Common use of Manner of Retirement Incentive Payments Clause in Contracts

Manner of Retirement Incentive Payments. a. The certificated employee may elect to receive the Retirement Incentive payment in October of the following fiscal year, or receive the Retirement Incentive payment in installments. The amount and date of such installments will be designated by the certificated employee. In this way, the retiree can prevent reception of monies in excess of the amount authorized by STRS from public school employment in any fiscal year. The total of the Retirement Incentive payments shall be made within five (5) years of the retirement date. b. In case of the death of the retiree, the unpaid portion of the Retirement Incentive payment shall be paid to his/her estate, devises, or legatees. c. The District has the prerogative of limiting the number of certificated employees, according to budget constraints, who may retire under this article in any single year. If more certificated employees apply than, by District decision, can be accommodated, those granted retirement under this Article shall be selected by seniority, unless a certificated employee with seniority waives his seniority rights in favor of another certificated employee with less seniority. d. If a certificated employee applies for retirement under this Article and, because of budget constraints, is ineligible that year, he/she shall be eligible the next year under the same age and benefits conditions that would have applied in the first year that the application was made.

Manner of Retirement Incentive Payments. a. The certificated employee may elect to receive the Retirement Incentive payment in October of the following fiscal year, or receive the Retirement Incentive payment in installments. The amount and date of such installments will be designated by the certificated employee. In this way, the retiree can prevent reception of monies in excess of the amount authorized by STRS from public school employment in any fiscal year. The total of the Retirement Incentive payments shall be made within five (5) years of the retirement date. b. In case of the death of the retiree, the unpaid portion of the Retirement Incentive payment shall be paid to his/her estate, devises, or legateesorlegatees. c. The District has the prerogative of limiting the number of certificated employees, according to budget constraints, who may retire under this article in any single year. If more certificated employees apply than, by District decision, can be accommodated, those granted retirement under this Article shall be selected by seniority, unless a certificated employee with seniority waives his seniority rights in favor of another certificated employee with less seniority. d. If a certificated employee applies for retirement under this Article and, because of budget constraints, is ineligible that year, he/she shall be eligible the next year under the same age and benefits conditions that would have applied in the first year that the application was made.

Manner of Retirement Incentive Payments. a. The certificated employee may elect to receive the Retirement Incentive payment in October of the following fiscal year, or receive the Retirement Incentive payment in installments. The amount and date of such installments will be designated by the certificated employee. In this way, the retiree can prevent reception of monies in excess of the amount authorized by STRS from public school employment in any fiscal year. The total of the Retirement Incentive payments shall be made within five (5) years of the retirement date. b. In case of the death of the retiree, the unpaid portion of the Retirement Incentive payment shall be paid to his/her estate, devises, or legatees. c. The District has the prerogative of limiting the number of certificated employees, according to budget constraints, who may retire under this article in any single year. If more certificated employees apply than, by District decision, can be accommodated, those granted retirement under this Article shall be selected by seniority, unless a certificated employee with seniority waives his seniority rights in favor of another certificated employee with less senioritylessseniority. d. If a certificated employee applies for retirement under this Article and, because of budget constraints, is ineligible that year, he/she shall be eligible the next year under the same age and benefits conditions that would have applied in the first year that the application was made.

Manner of Retirement Incentive Payments. a. The certificated employee may elect to receive the Retirement Incentive payment in October of the following fiscal year, or receive the Retirement Incentive payment in installments. The amount and date of such installments will be designated by the certificated employee. In this way, the retiree can prevent reception of monies in excess of the amount authorized by STRS from public school employment in any fiscal year. The total of the Retirement Incentive payments shall be made within five (5) years of the retirement date. b. In case of the death of the retiree, the unpaid portion of the Retirement Incentive payment shall be paid to his/her estate, devises, or legatees. c. The District has the prerogative of limiting the number of certificated employees, according to budget constraints, who may retire under this article in any single year. If more certificated employees apply than, by District decision, can be accommodated, those granted retirement under this Article shall be selected by seniority, unless a certificated employee with seniority waives his seniority rights in favor of another certificated employee with less seniority. d. If a certificated employee applies for retirement under this Article and, because of budget constraints, is ineligible that year, he/she shall be eligible the next year under the underthe same age and benefits conditions that would have applied in the first year that the application was made.