In-District Service Recognition Stipend Sample Clauses

In-District Service Recognition Stipend. The District will pay employees who retire with at least fifteen (15) years of in-District service a one-time, gross, lump sum payment of one thousand one hundred dollars ($1,100), or seventy-five dollars ($75) more for each additional year of service, up to a maximum of three thousand three hundred fifty dollars ($3,350) for employees with at least forty-five (45) years of service, pursuant to the following schedule. To the extent that receipt of the stipend will result in an employee receiving more than a six percent (6%) increase in total salary over the previous year’s salary, the remaining portion shall be paid to the employee in the second calendar month after the effective date of the employee’s retirement. Years of Service Lump Sum Payment 15 $1,100 16 $1,175 17 $1,250 18 $1,325 19 $1,400 20 $1,475 21 $1,550 22 $1,625 23 $1,700 24 $1,775 25 $1,850 26 $1,925 27 $2,000 28 $2,075 29 $2,150 30 $2,225 31 $2,300 32 $2,375 33 $2,450 34 $2,525 35 $2,600 36 $2,675 37 $2,750 38 $2,825 39 $2,900 40 $2,975 41 $3,050 42 $3,125 43 $3,200 44 $3,275 45 $3,350
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Related to In-District Service Recognition Stipend

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