Early Retirement Payment. Upon retirement, teachers shall receive a payment equal to thirty-five percent (35%) of their final year’s salary. Notification of intent to retire and the option chosen must be submitted in writing to the superintendent’s office by March 1 of the school year preceding the employee’s final teaching year. The letter of intent to retire may be retracted by the employee before July 1 of the same year it was submitted. The letter of intent to retire cannot be retracted on or after July 1 of the same year submitted by the employee without review and consideration by a committee of the superintendent, a board member, and a gaining member. This payment is for early retirement and will be available in the twenty-fifth (25) through thirtieth (30) years only. If a teacher has fractions of teaching years, those fractions will be rounded up or down dependent upon the fraction. (Over ½ is rounded up and under ½ is rounded down.) This payment is available only to teachers who have spent five (5) years in the Manhattan School System. A. Option 1: Early Retirement Payments and Accumulated Leave Payment will be paid by June 30th of the year of retirement. B. Option 2: Early Retirement Payments and Accumulated Leave Payment will be paid after January 1, and before January 15, of the school year following the school year in which the teacher retires.
Appears in 7 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement
