FLEXIBLE PAYMENT OPTION Sample Clauses

FLEXIBLE PAYMENT OPTION. Any eligible unit member who retires prior to age fifty-eight (58) can prorate the total stipend amount in monthly payments not to exceed seven hundred and fifty dollars ($750.00) from the date of retirement to age sixty-two (62). Monthly stipend payments must be in equal amounts and must be paid consecutively. A unit member who chooses the early out option can choose to prorate the total cost of the District's insurance contribution over any portion of the period from retirement to federal Social Security full retirement age, not to exceed a regular monthly contribution amount.