Appreciation Longevity Stipend Clause Samples

Appreciation Longevity Stipend. The Board agrees to add a Teacher Appreciation Longevity Stipend at the rate of $250.00 at the beginning of the twenty-fifth (25th) year through the twenty-ninth (29th) year and $500.00 at the beginning of the thirtieth (30th) year and every year thereafter starting at year 2014-2015. In the event there are legislative or rule changes affecting the TRS 6% rule contained in Public Act 94-0004, or the District is required to pay TRS penalty or contribution for increases in creditable earnings of over 6%, this provision shall be reopened for reconsideration upon written demand by either party. Such negotiations shall be for the purpose of negotiating appropriate revisions to assure that retiring employees in future similar situations shall receive to the maximum extent possible, the full value of the benefits provided under this Agreement, while avoiding TRS penalties to the District that may arise due to the payment of such benefit to the employee.