RETIREMENT AND SEVERANCE PAY Sample Clauses
RETIREMENT AND SEVERANCE PAY. A. Educational support employees working for the Board at the time of official retirement (or at the time of death, said beneficiary) shall receive retirement pay of forty percent (40%) of the accumulated sick leave at the final rate of pay. To be eligible, the educational support employee must have served ten (10) consecutive years in the Xxxxxxxxx County school system.
B. Upon termination of employment with the Board, twelve-month educational support employees shall receive severance pay for earned unused annual leave.
C. In order to be eligible for benefits under A. of this section, educational support employees must submit completed retirement forms to the Human Resources Department thirty (30) days prior to the projected retirement date. Advanced notice may not be a requirement in case of medical necessity or disability retirement.
RETIREMENT AND SEVERANCE PAY. The Board shall xxxxx xxxxxxxxx to a teacher upon retirement or death. The teacher or the estate, in the event of death, shall receive within thirty (30) days of the last day of service severance pay computed from the teacher's current per diem rate of pay and based on one- fourth (1/4) of accumulated sick leave to a maximum of 300 days and personal leave of the teacher at the time of retirement or death.
RETIREMENT AND SEVERANCE PAY. Upon retirement, as hereinafter defined, bargaining unit members shall be entitled to their accumulated and unused Sick Leave at the time of retirement, up to a maximum of one-fourth (1/4) of two hundred (200) days. Additionally, bargaining unit members shall be entitled to twenty percent (20%) of the total number of days of accumulated Sick Leave above and beyond the two hundred (200) days. Xxxxxxxxx pay is calculated strictly based upon the bargaining unit member’s per diem pay rate that is in effect at the time the employee retires, unless the bargaining unit member (1) is a long-term employee (i.e., an individual who has worked for the Board for at least ten (10) years at the time he/she elects to retire), (2) is employed at the time of retirement in a position with fewer hours than he/she worked in the District for the majority of his/her career for reasons solely controlled by the Board (e.g., the Board implemented a Reduction in Staff that resulted in the employee’s previous number of hours being involuntarily reduced), and (3) the reduced hour assignment has been in place for three (3) or fewer years at the time the bargaining unit member retires, in which case the employee’s severance pay will be calculated utilizing a per diem daily rate that is comparable to what the employee’s compensation would have been if he/she was serving in the same position to which he/she was assigned just prior to the involuntary reduction in hours.
RETIREMENT AND SEVERANCE PAY. A. Upon retirement as an Indiana public elementary or secondary school teacher, a teacher may qualify for severance pay of $570 for teachers on the bachelor’s scale and $610 for teachers on the master’s scale times the number of years teaching experience for which they qualify. In order to qualify for the above rate of severance pay, a teacher must have a minimum of ten (10) years experience in the Southern Xxxxx Community School System. A retiring teacher must be at least 50 years of age to be eligible for severance pay. In the event that earlier retirement is necessitated because of physical or mental disability, the Board will decide each case on its own merits.
B. In addition, at retirement, accumulated sick leave days will be paid the retiree at the rate of the
C. The Board agrees in the case of the teacher’s death, the teacher’s designated beneficiary, or the teacher’s estate if there is no designated beneficiary, will be paid severance pay at the above levels.
X. Xxxxxxxxx payments shall begin in June and shall be made in June every year thereafter until the total amount of severance pay has been paid. The initial payment shall be the maximum allowed by the State to be used to determine the benefits under the teacher retirement fund. When a teacher elects to retire, the severance payments will consist of the initial payment of
X. Xxx a retiring teacher to receive the initial severance payment in June following his/her retirement, the teacher must notify the Superintendent of his/her intention to retire on or before June 1 of the preceding year. The June 1 deadline for notification may be waived at the discretion of the Board in the event that retirement is necessitated due to emergency circumstances, such as a disabling physical, mental or economic condition.
F. The Board agrees to continue the Corporation’s portion of the retiring teacher’s monthly life and health insurance premiums for a period of not more than five (5) years from the date of the teacher’s retirement or until the retiring teacher reaches age sixty-five (65) or would have reached age sixty-five (65). In the event of the teacher’s death during the previously defined
G. Any teacher who passes away while in active service and who was eligible to retire shall have their severance paid to their designated beneficiary.
H. Part-time teachers shall receive proportionate benefits based upon their full-time equivalency.
I. The Board shall establish and maintain a qualified 401(a) Annuity Pla...
RETIREMENT AND SEVERANCE PAY. A. The severance pay for non-certificated personnel shall be calculated upon the unused accumulated sick leave to the credit of that employee upon retirement.
