QUALIFICATIONS AND STIPEND. When a teacher retires under the provisions of PERS and has completed at least ten (10) years of service with the District, and is not more than sixty-one (61) years of age, that teacher shall receive a monthly stipend of $400 until the teacher reaches age 62 or qualifies for social security benefits, whichever comes first. (The monthly stipend shall continue for a maximum of eighty-four (84) months).
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