Entitlement to Retirement Severance Benefits, Vesting Requirements. Upon retirement from the Xxxxxx-Xxxxx 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 Xxxxxx-Xxxxx School Corporation on or before January 1, 2006. 2. The retiring teacher must have notified the Superintendent in writing of the intent to retire on or before February 1, in the year of retirement. The Board may waive timely notice for good reason. 3. Immediately prior to retirement, the retiring teacher must meet one of the following: a. Completion of not less than ten (10) consecutive years of service with the Xxxxxx-Xxxxx School District and reached the age of fifty-five (55) on or before September 1 following the last school year of employment, or b. Completion of not less than twenty-five (25) years of service with the Xxxxxx-Xxxxx School District and reached the age of fifty (50) on or before September 1 following the last school year of employment.
Appears in 6 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement
