Common use of Full Benefit Calculations Clause in Contracts

Full Benefit Calculations. The amount paid to the participant shall be determined by subtracting the base of the salary schedule from the teacher's salary minus any supplemental and/or extra duty salary for the year in which application for early retirement is made. The difference in these two figures shall be multiplied by sixty percent (60%) to determine the amount that will be paid annually to the participant. The annual amount shall then be divided by twelve (12) to determine the amount to be paid monthly into a 403(b) account. Monthly payment to the 403(b) account will be made on normal pay dates for teachers. If a participant does not have a currently open 403(b) account, retirement salaries may be paid to the participant.

Full Benefit Calculations. The amount paid to the participant shall be determined by subtracting the base of the salary schedule from the teacher's salary minus any supplemental and/or extra duty salary for the year in which application for early retirement is made. The difference in these two figures shall be multiplied by sixty percent (60%) to determine the amount that will be paid annually to the participant. The annual amount shall then be divided by twelve (12) to determine the amount to be paid monthly into a 403(b) account. Monthly payment to the 403(b) account will be made on normal pay dates for teachers. If a participant does not have a currently open 403(b) account, retirement salaries may be paid to the participant.. OTHER

Full Benefit Calculations. The amount paid to the participant shall be determined by subtracting the base of the salary schedule from the teacher's salary minus any supplemental and/or extra duty salary for the year in which application for early retirement is made. The difference in these two figures shall be multiplied by sixty percent (60%) to determine the amount that will be paid annually to the participant. The annual amount shall then be divided by twelve (12) to determine the amount to be paid monthly into a 403(b) account. Monthly payment to the 403(b) account will be made on normal pay dates for teachers. If a participant does not have a currently open 403(b) account, retirement salaries may be paid to the participant.