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”), 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
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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”), 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

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 (i) In consideration of the Executive's past services to the Company, the Executive shall be entitled to a retirement benefit, payable monthly for his life, in an amount equal to 50 percent of his highest monthly Base Salary during the Employment Term. Such payments shall commence on the first day of the month coincident with or next following the later of the Executive's attainment of age 58 or the end of the Employment Term (the "Commencement Date"); provided, however, that if the Employment Term terminates prior to his attainment of age 58, the Executive may elect by written notice to the Company to have such payments commence on the first day of any month after such termination of employment (the "Early Commencement Date") in a monthly amount equal to the monthly amount that the Executive would have received at the Commencement Date, reduced by one-third of one percent (.33%) per month for each month by which the Early Commencement Date precedes the Commencement Date. The amount of each payment hereunder shall be increased on each January 1 following the Early Commencement Date or Commencement Date, as applicable, by an amount determined by multiplying the amount of each monthly payment made in the preceding year by the percentage increase, if any, in the cost of living from the preceding January 1, as reflected by the Consumer Price Index. The Executive's election to have his retirement benefit payments commence on the Early Commencement Date shall not affect the Company's obligation to pay consulting fees to the Executive in accordance with Section 4 hereof. The retirement benefit shall be an unconditional, but unsecured, general credit obligation of the Company to the Executive, and nothing contained in this Agreement, and no action taken pursuant to it, shall create or be construed to create a trust of any kind between the Company and the Executive. The Executive shall have no right, title or interest whatever in or to any investments which the Company may make (including, but not limited to, an insurance policy on the life of the Executive) to aid it in meeting its obligations hereunder. (ii) From time to time, the Company shall make such contributions to the trust established under the Trust Agreement dated as of December 18, 1986 (the "1986 Trust") between the Company, as grantor, and Wixxxxx X. Xxxxxxxx, as successor trustee, to provide a sufficient reserve for the discharge of its obligation to pay the retirement benefit to the Executive as provided in clause (i) of this Section 3(c) and clauses (ii) and (iii) of Section 5(a) hereof.

  • 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).

  • Effective Date of Benefit Termination Medical, dental and life coverage termination will take effect on the first of the month following the loss of eligible employee or dependent status. Disability benefit coverage terminations will take effect on the day following loss of eligible employee status.

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

  • SALARY DETERMINATION FOR EMPLOYEES IN ADULT EDUCATION 1. The following shall apply to employees providing instruction in adult education programs in these districts: Continuing Education employees in the Adult Education High School Completion Program (credit courses) and Adult Education Academic Upgrading Programs (Adult Basic Education, General Education Development, Pre-General Education Development, Literacy and Adult Education English Language Programs). Employees teaching Adult Education academic programs including: High School Completion Program, Pathfinder High School Completion Program, Academic Business Education Program, General Equivalency Diploma Program, Adult Basic Education Program, Adult English as a Second Language Program, and Adult Special Education Program, in the Continuing Education Division.

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