Common use of Basis of Retirement Benefit Clause in Contracts

Basis of Retirement Benefit. The retirement benefit shall be an annual payment equal to 15% of the retiree's annual salary in the primary teaching contract for the final year of service. The payment shall be paid annually in January. Payment will be made for a period of five (5) years.

Basis of Retirement Benefit. The retirement benefit shall be an annual payment equal to 15% of the retiree's annual salary in the primary teaching contract for the final year of service. The payment shall be paid annually in January. Payment will be made for a period of five (5) years. All retirement incentives are placed in a 403B account. Based on the company investment regulations, the retiree must be 59.5 years old to access the account if the employee would return to the same agency at some point. At age 55 the retiree can access the account if there are no plans to return to the same agency.