Death Benefit Gratuity. In the event of the death of an employee either before or following retirement, but before receiving the benefits of the accumulated sick leave as provided for in severance Allowance, such benefits shall be paid to his/her estate.
Death Benefit Gratuity. In the event of the death of an employee either before or following retirement, but before receiving the benefits of the accumulated sick leave for in severance Allowance, such benefits shall be paid to his/her estate. Retirement Gratuity for teachers hired for employment after August will be as follows: Each teacher will be paid, upon termination of employment by reason of voluntary or involuntary retirement, a sum of money designated as Retirement Gratuity, for the days accumulated with this Board, if he/she complies with both following conditions: having five or more years of continual service with the Board on the date of retirement or death; be eligible for a pension from the Teachers’ Pension Plan Board on the date of retirement or death. If death puts an end to a teacher’s service, the Retirement Gratuity is paid to his/her estate. The amount is established as described in Article Retirement Gratuity are computed as follows: The number of days to the credit of a teacher shall be determined as set forth in-The Education Act Section For the purpose of this agreement, Xxxx Leave accumulated in the service of another Board will not be considered. Upon retirement, a teacher with years or more of service shall receive a gratuity equal to one day’s pay, as determined by his/her gross annual salary effective September 1 prior to his/her date of retirement, for each day of unused sick leave up to one-half the total so accumulated with payment to a maximum of one-half the days in the school year. For fewer years of service, the allowance will decrease, as shown in Article IO. The said gratuity as herein provided may be paid in June of the year in which the teacher terminates his/her employment provided notice of the teacher’s intent has been given prior to January otherwise, payment will be made in January of the following calendar year. The gratuity may be paid in five yearly payments, commencing with the date of termination of employment, if the Board receives authority for so doing from the teacher, such authority being revocable by the teacher or his/her designated representative at any time. When a teacher resigns and leaves the employment of the Board and the teaching profession and then is hired by the Board again, as a teacher, such employee is to be regarded as a new teacher for Retirement Gratuity benefits. Table of amount of Retirement Gratuity payable: consecutive years of service or more of the accumulated sick leave Days to his/her credit to a m...