X. Xxxxxxxxx pay shall be a one-time lump sum payment to eligible employees according to the following provisions:
RETIREMENT AND SEVERANCE PAY a. A teacher who intends to retire shall give the Superintendent written notice of his/her intent by February 15 of the teacher’s final school year.
b. For all teachers hired before July 1, 1999, upon retirement from the Barkhamsted School System, or upon death while still employed by the Barkhamsted Board of Education, a teacher shall receive a severance benefit of one day's pay for each year served in the Barkhamsted School System. For part-time teachers this benefit shall be prorated. If the severance pay amount exceeds three thousand dollars ($3,000), the benefit shall be paid in three equal annual installments in the month of September, commencing the first school year after the teacher's death or retirement. Effective July 1, 2009, the severance pay shall be capped at a total payment of fourteen thousand dollars ($14,000).
RETIREMENT AND SEVERANCE PAY. A. It is understood that all employees shall be included in the definition of "public school employees" as provided by Act 136 of the Public Acts of 1945, as amended, and thereby qualified to participate in the Michigan Public School Employees Retirement System. It is agreed that the benefits an employee can receive and all other conditions are governed solely by the laws of the State of Michigan.
B. The Board shall be responsible for the Basic Retirement contributions required of the Employer in accordance with the rates established by law.
C. It is agreed that a unit employee shall receive payment for up to five hundred (500) hours of unused accumulated Excused Leave upon termination of employment provided the employee qualifies for retirement under the Michigan Public School Employees Retirement System, according to the following schedule:
1. After five (5) years of continuous employment - twenty percent (20%) of the unused hours at current hourly rate of pay.
2. After ten (10) years of continuous employment - forty percent (40%) of the unused hours at current hourly rate of pay.
3. After fifteen (15) years of continuous employment sixty percent (60%) of the unused hours at current hourly rate of pay.
4. After twenty (20) years of continuous employment - eighty percent (80%) of the unused hours at current hourly rate of pay.
D. In case of death of the employee, the payment shall be made to the survivor/beneficiary named by the employee.
RETIREMENT AND SEVERANCE PAY. A. The provisions of this Article shall be available only to those employees who have at least ten (10) years of continuous employment with employer (including the year in which such notice of resignation is submitted) immediately preceding the year of separation of service. This provision shall not apply to employees who have been on long term leave of absence without pay for more than one (1) year at the time of separation of service, but shall apply to employees on long term disability leave or unrequested leave at the time of separation of service.
B. Any employee submitting a written resignation prior to March 1 of any school year for the purpose of separation of service, who will reach the age of 55 or older prior to June 30 of that calendar year shall:
1. Choose from two (2) health insurance deductible plans ($250/$500 and High Deductible Plan coupled with a Health Savings Account) as listed in Article XII, and receive single coverage. The teacher will pay the same monthly contribution as active teachers; therefore as the contribution changes for active teachers, retiree contributions will change in accordance. Dependent coverage will be available for the teacher to purchase at their expense for the difference between single and dependent coverage.
a. If retiree retains employment with another employer after retiring from the District and he/she opts out of the District retiree insurance plan, the employee shall not be eligible to re-enroll in any School District insurance plans.
2. Receive term life insurance in the amount of $35,000 (without accidental death and dismemberment coverage) for the individual at no cost.
3. Health insurance and term life insurance benefits shall cease when such employee attains Medicare eligibility (currently age 65).
C. 1. Any employee reaching the age of 55 or 56 prior to June 30 of that calendar year and submitting a written resignation prior to March 1 of that school year, shall receive an early severance in an amount equal to the number of accumulated sick days for the employee multiplied by the employee’s then daily rate of pay, but not to exceed $12,000, provided the employee meets the state of Minnesota “Rule of 90” requirement. The severance payment shall be distributed as follows:
a. Retirees that elect to enroll in a District insurance deductible plan option other than a high deductible insurance option, the severance payment shall be distributed into a Minnesota Post Retirement Healthcare Savings Plan. The ...
RETIREMENT AND SEVERANCE PAY. 49.01 In addition to the pension benefits provided within this agreement, on reaching retirement under the pension plan a full time employee shall receive a lump sum equivalent to fifty (50%) percent of his or her unused accumulated sickness and accident benefits under Article 27
RETIREMENT AND SEVERANCE PAY. 1. Upon retirement for not less than five (5) years of employment with the Defiance City Board of Education, regular employees shall be entitled to severance pay based upon the monetary value of their accumulated and unused sick leave, at the time of retirement, at the rate of 1/4 unused sick leave, up to a maximum seventy five