Common use of Determination of Daily Rate Clause in Contracts

Determination of Daily Rate. In applying these provisions, the daily rate of pay shall be based upon the total annual compensation at the time of retirement. Subd. 5. Payment Schedule 50-54: A Principal who retires at age fifty to fifty-four (50-54) will receive the retirement incentive pay on July 20th if their birth date is between January 1st and June 30th in the year they reach age fifty-five (55). If their birth date is between July 1st and December 31st, they will receive their retirement incentive pay on January 20th of the following year. Subd. 6. Payment Schedule 55 & Over: Retirement incentive pay for those ages fifty-five (55) or older shall be paid by the District according to the following schedule. Principals who retire between January 1st and June 30th shall receive their retirement incentive pay July 20th of that year. Principals who retire between July 1st and December 31st shall receive their retirement incentive pay on January 20th of the following year. In the event of a Principal's death after having retired from the District, the remaining amount of retirement incentive pay shall be paid to their estate.

Determination of Daily Rate. In applying these provisions, the daily rate of pay shall will be based upon the total annual compensation at the time of retirement. Subd. 5. Payment Schedule 50-54: A Principal An employee who retires at age fifty to fifty-four (50-54) will receive the retirement incentive pay on July 20th if their birth date is between January 1st and June 30th in the year they reach age fifty-five (55). If their the employee’s birth date is between July 1st and December 31st, they will receive their retirement incentive pay on January 20th of the following year. Subd. 6. Payment Schedule 55 & Over: Retirement incentive pay for those ages aged fifty-five (55) or older shall will be paid by the School District according to the following schedule. Principals Employees who retire between January 1st and June 30th shall will receive their retirement incentive pay July 20th of that year. Principals Employees who retire between July 1st and December 31st shall will receive their retirement incentive pay on January 20th of the following year. In the event of a Principal's death an employee’s death, after having retired from the School District, the remaining amount of retirement incentive pay shall will be paid to their estate.