Plan I Protection. 1. For each teacher who chose Plan I, at that teacher’s actual retirement after attaining age 55 and completing ten (10) years of teaching service with Manchester Community Schools, the Manchester Community Schools will calculate an amount (if any) equal to 16% of the teacher’s last annual contract salary for each whole year (but limited to a maximum of two years) by which the teacher actually retired prior to age sixty (60). That amount will be deposited as follows: a. 50% into a 401(a) plan account, and b. 50% into an individual VEBA account 2. Those amounts will be 100% vested.
Appears in 7 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement
