Formula for Implementation. Any full time teacher who has taught a minimum of twenty (20) years, at least 15 consecutive years in the district, may choose a retirement plan based on the following chart: Retirement Plan will be capped so that the teacher’s average final compensation will not exceed 124% of his/her average base pay for the same period, or $31,000 whichever is less.
Formula for Implementation. The incentive payment shall be determined by the following formula: 35% x Last Salary
Formula for Implementation. The payment paid to an employee under this Article shall equal 1% of the employee’s last salary times the number of consecutive years that the employee served as a teacher in the Rollinsford School District immediately prior to retirement. However, in no event shall the School District pay more than 40 percent of an employee's last salary under this provision. “Last salary” for the purposes of this Article shall include the salary set forth in Appendix A plus longevity which was paid to the employee during his/her last school year of employment. Any current employee hired prior to 1982 will be grandfathered and shall receive retirement pay according to the previously negotiated formula laid out in the 2008-2010 agreement as listed below. The payment paid to an employee under this Article shall equal 1.15% of the employee’s last salary times the number of consecutive years that the employee served as a teacher in the Rollinsford School District immediately prior to retirement. However, in no event shall the School District pay more than 46 percent of an employee's last salary under this provision. “Last salary” for the purposes of this Article shall include the salary set forth in Appendix A plus longevity which was paid to the employee during his/her last school year of employment.
