RETIREMENT GRATUITY PLAN. A regular employee with a minimum of ten (10) years' service retiring at normal or earlier retirement date shall be granted a gratuity based on the employee's sick leave reserve, years of service, and salary at retirement according to the following schedule:
RETIREMENT GRATUITY PLAN. 5.3.2.1 Upon retirement from the teaching profession after five (5) or more years' continuous service with the Board, a Teacher shall be entitled to a Retirement Gratuity based on the following:
5.3.2.1.1 A retiring Teacher is defined as a Teacher who ceases to be employed by the Board and who is eligible to receive Teacher's Superannuation payments as a determinant qualifier that the Teacher has permanently retired; or a Teacher who is retiring after being judged by a qualified medical practitioner at the date of cessation of employment to be physically or mentally incapable of earning a living as a Teacher.
5.3.2.1.2 The Board shall pay up to one-half (1/2) a year's salary (salary at time of retirement) or $18,000, whichever is the lesser, to a Teacher who has a sick leave accumulation of two- hundred (200) days to surrender and has taught for at least five (5) years continuous service with the Board and is retiring from the profession.
5.3.2.1.3 The number of year's service required for a maximum retirement gratuity shall be fifteen (15).
5.3.2.1.4 If a Teacher who has taught for five (5) continuous years or more with the Board has less than two-hundred (200) days accumulated sick leave to surrender, that Teacher shall be paid proportionately.
5.3.2.1.5 The following formula shall be used to calculate the amount of the gratuity: G = N x S x Y which is less than or equal to $18,000 P 2 M where G = the amount of the gratuity N = the number of sick leave credit accumulated surrendered (maximum(200 days)) P = 200 days S = the basic grid salary plus allowances at time of retirement Y = the number of years of service with the Board (maximum 15 years) M = the number of years of service required for maximum retirement gratuity.
5.3.2.1.6 In the event of death of any Teacher, either before or after retirement but before receiving the benefits herein provided, such benefit shall be paid or transferred to the beneficiary, and failing designation in writing of a beneficiary by the Teacher, shall be paid to the estate.
5.3.2.1.7 This Retirement Gratuity Plan shall become operative for any Teacher from the date of employment of the Teacher. (i.e. There shall be no waiting period.)
5.3.2.1.8 In order to initiate payment of the gratuity, it is necessary for the Teacher or, in the case of death, the party named in 5.3.
RETIREMENT GRATUITY PLAN. 13.00.00 – Eligibility 13.01.00
RETIREMENT GRATUITY PLAN. As permitted by, and subject to the requirements of the Education Act, a Cumulative Sick Leave and Retirement Gratuity Plan is authorized for the benefit of all regular Teacher employees of the Board.
RETIREMENT GRATUITY PLAN. 12.01 A teacher with a minimum of ten (10) consecutive years of service as a teacher with the Board or a predecessor thereof, to the date of retirement shall be granted a gratuity based on the accumulated yearly credits and the highest annual salary during the five (5) years prior to retirement.
12.02 Only credits earned by the teacher during employment with the Board or a predecessor thereof shall be used in the calculation of the gratuity.
RETIREMENT GRATUITY PLAN. Retirement Gratuities were frozen as of August 31, 2012. An Employee is not eligible to receive a sick leave credit gratuity or any non-sick leave credit retirement gratuity (such as, but not limited to, service gratuities or RRSP contributions) after August 31, 2012, except a sick leave credit gratuity that the Employee had accumulated and was eligible to receive as of that day. The following language applies only to those employees eligible for the gratuity above:
RETIREMENT GRATUITY PLAN. In accordance with Regulation 1/13 under the Education Act, retirement gratuities were frozen as of August 31, 2012. Teachers are not eligible to receive a sick leave credit gratuity or any non-sick leave credit retirement gratuity (such as, but not limited to, service gratuities or RRSP contributions) after August 31, 2012, except a sick leave credit gratuity that the teachers had accumulated and was eligible to receive as of that day. The following language applies only to those teachers eligible for the gratuity above.
RETIREMENT GRATUITY PLAN. 12.01 A teacher with a minimum of ten (10) consecutive years of service as a teacher with the Board or a predecessor thereof, to the date of retirement shall be granted a gratuity based on the accumulated yearly credits and the highest annual salary during the five (5) years prior to retirement.
12.02 Only credits earned by the teacher during employment with the Board or a predecessor thereof shall be used in the calculation of the gratuity.
12.03 Credits will be accumulated as follows:
(a) Each teacher will be given a credit of two (2) percent for each year of service with the Board or predecessor thereof prior to September 1973.
(b) Commencing in September 1973, a teacher will be given a percentage credit for each year of service with the Board or a predecessor thereof based on the following table: Sick Leave Credits Unused at the End of Each Individual Year Percentage Credits to be Added to an Employee's Accumulated Credits at the End of Each Individual Year 20 2.0 percent 19 2.0 18 2.0 17 2.0 16 2.0 15 2.0 14 1.9 13 1.8 12 1.7 11 1.6 10 1.5 9 1.4 8 1.3 7 1.2 6 1.1 5 1.0 4 0.8 3 0.6 2 0.4 1 0.2 0 0.0 The teacher's accumulated credits at the end of each year shall not be reduced.
(c) A teacher can accumulate a maximum credit of 50% for service with the Board or a predecessor thereof.
(d) Teachers who have been absent ten (10) or more consecutive school days in any one (1) year shall be granted a gratuity credit of up to 2 percent in any one (1) year to a maximum of 5 percent at retirement.
(e) On each occasion where a pregnancy and parental leave has been extended or where a parental leave without a pregnancy leave has been extended, there will be no loss of accumulated retirement gratuity credits.
RETIREMENT GRATUITY PLAN. Retirement Gratuities were frozen as of August 31, 2012. A Teacher is not eligible to receive a sick leave credit gratuity or any non-sick leave credit retirement gratuity (such as, but not limited to, service gratuities or RRSP contributions) after August 31, 2012, except a sick leave credit gratuity that the Teacher had accumulated and was eligible to receive as of that day. The following language applies only to those teachers eligible for the gratuity above: 13.00.00 – Eligibility
13.01. 00
13.01.01 To be eligible for a retirement gratuity a Teacher must also be retiring from the profession by reason of ill health as defined in The Ontario Teachers’ Pension Plan or age as outlined in The Ontario Teachers’ Pension Plan.
13.01.02 The Board reserves the right to withhold the payment of the retirement gratuity in the case of any Teacher who is discharged or caused to resign for reasons which the Board may deem to have moral, legal, or professional implications.
RETIREMENT GRATUITY PLAN. Upon retirement from the teaching profession after five (5) or more years' continuous service with the Board, a Teacher shall be entitled to a Retirement Gratuity based on the following:
