Common use of Retirement Compensation Clause in Contracts

Retirement Compensation. A. If a teacher retires from duties after reaching the minimum age fixed by law for retirement or after having performed professional duties in this District for not less than ten years, he/she shall be paid a retirement stipend. This stipend shall be considered as part of the salary of the final year of service, but shall be paid at the close of the year, after the retirement has become a fact. The amount of the sti- pend shall be determined by allowing $100 for each full school year or major fraction of the school year during which the retiring teacher has been employed in the schools of this District, provided, however, that in no case shall the stipend amount to more than $2,400. B. Exceptions: 1. Any teacher having between 25 and 29 years of District-credited experience shall be entitled to $130 per year of actual District service, provided, however, that in no case shall the stipend amount to more than $3,770 for such teachers. 2. Any teacher having more than 29 years of District-credited experience shall be entitled to $170 per year of actual District service, provided however, that in no case shall the stipend amount to more than $5,100 for such teachers.

Retirement Compensation. A. If a teacher retires from duties after reaching the minimum age fixed by law for retirement or after having performed professional duties in this District for not less than ten years, he/she shall be paid a retirement stipend. This stipend shall be considered con- sidered as part of the salary of the final year of service, but shall be paid at the close of the year, after the retirement has become a fact. The amount of the sti- pend stipend shall be determined by allowing $100 for each full school year or major fraction of the school year during which the retiring teacher has been employed in the schools of this District, provided, however, that in no case shall the stipend amount to more than $2,400. B. Exceptions: 1. Any teacher having between 25 and 29 years of District-credited experience shall be entitled to $130 per year of actual District service, provided, however, that in no case shall the stipend amount to more than $3,770 for such teachers. 2. Any teacher having more than 29 years of District-credited experience shall be entitled to $170 per year of actual District service, provided however, that in no case shall the stipend amount to more than $5,100 for such teachers.

Retirement Compensation. A. If a teacher retires from duties after reaching the minimum age fixed by law for retirement or after having performed professional duties in this District for not less than ten years, he/she shall be paid a retirement stipend. This stipend shall be considered as part of the salary of the final year of service, but shall be paid at the close of the year, after the retirement has become a fact. The amount of the sti- pend stipend shall be determined by allowing $100 for each full school year or major fraction of the school year during which the retiring teacher has been employed in the schools of this District, provided, however, that in no case shall the stipend amount to more than $2,400. B. Exceptions: 1. Any teacher having between 25 and 29 years of District-credited experience shall be entitled to $130 per year of actual District service, provided, however, that in no case shall the stipend amount to more than $3,770 for such teachers. 2. Any teacher having more than 29 years of District-credited experience shall be entitled to $170 per year of actual District service, provided however, that in no case shall the stipend amount to more than $5,100 for such teachers.

Retirement Compensation. A. If a teacher retires from duties after reaching the minimum age fixed by law for retirement or after having performed professional duties in this District for not less than ten years, he/she shall be paid a retirement stipend. This stipend shall be considered con- sidered as part of the salary of the final year of service, but shall be paid at the close of the year, after the retirement has become a fact. The amount of the sti- pend stipend shall be determined by allowing $100 for each full school year or major fraction of the school year during which the retiring teacher has been employed in the schools of this District, provided, however, that in no case shall the stipend amount to more than $2,400. B. Exceptions: 1. Any teacher having between 25 and 29 years of District-credited experience shall be entitled to $130 per year of actual District service, provided, however, that in no case nocase shall the stipend amount to more than $3,770 for such teachers. 2. Any teacher having more than 29 years of District-credited experience shall be entitled to $170 per year of actual District service, provided however, that in no case shall the stipend amount to more than $5,100 for such teachers.