Common use of EARLY NOTIFICATION OF RETIREMENT BONUS Clause in Contracts

EARLY NOTIFICATION OF RETIREMENT BONUS. Any teacher eligible to retire under STRS guidelines who submits their irrevocable letter of resignation for retirement purposes along with proof of retirement eligibility to the Superintendent or Superintendent's designee six (6) months prior to the date of the teacher's date of separation for retirement purposes, will be eligible to receive a cash bonus of one thousand dollars ($1,000.00). The payment of the early notification of retirement bonus shall be made at the next pay period subsequent to the Board of Education's official acceptance of the teacher's letter of resignation and proof of retirement eligibility. Payment of the retirement notification bonus shall occur no later than forty-five