Common use of Early Retirement Stipend Clause in Contracts

Early Retirement Stipend. Any eligible regular contract teacher who retires under the provisions and timelines of Memorandum 56 will be given 12 percent of their final base contract salary each year for five consecutive years or until eligible for full Social Security benefits (by July 1 of that year), whichever occurs first. Early retirement stipends will cease upon the death of the retiree. The payments will be deposited into a 403(b) Special Pay Plan beginning the first September 15 following the last date of contract employment (termination date) and each September 15 thereafter until the payments are completed as described above.

Early Retirement Stipend. Any eligible regular contract teacher who retires under the provisions and timelines of Memorandum 56 will be given 12 percent 12% of their final base contract salary each year for five consecutive years or until eligible for full Social Security benefits (by July 1 of that year), whichever occurs first. Early retirement stipends will cease upon the death of the retiree. The payments will be deposited into a 403(b) Special Pay Plan beginning the first September 15 following the last date of contract employment (termination date) and each September 15 thereafter thereafter, until the payments are completed as described above.