Common use of One Year Plan Clause in Contracts

One Year Plan. If an eligible employee gives the Board an irrevocable letter of retirement prior to July 31, stating that he/she shall retire at the end of the next school year, the employee will be removed from the salary schedule and for the final year of employment the employee’s TRS creditable earnings shall be increased by six percent (6%) over the employee’s TRS creditable earnings for the prior year of employment. Example: The employee’s prior year TRS creditable earnings were $40,000.00. The employee’s final year TRS creditable earnings will be $42,400.00 (i.e., $40,000.00 x 1.06 = $42,400.00).

One Year Plan. If an eligible employee gives the Board an irrevocable letter of retirement no later than March 1 one (1) year prior to July 31, beginning the incentive stating that he/she shall retire at the end of the next following school year, the employee will be removed from the salary schedule and for the final year of employment employment, the employee’s TRS creditable earnings shall be increased by six five percent (65%) over the employee’s TRS creditable earnings for the prior year of employment. Example: The employee’s prior year TRS creditable earnings were $40,000.00. The employee’s final year TRS creditable earnings will be $42,400.00 42,000.00 (i.e., $40,000.00 x 1.06 1.05 = $42,400.0042,000.00).

One Year Plan. If an eligible employee gives the Board an irrevocable letter of retirement prior to July 31September 15, 2010 stating that he/she shall retire at the end of the next current school year, the employee will be removed from the salary schedule and off for the final year of employment the employee’s TRS creditable earnings shall be increased by six percent (6%) over the employee’s TRS creditable earnings for the prior year of employment. Example: The employee’s prior year TRS creditable earnings were $40,000.0040,000. The employee’s final year TRS creditable earnings will be $42,400.00 42,000 (i.e., $40,000.00 x 1.06 = $42,400.0040,000 X 1.06=$42,400).