Common use of Non-Vested Retirement Gratuity for Teachers Clause in Contracts

Non-Vested Retirement Gratuity for Teachers. This provision shall be added to the MOU The minimum years of service for retirement gratuity shall be defined as the lesser of the contractual minimal service requirement in the 2008-2012 collective agreement, or ten (10) years. Those teachers with less than the minimum number of years of service shall have that entitlement frozen as of August 31, 2012. These teachers shall be entitled to a Gratuity Wind-Up Payment calculated as the lesser of the board's existing amount calculated under the board's collective agreement as of August 31, 2012 (or board policy as of that date) or the following formula: L X Y._ X 30 200 b. =Gratuity Wind-Up Payment X= years of service (as of August 31, 2012) Y =accumulated sick days (as of August 31, 2012) Z =annual salary (as of August 31, 2012) For clarity, X, Y, and Z shall be as defined in the 2008-2012 collective agreement or as per policy or practice of the board for retirement gratuity purposes. The Gratuity Wind-Up Payment shall be paid to each teacher by the end of the school year. The pay-out for those who have vested Retirement Gratuities shall be as per ONT. REG. 2/13 and 12/13 made under the PUTTING STUDENTS FIRST ACT, 2012 and ONT. REG. 1/13 and 11/13 made under the EDUCATION ACT. '• Also, the Ministry of Education shall provide a letter to OECTA setting out the understanding about a Provincial Benefit Plan set out below. This does not involve implementation at the school board level.