Common use of Plan A Clause in Contracts

Plan A. The Board will pay a retirement incentive of fifty percent (50%) of the bargaining unit member’s annual base salary, excluding overtime pay, for the current school year to those bargaining unit members who have at least twenty-five (25) years of retirement service credit and resign in the first year in which they are eligible to retire. For the purpose of this section only, the expressions “first year of eligibility” and “first year in which they are eligible” shall not require a staff member with less than thirty (30) years of service in SERS to retire in order to be eligible for the incentive. All staff members who retire in their first year of eligibility (as per SERS guidelines for retirement) will receive a severance payment of twenty-five percent (25%) of accumulated sick leave days up to 250 days for a maximum of 62.5 days. This severance is in lieu of Article 29, Section A(1).

Plan A. The Board will pay a retirement incentive of fifty percent (50%) of the bargaining bargain- ing unit member’s annual base salary, excluding overtime pay, for the current school year to those bargaining unit members who have at least twenty-five (25) years of retirement service credit and resign in the first year in which they are eligible to retire. For the purpose pur- pose of this section only, the expressions “first year of eligibility” and “first year in which they are eligible” shall not require a staff member with less than thirty (30) years of service ser- vice in SERS to retire in order to be eligible for the incentive. All staff members who retire in their first year of eligibility (as per SERS guidelines guide- lines for retirement) will receive a severance payment of twenty-five percent (25%) of accumulated sick leave days up to 250 days for a maximum of 62.5 days. This severance is in lieu of Article 29, Section A(1).