumulated Sick Leave day up to and including one hundred eighty-three (183) days. These funds will not be discounted by Medicare and Social Security taxes (FICA) and deposited (current value) into the teacher’s 401(a) account. Vesting Requirement: The teacher must be at least fifty (50) years of age by December 31st of the calendar year preceding retirement. The teacher must have at least ten (10) consecutive years of service with the EVSC; and the teacher must notify the superintendent of his/her intent prior to February 1st of the calendar year in which he/she wishes to retire; provided, however, that if circumstances develop which result in an unforeseen retirement, the superintendent may waive the February 1st notification date, but even in this circumstance the teacher intending to retire must still make timely written application for the retirement pay. A teacher who retires prior to the time he/she is fifty (50) years of age shall receive the appropriate amount of retirement pay under this Retirement Pay Plan if the teacher’s retirement is necessitated by incapacitation.
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