Long Term Service Benefit. Eligible certified employees who voluntarily resign or retire shall receive a payout that equals the difference between the certified employee’s actual salary for the 2008-2009 school year and the $45,128.65 average salary of full-time teachers hired by the District during that school year. The calculation of the payout is based on the certified employee’s 2008-2009 salary only and shall not include fringe benefits or supplemental pay. The payout shall be paid in one lump sum on January 31 of the year following the date of separation or resignation. For those employees participating in the Retired Teacher Option (10-11-1), they may postpone the Long Term Service Benefit payment until January 31 of the year following the end of their Retired Teacher Option year.
Long Term Service Benefit. In recognition of the loyalty and service of long-time Employees, a Long-Term Service Benefit shall be provided to Employees after ten (10) years of service. The benefit payable shall be paid out on an annual basis on the Employee’s first pay in December.
Long Term Service Benefit. 10-10-1 A teacher who has completed fifteen (15) or more years of continuous service in the District as of July 1, 2009 shall become eligible for the Long Term Service Benefit after completing twenty (20) years of continuous service. No additional employees shall become eligible for the benefit. Eligible employees who voluntarily resign or retire shall receive a payout that equals the difference between the teacher’s actual salary for the 2008-2009 school year and the $45,128.65 average salary of full-time teachers hired by the District during that school year. The calculation of the payout is based on the teacher’s 2008-2009 salary only and shall not include fringe benefits or supplemental pay. The payout shall be paid in one lump sum on January 31 of the year following the date of separation or resignation. For those employees participating in the Retired Teacher Option (10-11-1), they may postpone the Long Term Service Benefit payment until January 31 of the year following the end of their Retired Teacher Option year.
