Retirement Benefit (Certified Staff Sample Clauses

Retirement Benefit (Certified Staff. A voluntary retirement program will be available to teachers who qualify for retirement benefits under the Illinois Teachers’ Retirement System and who accumulate at least fifteen (15) years of School District 122 teaching experience as of the date of retirement. Eligibility: The retirement benefit will be offered during the 2020-2021 and 2021-2022 school years. Teachers requesting regular retirement must notify the superintendent in writing by February 1st each year of this Agreement. The Teacher’s notice may be provided up to four years prior to retirement, including the year that notice is given. The Board then agrees as follows: (A) The Board will pay the teacher his/her salary, defined as total TRS creditable compensation the employee receives from the District, increased by 5% in each of the last years prior to retirement up to four years prior to retirement, based on the year the notice is given. Said increases shall be inclusive of any planned raise due the teacher under salary schedules for each such year, and no additional stipends, salary increases, or other benefits shall increase the teacher’s TRS creditable compensation in excess of 6%. If a teacher applies for the benefit in this section, the teacher shall continue to perform the same stipend and other extra pay duties that were part of the teacher’s base year TRS creditable earnings. In the event the teacher is removed from a stipend or extra pay duty for cause or voluntarily drops a stipend or extra pay duty that formed the teacher’s base year TRS creditable earnings, the total salary in such year will be reduced pro rata. (B) The Board shall report to TRS the teacher’s accumulated and unused sick leave.
Sample 1
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Retirement Benefit (Certified Staff. 7.7.1 An EMPLOYEE tendering an irrevocable letter of resignation and retirement in conformance with the following conditions shall be eligible for a retirement incentive during his/her final three (3) years of teaching. (See NOTE at end of section for information about retirement calculations and required meeting prior to submission of retirement letter.) To be eligible, the EMPLOYEE must satisfy the requirements 1 through 3 below: 1. Be at least sixty (60) years of age on or before December 31 of the school year of retirement; or Be at least fifty-five (55) years of age on or before December 31 of the school year of retirement with at least thirty-five (35) years of creditable service as defined by the Illinois Teacher Retirement System by the last day of service in the school district; and 2. Have at least fifteen (15) years of continuous full-time teaching service in the school district at the time of submission of an irrevocable letter of resignation; and 3. Submit an irrevocable letter of resignation to the Superintendent or the Superintendent’s designee up to three (3) contract years in advance, but no later than on or before April 1 of the school year in which the incentive is to commence. 7.7.1.1 In exchange for the EMPLOYEES’ irrevocable written letter of resignation and retirement, the Board agrees to remove the EMPLOYEE from the salary schedule and for each year of eligibility the EMPLOYEE's TRS creditable earnings will be increased by three percent (3.0%) over the EMPLOYEE's reportable creditable earnings for the prior year of employment. The calculation each year may be rounded down to the nearest $5.00 to avoid possible TRS penalties or additional contributions. In addition to the pre-retirement incentive as described immediately above, the teacher providing an irrevocable resignation shall also receive a two-percent (2%) post-retirement incentive payment for each year of their pre-retirement period up to three (3) years or six percent (6%). The post-retirement portion of the incentive shall be based upon the teacher’s creditable earnings in his or her final year of employment with the School District and shall be paid after the teacher’s last day of service to the District and after the teacher has receive his or her final paycheck for services. 7.7.2 In the event the retirement award provided for in this article requires the BOARD to pay any additional TRS contributions not originally contemplated at the time of this agreement, the parties ...
Sample 1
Retirement Benefit (Certified Staff. A. Employees meeting the requirements as hereinafter set forth and who retire in the first year that they are eligible to retire under the STRS/SERS rules shall receive a retirement benefit of Ten Thousand Dollars ($10,000) for certified employees and Seven Thousand Dollars ($7,000) for support staff or Four Thousand Dollars ($4,000) for certified employees and Three Thousand Dollars ($3,000) for support staff in any other year when they retire in accordance with the following:
Sample 1

Related to Retirement Benefit (Certified Staff

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

  • Retirement Contribution 1. The State shall, as permitted by 5 M.R.S.A. §17702 §§s5 and 6, pay its cost of the 6.5% or 7.5% retirement contribution for employees in the bargaining unit who are covered under special Law Enforcement retirement plans. 2. The State shall, as permitted by 5 M.R.S.A. §17702 §§s5 and 6, pay the cost of the 6.5% or 7.5% retirement contribution for employees in the following classifications.

