Common use of RETIREMENT GRATUITY PLAN Clause in Contracts

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. 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. 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 calc ulate 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. 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- 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).. Draft 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. 5.3.2.1 Upon retirement from the teaching profession 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) A retiring Teacher is defined as a Teacher who ceases to be employed by the Board and who is eligible to will immediately receive Teacher's Superannuation Teachers’ Pension Plan 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 a date of cessation of employment to be physically or mentally incapable of earning a living as a Teacher. 5.3.2.1.2 b) The Board shall pay pay, subject to the formula, up to $18,000 or one-half (1/2) a year's salary (salary at time of retirement) or $18,000the Teacher’s final total annual salary, whichever is the lesser, to a Teacher lesser who has a sick leave accumulation of two- hundred (200) 200 days to surrender and has taught for at least five (5) consecutive years continuous service with the Board and is retiring from the teaching profession. 5.3.2.1.3 c) The number of year's years’ service with this Board required for a maximum retirement gratuity shall be fifteen (15)) years. 5.3.2.1.4 d) If a Teacher who is retiring from the profession and has taught for five (5) continuous years or more with the this Board and has less than two-hundred (200) 200 days accumulated sick leave to surrenderleave, that the Teacher shall be paid proportionately. 5.3.2.1.5 e) The following formula shall be used to calculate the amount of the gratuity: N S Y G = N P x S 2 x Y M which is less than or equal to $18,000 P 2 M where Where G = the amount of the gratuity N = the number of days of sick leave credit accumulated surrendered (maximum(200 maximum 200 days)) P = 200 days S = the basic grid final total annual salary plus allowances at the time of retirement Y = Y= the number of years of years’ service with the Board (maximum 15 years) M = the number of years of years’ service required for maximum retirement gratuity. 5.3.2.1.6 In Retirement gratuity Notwithstanding 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 orabove, in the case calculation of death, the party named in 5.3.a gratuity for a Teacher with at least ten