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.
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