Common use of Retirement Enhancement Clause in Contracts

Retirement Enhancement. Bargaining unit members who submit written verification of service credit earned as documented on their STRS Annual Statement of Account, shall be eligible to receive an additional payment of $1,150.00 during their 28th, 29th, and 30th year of service. This additional compensatory payment will be paid in monthly increments during the contractual cycle. Bargaining unit members will submit the written documentation required in each of the three years on or before November 15th to be eligible for the retirement enhancement payment for that year. To be eligible for the first payment, the STRS Annual Statement of Account must reflect 27 years (or 27 years plus some fractional part of a year) of earned service credit. To be eligible for the second payment, the STRS Annual Statement of Account must reflect 28 years (or 28 plus some fractional part of a year) or earned service credit. To be eligible for the third payment, the STRS Annual Statement of Account must reflect 29 years (or 29 plus some fractional part of a year) or earned service credit. Failure to submit the required written documentation on time will constitute an irrevocable waiver of the payment for that year, but will not affect an otherwise eligible member’s rights to the payment in other years.

Retirement Enhancement. Bargaining unit members who submit written verification of service credit earned as documented on their STRS Annual Statement of Account, shall be eligible to receive an additional payment of $1,150.00 during their 28th, 29th, 29th and 30th year of service. This additional compensatory payment will be paid in monthly increments during the contractual cycle. Bargaining unit members will submit the written documentation required in each of the three years on or before November 15th 15 to be eligible for the retirement enhancement payment for that year. To be eligible for the first payment, the STRS Annual Statement of Account must reflect 27 years (or 27 years plus some fractional part of a year) of earned service credit. To be eligible for the second payment, the STRS Annual Statement of Account must reflect 28 years (or 28 plus some fractional part of a year) or earned service credit. To be eligible for the third payment, the STRS Annual Statement of Account must reflect 29 years (or 29 plus some fractional part of a year) or earned service credit. Failure to submit the required written documentation on time will constitute an irrevocable waiver of the payment for that year, but will not affect an otherwise eligible member’s rights to the payment in other years.