Retirement Benefit with Twenty Years of Full-Time Employment Sample Clauses

Retirement Benefit with Twenty Years of Full-Time Employment. In order to be eligible for this benefit, teachers at the date of retirement must: i) have completed at least twenty (20) years of full-time employment with the District, AND ii) have attained at least age 60 or have attained at least thirty-five (35) years of service credit the with Illinois Teachers’ Retirement System (ITRS), OR iii) have attained whatever requirements may be necessary under Illinois Pension Code to eliminate any employer paid retirement penalty on behalf of the teacher. For up to the last four (4) years of the eligible teacher’s employment, the teacher shall receive a six percent (6%) increase in overall compensation above the overall compensation of the preceding year. Overall compensation is defined as salary as listed on the salary schedule plus flex monies (collectively referred to as “basic compensation”), including any vertical salary step increase or longevity payment, but excluding extra-curricular salaries and stipends. Example: Teacher retiring in June of 2026. Notice between 10/1/22 and 2/1/23 Overall compensation in 2021/22 = $54,945 2023/24 $61,737 (6% increase over 22/23) + Extra-curricular & Stipends 2024/25 $65,441 (6% increase over 23/24) + Extra-curricular & Stipends 2025/26 $69,367 (6% increase over 24/25) + Extra-curricular & Stipends a. Teachers aged fifty-five (55) years or older, with a minimum of ten (10) years full-time employment in the District immediately preceding their retirement who retire under the provisions of the Illinois Teacher's Retirement System (ITRS) and who are not covered by another employer's insurance program, may enroll in a qualified Health Maintenance Organization (HMO) or in the hospital-surgical-major medical insurance group plan provided by the ITRS. Upon receipt of proof of payment, the Board shall promptly reimburse the retiree for the premium for the individual coverage under such plan, provided such premium reimbursement shall not exceed the then current cost of the single premium in the group plan provided by ITRS, not to exceed one hundred dollars ($100) per month. This sub-section shall cease to be operative upon the death of the retiree or after a period equal to the length of the teacher's consecutive full-time service to the District or after fifteen (15) years, whichever shall first occur. b. Teachers who terminate their service with the Board and retire from teaching may, at their option, continue in the group health/major medical and/or dental insurance plans provided by th...
Sample 1
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Retirement Benefit with Twenty Years of Full-Time Employment. Date In order to be eligible for this benefit, teachers at the date of retirement must: i) have completed at least twenty (20) years of full-time employment with the District, AND ii) have attained at least age 60 or have attained at least thirty-five (35) years of service credit the with Illinois Teachers’ Retirement System (ITRS), OR iii) have attained whatever requirements may be necessary under Illinois Pension Code to eliminate any employer paid retirement penalty on behalf of the teacher. For up to the last four (4) years of the eligible teacher’s employment, the teacher shall receive a six percent (6%) increase in overall compensation above the overall compensation of the preceding year. If the teacher announces retirement in the fifth year prior to retirement, an eleven percent (11%) increase in overall compensation above the overall compensation of the preceding year shall be awarded. Overall compensation is defined as salary as listed on the salary schedule plus flex monies (collectively referred to as “basic compensation”), plus any Board paid ITRS contribution, including any vertical salary step increase or longevity payment, but excluding extra-curricular salaries and stipends. Example: Teacher retiring in June of 2014 Notice between 10-1-09 and 2-1-10 Overall compensation in 2008-09 = $50,000 2009-10 $55,500 (11% increase over 08/09) + Extra-curricular & Stipends 2010-11 $58,830 (6% increase over 09/10) + Extra-curricular & Stipends 2011-12 $62,360 (6% increase over 10/11) + Extra-curricular & Stipends 2012-13 $66,101 (6% increase over 11/12) + Extra-curricular & Stipends 2013-14 $70,067 (6% increase over 12/13) + Extra-curricular & Stipends
Sample 1
Retirement Benefit with Twenty Years of Full-Time Employment. In order to be eligible for this benefit, teachers at the date of retirement must: i) have completed at least twenty (20) years of full-time employment with the District, AND ii) have attained at least age 60 or have attained at least thirty-five (35) years of service credit the with Illinois Teachers’ Retirement System (ITRS), OR iii) have attained whatever requirements may be necessary under Illinois Pension Code to eliminate any employer paid retirement penalty on behalf of the teacher. For up to the last four (4) years of the eligible teacher’s employment, the teacher shall receive a six percent (6%) increase in overall compensation above the overall compensation of the preceding year. Overall compensation is defined as salary as listed on the salary schedule plus flex monies (collectively referred to as “basic compensation”), plus any Board paid ITRS contribution, including any vertical salary step increase or longevity payment, but excluding extra-curricular salaries and stipends. Example: Teacher retiring in June of 2021 Notice between 10/1/16 and 2/1/17 Overall compensation in 2016/17 = $50,000 2017/18 $53,000 (6% increase over 16/17) + Extra-curricular & Stipends 2018/19 $56,180 (6% increase over 17/18) + Extra-curricular & Stipends 2019/20 $59,551 (6% increase over 18/19) + Extra-curricular & Stipends 2020/21 $63,124 (6% increase over 19/20) + Extra-curricular & Stipends
Sample 1

Related to Retirement Benefit with Twenty Years of Full-Time Employment

  • Normal Retirement Benefit Upon Termination of Employment on or after the Normal Retirement Age for reasons other than death, the Company shall pay to the Executive the benefit described in this Section 2.1 in lieu of any other benefit under this Agreement.

  • 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.

  • 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.

  • Years of Service A Participant’s Years of Service shall include all service performed for the Employer and ¨ Shall ¨ Shall Not include service performed for the Related Employer.

  • Normal Retirement Date The term “Normal Retirement Date” means “Normal Retirement Date” as defined in the primary qualified defined benefit pension plan applicable to the Executive, or any successor plan, as in effect on the date of the Change in Control of the Company.

  • Normal Retirement Normal Retirement Age under the Plan is: (Choose (a) or (b)) [X] (a) 65 [State age, but may not exceed age 65].

  • Normal Retirement Age Normal Retirement Age shall mean the date on which the Executive attains age sixty-five (65).

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

  • Vacation Leave on Retirement ‌ An employee scheduled to retire and to receive pension benefits under the Public Service Pension Plan Rules or who has reached the mandatory retiring age, shall be granted full vacation entitlement for the final calendar year of service.

  • Retirement Age It is assumed that an employee terminates employment at the end of the school year in which the employee attains age 58 or at the end of the current year, if the individual is already 58 or older.

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