Common use of Retirement Bonus Clause in Contracts

Retirement Bonus. Regular employees who are eligible for IMRF retirement and meet all IMRF retirement requirements with a minimum of 15 years of total service, with the xxxxx 0 years being continuous service, shall receive an increase to total 6% of the previous year’s hourly rate for the final two years of service. Upon notification to the district by the employee by August 15 the District will increase the base hourly rate by 6% In the event the employee does not give notice by August 15, in the first of the two years, the 6% bonus will be forfeited for the first year. For IMRF employees that do not give notice by August 15 in the final year prior to retirement, a 6% rate increase bonus check will be given 3 months after the last day worked for one year of base service. Retirement bonuses will be effective at the start of a school year and will not be calculated for partial school years in first year of a two (2) year retirement. If the retirement date is any date other than July 1, (last day of work June 30), all vacation time must be taken prior to the retirement date. In the event the employee does not retire, any bonus paid shall be repaid to the District in full.

Retirement Bonus. Regular employees who are eligible for IMRF retirement and meet all IMRF retirement requirements with a minimum of 15 years of total service, with the xxxxx 0 years being continuous service, service shall receive an increase to total 6% of the previous year’s hourly rate for the final two years of service. Upon notification to the district by the employee by August 15 the District will increase the base hourly rate by 6% In the event the employee does not give notice by August 15, in the first of the two years, the 6% bonus will be forfeited for the first year. For IMRF employees that do not give notice by August 15 in the final year prior to retirement, a 6% rate increase bonus check will be given 3 months after the last day worked for one year of base service. Retirement bonuses will be effective at the start of a school year and will not be calculated for partial school years in first year of a two (2) year retirement. If the retirement date is any date other than July 1, (last day of work June 30), all vacation time must be taken prior to the retirement date. In the event the employee does not retire, any bonus paid shall be repaid to the District in full.