Common use of RETIREMENT GRATUITY PLAN Clause in Contracts

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. 12.01 (a) A teacher with a minimum of ten (10) consecutive years of continuous years' 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 (b) Only credits earned by the teacher during employment with by the Board or a predecessor thereof shall be used in the calculation of the gratuity. 12.03 (c) Credits will be accumulated as follows: (a) 1. Each teacher will be given a credit of two (2) percent % for each year of year's service with the Board or a predecessor thereof prior to September 1973. (b) 2. 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 Accumulated 3. The teacher's accumulated credits at the end of each year shall not be reduced. (c) 4. A teacher can accumulate a maximum credit of 50% 50 percent for service with the Board or a predecessor thereof. (d) 5. Teachers who have been absent in excess of 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. 12.01 (a) A teacher with a minimum of ten (10) consecutive years of continuous years' 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 (b) Only credits earned by the teacher during employment with by the Board or a predecessor thereof shall be used in the calculation of the gratuity. 12.03 (c) Credits will be accumulated as follows: (a) 1. Each teacher will be given a credit of two (2) percent % for each year of year's service with the Board or a predecessor thereof prior to September 1973. (b) 2. 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: Percentage Credits to be Added Sick Leave Credits Unused to an Employee's Accumulated 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 0.2 3. The teacher's accumulated credits at the end of each year shall not be reduced. (c) 4. A teacher can accumulate a maximum credit of 50% 50 percent for service with the Board or a predecessor thereof. (d) 5. Teachers who have been absent in excess of 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. 12.01 (a) A teacher with a minimum of ten (10) consecutive years of continuous years' 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 (b) Only credits earned by the teacher during employment with by the Board or a predecessor thereof shall be used in the calculation of the gratuity. 12.03 (c) Credits will be accumulated as follows: (a) 1. Each teacher will be given a credit of two (2) percent % for each year of year's service with the Board or a predecessor thereof prior to September 1973. (b) 2. 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 percent 3. The teacher's accumulated credits at the end of each year shall not be reduced. (c) 4. A teacher can accumulate a maximum credit of 50% 50 percent for service with the Board or a predecessor thereof. (d) 5. Teachers who have been absent in excess of 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.