Calculation of Benefit. A teacher will be eligible to receive as retirement incentive pay, upon their retirement, the amount obtained by multiplying eighty-two percent (82%) of their unused number of sick leave days, but in any event not to exceed one hundred twenty-three (123) days times their daily rate of pay.
Calculation of Benefit. An employee will be eligible to receive as retirement incentive pay upon their retirement the amount obtained by multiplying one hundred percent (100%) of their unused number of sick leave days, but in any event not to exceed one hundred ninety-two and one half (192.5) days times their daily rate of pay.
Calculation of Benefit. An employee who retires with the City of Madison shall receive a Benefit for the number of days of unused accumulated sick leave held by the retiring employee on his or her date of retirement, based on the following formula: Total hours of accumulated sick leave x regular hourly rate of pay at time of retirement.
Calculation of Benefit. For all eligible teachers, the cumulative total amount will not exceed an amount determined by multiplying the teacher’s daily rate of pay at the time of retirement times the number of the teacher’s accumulated sick leave days in excess of one hundred and twenty-three (123) days as of the date of retirement. However, the total amount will not exceed $37,800. The monthly district contribution toward the premium will be determined using the cumulative total amount earned by the teacher divided by the number of months until the teacher qualifies for Medicare. The benefit amount will not exceed 100% of the premium of the insurance plan selected by the teacher. Starting July 1, 2020 with teachers who retire in the 2020-2021 school year, the benefit amount may be used for health insurance contribution, remaining funds may be then used for dental insurance contribution, and then life insurance premiums if Medicare eligible and will not exceed 100% of the premium of the insurance plan selected by the teacher. If the teacher’s FTE status is not full time at the time of retirement the benefit will be pro-rated according to the teacher’s current FTE.
Calculation of Benefit. A Principal will be eligible to receive as retirement incentive pay upon their retirement in the amount obtained by multiplying one hundred percent (100%) of their unused number of sick leave days, but in any event not to exceed one hundred ninety-two and one half (192.5) days, times their daily rate of pay.
Calculation of Benefit. For all eligible teachers, the cumulative total amount will not exceed an amount determined by multiplying the teacher’s daily rate of pay at the time of retirement times the number of the teacher’s accumulated sick leave days in excess of one hundred and twenty- three (123) days as of the date of retirement. However, the total amount will not exceed $37,800. The monthly district contribution toward the premium will be determined using the cumulative total amount earned by the teacher divided by the number of months until the teacher qualifies for Medicare. The benefit amount will not exceed 100% of the premium of the insurance plan selected by the teacher. If the teacher’s FTE status is not full time at the time of retirement the benefit will be pro-rated according to the teacher’s current FTE.
Calculation of Benefit. A Licensed Coordinator will be eligible to receive as retirement incentive pay upon their retirement the amount obtained by multiplying one hundred percent (100%) of their unused number of sick leave days, but in any event not to exceed one hundred eighty-five (185) days times their daily rate of pay.
Calculation of Benefit. The Supplemental Benefit shall be the actuarial equivalent of a monthly pension benefit equal to the difference between:
Calculation of Benefit. For all eligible teachers, the cumulative total amount shall not exceed an amount determined by multiplying the teacher's daily rate of pay at the time of retirement times the number of employee's accumulated sick leave days in excess of 123 days as of the date of retirement. However, the total amount in either case shall not exceed $20,580.
Calculation of Benefit. 1. The amount of benefit shall be calculated by multiplying one-half (1/2) the number of accumulated sick days (up to a maximum of two hundred ten (210) days by 1/200 of the base rate as identified in Column C, Step 1 Appendix B for 2011-12 and each subsequent year for the duration of this Agreement.
