Determination of Daily Rate. In applying these provisions, a teacher's daily rate of pay will be the basic daily rate at the time of retirement, as provided in the basic salary schedule for the basic school year, and will not include any additional compensation for extracurricular activities, extended employment or other extra compensation. Subd. 5. Payment Schedule 50-54: A teacher who retires at age 50-54 will receive their retirement incentive pay on July 20th if their birth date is between January 1st and June 30th in the year they reach age 55. If their birth date is between July 1st and December 31st, they will receive their incentive pay on January 20th of the following year. Subd. 6. Payment Schedule 55 & Over: Retirement incentive pay for teachers age 55 or older will be paid by the School District according to the following schedule. Teachers who retire between January 1st and June 30th will receive their retirement incentive pay on July 20th of that year. Teachers who retire between July 1st and December 31st will receive their retirement incentive pay on January 20th of the following year.
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Determination of Daily Rate. In applying these provisions, a teacher's daily rate of pay will be the basic daily rate at the time of retirement, as provided in the basic salary schedule for the basic school year, and will not include any additional compensation for extracurricular activities, extended employment or other extra compensation. Subd. 5. Payment Schedule 50-54: A teacher who retires at age 50-54 will receive their retirement incentive pay on July 20th if their birth date is between January 1st and June 30th in the year year, they reach age 55. If their birth date is between July 1st and December 31st, they will receive their incentive pay on January 20th of the following year. Subd. 6. Payment Schedule 55 & Over: Retirement incentive pay for teachers age 55 or older will be paid by the School District according to the following schedule. Teachers who retire between January 1st and June 30th will receive their retirement incentive pay on July 20th of that year. Teachers who retire between July 1st and December 31st will receive their retirement incentive pay on January 20th of the following year.
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