REGULAR SEVERANCE PAY. 1. This Section applies only to teachers employed for the 2003/2004 school year. 2. An eligible teacher who resigns or retires from the Xxxxxx Township Schools: a. In good standing and not as the result of pending disciplinary action; b. At age 55 or older; c. With ten or more years of service with this school corporation, and d. He/she resigns or retires from this school corporation shall receive $60 per day for one half of their accumulated sick leave days, but not to exceed $6,000.00. This amount shall be reduced by the value of the school corporation contribution from February 1, 2005 through the conclusion of the 2009-2010 school year to the tax sheltered annuity (one percent (1%) of the base salary including lanes and experience of each participating teacher to a Voluntary Employees Beneficiary Association (VEBA) account). 3. This amount shall be paid to a post-retirement 403(b) account by February 15 in the calendar year following retirement.
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Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement
