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.
Appears in 6 contracts
Samples: Gaining Agreement, Gaining Agreement, Gaining Agreement
