ALLOWANCE ON RETIREMENT. 26.01 An allowance on retirement from the Board shall be paid when all of the following conditions have been met: a) A Teacher has been continuously under contract to, or on leave from, with or without salary, the Board or its predecessors for a minimum period of 10 years immediately prior to the retirement date. b) A Teacher has an accumulated minimum total of 10 years of service with the Board that qualify for step placement. c) The Teacher has attained the age of 60 years or is eligible for a pension under the provisions of the Teachers' Pension Plan and is at such time employed by the Board. 26.02 Any Teacher who qualifies for an allowance on retirement from the Board who dies before receiving the full benefits of the allowance shall have the allowance paid to the Teacher's estate. 26.03 All the benefits of the allowance shall be paid in full within one year of the Teacher's retirement or in a manner which is mutually satisfactory to the Teacher and the Board. 26.04 The amount of the allowance payable shall be calculated as follows for accumulated service as defined in Article 26.01 b): a) for ten years' service - 20% of the annual salary being paid at the time of retirement; b) for each additional year of service - 2% of the annual salary being paid at the time of retirement; c) the foregoing allowance shall be grandparented for Teachers employed on November 24, 1998 (including those with recall rights); for Teachers hired after November 24, 1998, the foregoing amount shall be multiplied by the number of sick leave days standing to the credit of the Teacher at the time of retirement, to a maximum of 200, and then divided by 200; d) the maximum amount payable shall be 50% of the annual salary being paid at the time of retirement.
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Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement
