RETIREMENT BENEFIT PROGRAM Sample Clauses

RETIREMENT BENEFIT PROGRAM. Administrators who retire under the provision of the Pennsylvania School Employees’ Retirement System, but not including a disability retirement, who have a minimum of twelve (12) years of service in the West ▇▇▇▇▇▇▇ Area School District, have a minimum of five (5) years as an Administrator in the District and who are at least 50 years of age, will be entitled to receive benefits for Administrator and spouse*, in the group insurance programs (Hospitalization, Medical-Surgical & Major Medical Insurance, Dental, Vision, and Prescription)

RETIREMENT BENEFIT PROGRAM. The Board agrees to continue a Retirement Benefit Program. Retirement is defined as an employee collecting a pension.

RETIREMENT BENEFIT PROGRAM. A. To participate in the Retirement Benefit Program, the individual must be eligible for retirement under Teachers’ Retirement System (TRS) rules without incurring a district- paid TRS penalty. The member must also have been a district employee for a minimum of ten (10) years at the time of retirement in order to qualify for the retirement benefit. B. By September 15, of every school year the District and Association will develop a list of all licensed employees that are within four (4) years of being eligible for any Teachers’ Retirement System Retirement Program. C. Members of the bargaining unit who have served a minimum of ten (10) years in the District, who are eligible for retirement without incurring a District-TRS penalty, and who present the District with a letter of retirement up to four (4) years prior to the first day of February of their final year of active service, shall be removed from the salary schedule and paid in accordance with the formula set forth below. Employees who give up to a four (4) year notice shall receive, for each year, an increase equal to two percent (2%) of their current year’s scheduled salary, including a longevity stipend when applicable; provided however, that in no event shall such increase be greater than six percent (6%), of the prior year’s total credible earnings. Once an irrevocable notice of intent to retire is received by the District, in no year shall creditable earnings in excess of 6% from one year to the next be paid to the retiring employee. However earnings that are legally exempt from the state imposed “6% liability” rule in effect at the time of ratification of this agreement, or which shall be enacted within the scope of this agreement, shall not be considered in the calculation of the 6% increase limitation. Such exempt earnings include but may not always be limited to and may not always include: • Summer school teaching paid pro-rata • Overloads paid pro-rata • Change in employment status from part-time to full-time paid pro-rata D. The retirement benefit shall be paid on or before 30th of May or may be divided equally into each of the member’s normal salary paychecks in each of the years that the individual is eligible for the benefit as approved by the Board of Education. The retirement benefit will be reported to TRS as income earned during the year it was paid. E. Once approved by the Board of Education, the decision to retire is irrevocable and the Board cannot guarantee the anonymity of the ...

RETIREMENT BENEFIT PROGRAM. A. All full time employees who have accumulated a minimum of forty (40) unused sick days at the time of retirement from the District and who are collecting pension benefits pursuant to Title 18A:66-1 et. seq. “Teacher Pension and Annuity Fund” or “Public Employee Retirement System” are eligible. B. No employee shall be entitled to the Retirement Benefit Program upon returning from a leave of absence, other than sick leave, until said employee has completed a minimum of ten ( 10) months work. C. Each eligible employee shall receive a retirement benefit of one (1) day’s salary (a benefit day) for each three (3) days accumulated unused sick leave, but not to exceed fifty-five (55) benefit days. The method of calculating the daily rate shall be at 1/240 of the retiree’s annual salary. D. Retirement benefit payments shall be made in a lump sum on the first payroll date of the month following the date of retirement or, at the employee’s option, on the first payroll date in January following the unit member’s retirement. E. July 1, 1988, shall serve as the effective starting date of accumulating unused sick leave days which will qualify for compensation in accordance with the provisions outlined in A through D above. F. A stipend of five hundred dollars ($500) shall be given to a full-time employee who has acquired seventy (70) unused accumulated sick days at the close of the work year in which said employee has accumulated seventy (70) days. The stipend shall be given to any particular employee only once. G. A stipend of five hundred dollars ($500) shall be given to a full-time employee who has acquired one hundred and ten (110) unused accumulated sick days at the close of the school year in which said employee has accumulated one hundred and ten (110) days. The stipend shall be given to any particular employee only once. H. Employees may accumulate personal days from year to year. Upon retirement, each eligible employee shall receive one day’s salary (a benefit day) for each three days accumulated unused personal leave. The method of calculating the daily rate will be the same as for accumulated sick leave. These benefit days will be paid in addition to the sick leave benefit day limit in Section C. Staff members who have accumulated personal days in the retirement bank prior to July 1, 2007 will have those benefit days multiplied by 3 and added to their accumulated personal day bank. I. All benefits identified in Article XVII, which are accrued to the deceased...

RETIREMENT BENEFIT PROGRAM. Classified employees who wish to retire before being eligible for Medicare will be provided a retirement benefit program by the District.

RETIREMENT BENEFIT PROGRAM. The Board agrees to implement a Retirement Benefit Program.

RETIREMENT BENEFIT PROGRAM. A. To participate in the Retirement Benefit Program, the individual must be eligible for retirement under Teacher Retirement System rules without incurring a district-paid TRS penalty. The member must also have been a district employee for a minimum of ten

RETIREMENT BENEFIT PROGRAM