Common use of Calculation of Retirement Incentive Clause in Contracts

Calculation of Retirement Incentive. (a) Once an Employee submits an irrevocable notice of retirement by October 1st that Employee shall be removed from the salary schedules contained in Appendices A, B, and C of this Agreement. All calculations for salary increases will be based on the Teachers Retirement System (TRS) creditable earnings in the year prior to the submission of the irrevocable notice of retirement. Once the Employee submits an irrevocable notice of retirement in no case will the Employee’s TRS creditable earnings increase exceed six percent (6%) of the previous year. (b) If after submitting an irrevocable notice of retirement by October 1st, the Employee resigns from, or is dismissed from activities covered in Appendices B and C of this Agreement, the retirement incentive for that Employee will be recalculated accordingly.

Calculation of Retirement Incentive. (a) a. Once an Employee submits an irrevocable notice of retirement by October 1st that Employee shall be removed from the salary schedules contained in Appendices A, B, and C of this Agreement. All calculations for salary increases will be based on the Teachers Retirement System (TRS) creditable earnings in the year prior to the submission of the irrevocable notice of retirement. Once the Employee submits an irrevocable notice of retirement in no case will the Employee’s TRS creditable earnings increase exceed six percent (6%) of the previous year. (b) b. If after submitting an irrevocable notice of retirement by October 1st, the Employee resigns from, or is dismissed from activities covered in Appendices B and C of this Agreement, the retirement incentive for that Employee will be recalculated accordingly.

Calculation of Retirement Incentive. (a) Once an Employee submits an irrevocable notice of retirement by October 1st that Employee shall be removed from the salary schedules contained in Appendices A, B, and C of this Agreement. All calculations for salary increases will be based on the Teachers Retirement System (TRS) creditable earnings in the year prior to the submission of the irrevocable notice of retirement. Once the Employee submits an irrevocable notice of retirement in no case will the Employee’s TRS creditable earnings increase exceed six percent (6%) of the previous year. (b) If after submitting an irrevocable notice of retirement by October 1st, the Employee resigns from, or is dismissed from activities covered in Appendices B and C of this Agreement, the retirement incentive for that Employee will be recalculated accordingly.. Board--BEA Agreement - 43 -