Entitlement to Retirement Buyout Benefits and Vesting Requirements. Upon retirement from the Northern Xxxxx Community Schools (“School Corporation”), a teacher shall be fully vested in the retirement benefits described in this Article if the retiring teacher has satisfied the following requirements: 1. The retiring teacher must have been employed by the Northern Xxxxx Community Schools before June 30, 2004. 2. Immediately prior to retirement, the retiring teacher must have completed fifteen (15) years with the Northern Xxxxx Community Schools. 3. The retiring teacher must be at least fifty-five (55) years old at the time of retirement. Retirements may take place at the end of a semester or school year. These requirements may be waived at the discretion of the School Corporation. In addition, these requirements may be waived in cases of retirement caused by disability or ill health, provided the retiring teacher provides satisfactory medical documentation to the School Corporation.
Appears in 4 contracts
Samples: Employment Agreement, Employment Agreement, Employment Agreement
