Base Severance Benefits. The Xxxxxx-Xxxxxx Board of Education ("District" or "employer") shall provide a severance benefit (calculated on the basis of salary schedule pay and not including extra duty pay) to any Xxxxxx-Xxxxxx certified employee who not later than January 2nd in any given year submits his or her irrevocable notice of retirement containing a certain retirement date. No such retirement date shall be more than three years later than the end of the school year in which the notice is given. In an emergency, the Superintendent may, at his discretion, approve a request to retire if the notice is received after January 2nd. Access to any incentive or benefit under this provision shall require the employee seeking the incentive or benefit to retire pursuant to the notice contemplated herein and pursuant to a TRS retirement program as contemplated herein. The severance benefit shall be an amount equal to thirty percent (30%) of the employee's gross annual salary as reflected by proper placement on the salary schedule entitled XXXXXX-XXXXXX SALARY SCHEDULE INCLUDING BOARD PAID RETIREMENT (not including extra duties) during the employee's last year before retirement. The calculation of the thirty percent (30%) shall be estimated at the time the notice of retirement is received by the employer, and a final calculation shall be made and the amount of the benefit adjusted as necessary at the actual time of retirement. The intent of the parties is that the above incentive shall not be used in conjunction with any other retirement program offered by TRS if the benefit required by the employer to TRS or the employee would, when combined, exceed the thirty percent (30%) amount as specified above (in which case the employee shall not be eligible for the thirty percent (30%) severance benefit.). The benefit contemplated herein shall not be used in conjunction with a military buyout, if any payment for the military buyout is made by the employer during the employee's last four years of employment, notwithstanding any provision which might seem to suggest otherwise elsewhere in this contract. Neither shall the incentive provided for hereunder be available to any employee who retires under ERO or exercises an ERO option. The employer shall be permitted to recover without contest from the employee or the Association any incentive contemplated hereunder if paid to an employee who retires under XXX. All compensation for severance benefits resulting from Article VII; H (1): Base Severance Benefits, shall be a portion of a pooled benefit amount for distribution as provided herein (Section 3).
Appears in 3 contracts
Base Severance Benefits. The Xxxxxx-Xxxxxx Board of Education ("District" or "employer") shall provide a severance benefit (calculated on the basis of salary schedule pay and not including extra duty pay) to any Xxxxxx-Xxxxxx certified employee who not later than January 2nd in any given year submits his or her irrevocable notice of retirement containing a certain retirement date. No such retirement date shall be more than three years later than the end of the school year in which the notice is given. In an emergency, the Superintendent may, at his discretion, approve a request to retire if the notice is received after January 2nd. Access to any incentive or benefit under this provision shall require the employee seeking the incentive or benefit to retire pursuant to the notice contemplated herein and pursuant to a TRS retirement program as contemplated herein. The severance benefit shall be an amount equal to thirty percent (30%) of the employee's gross annual salary as reflected by proper placement on the salary schedule entitled XXXXXX-XXXXXX SALARY SCHEDULE INCLUDING BOARD PAID RETIREMENT (not including extra duties) during the employee's last year before retirement. The calculation of the thirty percent (30%) shall be estimated at the time the notice of retirement is received by the employer, and a final calculation shall be made and the amount of the benefit adjusted as necessary at the actual time of retirement. The intent of the parties is that the above incentive shall not be used in conjunction with any other retirement program offered by TRS if the benefit required by the employer to TRS or the employee would, when combined, exceed the thirty percent (30%) amount as specified above (in which case the employee shall not be eligible for the thirty percent (30%) severance benefit.). The benefit contemplated herein shall not be used in conjunction with a military buyout, if any payment for the military buyout is made by the employer during the employee's last four years of employment, notwithstanding any provision which might seem to suggest otherwise elsewhere in this contract. Neither shall the incentive provided for hereunder be available to any employee who retires under ERO or exercises an ERO option. The employer shall be permitted to recover without contest from the employee or the Association any incentive contemplated hereunder if paid to an employee who retires under XXXERO. All compensation for severance benefits resulting from Article VII; H (1): Base Severance Benefits, shall be a portion of a pooled benefit amount for distribution as provided herein (Section 3).
Appears in 3 contracts
