GRATUITY-FULL-TIME EMPLOYEES. Upon death or retirement from employment with the Board after five (5) or more years continuous service with the Board, employees eligible and applying for any pension receivable under the Ontario Municipal Employee's Retirement System then in force, shall be entitled to a retirement gratuity calculated as follows, but not to exceed a total amount of $8,000: After: 5 years service 20% of cumulative sick leave credits at daily rate of pay as at date of retirement. 6 years service 22% 7 years service 24% 8 years service 26% 9 years service 28% 10 years service 30% 11 years service 32% 12 years service 34% 13 years service 36% 14 years service 38% 15 years service 40% 16 years service 42% 17 years service 44% 18 years service 46% 19 years service 48% 20 years service 50% At the employee's request, the payment of this allowance shall be:
1. A lump sum payment at the time of retirement; or
2. For income tax purposes, held over to any taxation year following retirement;
3. A group Registered Retirement Savings plan payable to the registered carrier, to be held in trust for the employee and payable at normal retirement age.
4. Converted into a paid pre-retirement vacation equivalent.
GRATUITY-FULL-TIME EMPLOYEES. Retirement Gratuities were frozen as of August 31, 2012. Employees are not eligible to receive a sick leave credit gratuity or any non-sick leave credit retirement gratuity (such as, but not limited to, service gratuities or RRSP contributions) after August 31, 2012, except a sick leave credit gratuity that the Employee had accumulated and was eligible to receive as of that day. The following language applies only to those employees eligible for the gratuity above. Upon death or retirement from employment with the Board after five (5) or more years continuous service with the Board, employees eligible and applying for any pension receivable under the Ontario Municipal Employee's Retirement System then in force, shall be entitled to a retirement gratuity calculated as follows, but not to exceed a total amount of $8,000: 5 years service 20% 6 years service 22% 7 years service 24% 8 years service 26% 9 years service 28% 10 years service 30% 11 years service 32% 12 years service 34% 13 years service 36% 14 years service 38% 15 years service 40% 16 years service 42% 17 years service 44% 18 years service 46% 19 years service 48% 20 years service 50% of cumulative sick leave credits at daily rate of pay as at date of retirement. At the employee's request, the payment of this allowance shall be:
1. A lump sum payment at the time of retirement; or
2. For income tax purposes, held over to the subsequent taxation year following retirement;
3. A group Registered Retirement Savings plan payable to the registered carrier, to be held in trust for the employee and payable at normal retirement age.
4. Converted into a paid pre-retirement vacation equivalent.
