Incentive for Retirement Sample Clauses

Incentive for Retirement. A. A teacher who has at least fifteen (15) years of credited experience in the Richfield Public School District and who is at least age fifty-five (55) and who submits a written letter of retirement on or before February 1 of the school year at the end of which the teacher wishes to retire shall receive early retirement incentive pay upon retirement. Teachers who have been on an extended leave of absence pursuant to Article X, Sections 8, B or C for more than one of the three years immediately preceding retirement are not eligible for retirement incentive pay. However, teachers who have at least twenty-five (25) years of credited experience in the Richfield Public School District may receive retirement incentive pay immediately following an extended leave of absence provided the leave is from three to five years in length and provided they do not return to teaching in the Richfield Public Schools following the leave. The amount of retirement incentive pay shall be based on the teacher's years of service and accrued sick leave. Accrued sick leave shall mean the number of days the teacher has accumulated at the effective date of retirement. The teacher's retirement incentive pay shall be the sum of the applicable amounts determined by the provisions of Division B below. Part-time teachers will receive a pro- rated amount based on the average number of hours assigned during the last 15 years of credited experience. Teachers participating in a phased retirement agreement per the terms of Division G below, will have the total amount prorated according to the average number of hours assigned during the highest 15 of the last 17 years of credited experience.
Sample 1
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Related to Incentive for Retirement

  • Deferred Retirement a. An employee who, upon separation from County service, is eligible for paid retirement and elects deferred retirement must defer participation in the Grant until such time as he or she becomes an active retiree.

  • Early Retirement Option The District may offer an early retirement incentive for unit members.

  • Disability Retirement If, as a result of your incapacity due to physical or mental illness, You shall have been absent from the full-time performance of your duties with the Company for 6 consecutive months, and within 30 days after written notice of termination is given You shall not have returned to the full-time performance of your duties, your employment may be terminated for "Disability." Termination of your employment by the Company or You due to your "Retirement" shall mean termination in accordance with the Company's retirement policy, including early retirement, generally applicable to its salaried employees or in accordance with any retirement arrangement established with your consent with respect to You.

  • Severance and Retirement Options (a) (i) Where an employee resigns within 30 days after receiving notice of layoff pursuant to article 14.02 (a)(ii) that his or her position will be eliminated, he or she shall be entitled to a separation allowance of two (2) weeks' salary for each year of continuous service to a maximum of sixteen (16) weeks' pay, and, on production of receipts from an approved educational program, within twelve (12) months of resignation, may be reimbursed for tuition fees up to a maximum of three thousand ($3,000) dollars.

  • Retirement Options The Xxxxxxx Community College Board of Trustees may at its discretion grant one of the following retirement incentive plans to eligible faculty. The unit member must elect and may participate in only one of the three following retirement plans:

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