Early Retirement Plan. 1. The District shall provide an early retirement plan to teaching staff between the ages of 50 and 64 who are at maximum on the salary scale and who wish to cease their teaching career. It is the intent of the District to provide the plan at no cost to the District. This option is not available to Teachers pursuing teaching positions in another locale and must be exercised in a school year prior to the Teacher reaching age 65. 2. Teachers wishing to exercise this retirement plan must advise the Secretary Treasurer in writing prior to March 31 in the year of retirement. 3. The retirement allowance is based on the Teachers' salary category as follows: For a Teacher at 4/max. $10,000 For a Teacher at 5/max. $12,000 For a Teacher at 6/max. $14,000 4. For part-time Teachers the incentive would be on a pro-rata basis using the Teacher's full time equivalent in the year of retirement. 5. Statutory deductions on this retiring allowance will be withheld at source on any such payment in accordance with the Income Tax Act. 6. The Board reserves the right to restrict the number of participants in the plan in any one year. 7. This plan will come into effect March 15, 1993 and will not be retroactive.
Appears in 5 contracts
Samples: Provincial Collective Agreement, Collective Agreement, Collective Agreement
