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.
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