  • Retirement Benefit Should the Director still be in the Directorship ------------------ of the Association upon attainment of his 70th birthday, the Association will commence to pay him $590 per month for a continuous period of 120 months. In the event that the Director should die after becoming entitled to receive said monthly installments but before any or all of said installments have been paid, the Association will pay or will continue to pay said installments to such beneficiary or beneficiaries as the Director has directed by filing with the Association a notice in writing. In the event of the death of the last named beneficiary before all the unpaid payments have been made, the balance of any amount which remains unpaid at said death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the estate of the last named beneficiary to die. In the absence of any such beneficiary designation, any amount remaining unpaid at the Director's death shall be commuted on the basis of 6 percent per annum compound interest and shall be paid in a single sum to the executor or administrator of the Director's estate.

  • Regular Benefits The Executive shall also be entitled to participate in any and all employee benefit plans, medical insurance plans, life insurance plans, disability income plans, retirement plans, bonus incentive plans and other benefit plans from time to time in effect for senior executives of the Employer. Such participation shall be subject to (i) the terms of the applicable plan documents, (ii) generally applicable policies of the Employer and (iii) the discretion of the Board of Directors of the Employer or any administrative or other committee provided for in or contemplated by such plan.

  • Retirement Bonus 22:01 Employees retiring in accordance with the following:‌ (a) Retire at age sixty-five (65) years; or (b) Retire after age sixty-five (65) years; or (c) Have completed at least ten (10) years continuous employment and retire after age fifty-five (55) years but before age sixty-five (65) years; (d) Employees who have completed at least ten (10) years continuous service with the Employer, whose age plus years of that service equal eighty (80); shall be granted retirement bonus on the basis of four (4) days per year of employment.

  • Retirement Benefits Due to either investment or employment during the marriage, either the Husband or Wife: (check one)

  • Retirement Contributions On behalf of employees, the State will continue to “pick up” the six percent (6%) employee contribution, payable pursuant to law. The parties acknowledge that various challenges have been filed that contest the lawfulness, including the constitutionality, of various aspects of PERS reform legislation enacted by the 2003 Legislative Assembly, including Chapters 67 (HB 2003) and 68 (HB 2004) of Oregon Laws 2003 (“PERS Litigation”). Nothing in this Agreement shall constitute a waiver of any party’s rights, claims or defenses with respect to the PERS Litigation.

  • SUPPLEMENTAL BENEFITS The employer shall maintain a “Supplemental Unemployment Benefits Plan” pursuant to the Employment Insurance Act and Regulations in regard to maternity, parental and adoption leave. The employer shall make amendments as appropriate to ensure that the Plan provides the maximum permissible benefits in conjunction with Articles 17.06, 17.07 or 17.08.

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Pre-Retirement Death Benefit (a) Normal form of payment. If (i) the Director dies while employed by the Bank, and (ii) the Director has not made a Timely Election to receive a lump sum benefit, this Subsection 4.1(a) shall be controlling with respect to pre-retirement death benefits. The balance of the Director=s Retirement Income Trust Fund, measured as of the later of (i) the Director=s death, or (ii) the date any final lump sum Contribution is made pursuant to Subsection 2.1(b), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefits shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director=s Beneficiary shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director=s Beneficiary may request to receive the unpaid balance of the Director=s Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director=s Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director=s death. Such lump sum payment shall be made within thirty (30) days of such notice. The Director=s Accrued Benefit Account (if applicable), measured as of the later of (i) the Director's death or (ii) the date any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account pursuant to Subsection 2.1(c), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Director's Beneficiary for the Payout Period. Such benefit payments shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death, or if later, within thirty (30) days after any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account in accordance with Subsection 2.1(c).

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