Common use of Retirement Bonus Clause in Contracts

Retirement Bonus. 1. An employee is eligible only once for this benefit. The eligibility period would be a portion of the year as defined herein in which the employee becomes eligible to retire for the first time with full benefits under an existing state retirement system plan and has creditable service as defined by Florida Statutes of not less than thirty (30) years. The 30 years applies to termination at the time of service retirement or entry into DROP. 2. To be eligible the employee shall complete all the necessary procedures and submit a resignation to the school board not later than the year of first eligibility to be effective at the end of the school year except in the case of DROP. Earlier resignations before the end of the school year based on extenuating circumstances shall be considered by the Board. 3. This benefit does not apply to any other year other than the first year in which an employee would be eligible for retirement as contained herein. 4. Upon acceptance of a completed submitted resignation by the Board from the employee, the employee would be eligible to receive ($ 2000) two thousand dollars upon termination. The date certain for payment of this benefit, if all the foregoing criteria are met, shall be June 21st of the year following the year of resignation.

Retirement Bonus. 1. An employee is eligible only once for this benefit. The eligibility period would be a portion of the year as defined herein in which the employee becomes eligible to retire for the first time with full benefits under an existing state retirement system plan and has creditable service as defined by Florida Statutes of not less than thirty (30) years. The 30 years applies to termination at the time of time-of-service retirement or entry into DROP. 2. To be eligible the employee shall complete all the necessary procedures and submit a resignation to the school board not later than the year of first eligibility to be effective at the end of the school year except in the case of DROP. Earlier resignations before the end of the school year based on extenuating circumstances shall be considered by the Board. 3. This benefit does not apply to any other year other than the first year in which an employee would be eligible for retirement as contained herein. 4. Upon acceptance of a completed submitted resignation by the Board from the employee, the employee would be eligible to receive ($ $2000) two thousand dollars upon termination. The date certain for payment of this benefit, if all the foregoing criteria are met, shall be June 21st of the year following the year of resignation.