Common use of Retirement Gratuity Clause in Contracts

Retirement Gratuity. (i) An employee upon retirement or death shall be entitled to a gratuity based on the unexpended portion of the employee's sick leave credit (less any accumulated credits which have been used for leave purposes) in accordance with the following: (a) the employee's normal weekly salary at the time of retirement or death shall be divided by 5. The result shall be multiplied by the number of unused accumulated days of sick leave times the applicable of the following percentages: Year of Service Percentage of Leave Credits 1 1 3 3 4 4 5 5 6 6 7 7 8 8 9 9 10 10 11 12 12 14 13 16 14 18 15 21 16 24 17 27 18 30 19 33 20 36 21 39 22 42 23 45 24 48 25 50 but in no circumstances shall such gratuity exceed 50% of the employee's annual rate of salary at the date of such retirement or death; (b) the said gratuity shall be payable: A. upon the death of an employee to the beneficiary named in the employee's life insurance policy with the Board, and B. upon the retirement at age 55 years or more of an employee on an OMERS pension to such employee; (c) employees on staff as of June 30, 1969, may have their sick leave accumulated and their retirement gratuity calculated on the plan in force on June 30, 1969; (d) no employee shall be entitled to more than an amount equal to the employee's salary, wages or other remuneration for one-half the number of days standing to the employee's credit and in any event not in excess of the amount of one-half year's earnings at the rate received by the employee immediately prior to termination of employment (ref. The Education Act and the Municipal Act); (i) the computation of the gratuity shall be based only on sick leave accumulated in service with this Board. (ii) the retirement gratuity shall be paid in one amount on the first of the month following termination of employment, according to the option of the employee. (iii) In the event of the death of an employee, the retirement gratuity calculated on the cumulative sick leave credits at the time of death shall be paid to the beneficiary named in the employee's Group Life Insurance Policy. (iv) The Board shall have the right at all times to withhold payment of a gratuity to a person discharged for reasons which the Board may deem to have moral or legal implications.

Retirement Gratuity. (i) An employee upon retirement or death shall be entitled to a gratuity based on the unexpended portion of the employee's sick leave credit (less any accumulated credits which have been used for leave purposes) in accordance with the following: (a) the employee's normal weekly salary at the time of retirement or death shall be divided by 5. The employee’s normal weekly salary at the time of retirement or death is understood to reflect the weekly salary at the employee’s basic time class. The result shall be multiplied by the number of unused accumulated days of sick leave times the applicable of the following percentages: Year of Service Percentage of Leave Credits 1 1 3 3 4 4 5 5 6 6 7 7 8 8 9 9 10 10 11 12 12 14 13 16 14 18 15 21 16 24 17 27 18 30 19 33 20 36 21 39 22 42 23 45 24 48 25 50 but in no circumstances shall such gratuity exceed 50% of the employee's annual rate of salary at the date of such retirement or death; (b) the said gratuity shall be payable: A. upon the death of an employee to the beneficiary named in the employee's life insurance policy with the Board, and B. upon the retirement at age 55 years or more of an employee on an OMERS pension to such employee; (c) employees on staff as of June 30, 1969, may have their sick leave accumulated and their retirement gratuity calculated on the plan in force on June 30, 1969; (d) no employee shall be entitled to more than an amount equal to the employee's salary, wages or other remuneration for one-half the number of days standing to the employee's credit and in any event not in excess of the amount of one-half year's earnings at the rate received by the employee immediately prior to termination of employment (ref. The Education Act and the Municipal Act); (i) the computation of the gratuity shall be based only on sick leave accumulated in service with this Board. (ii) the retirement gratuity shall be paid in one amount on the first of the month following termination of employment, according to the option of the employee. (iii) In the event of the death of an employee, the retirement gratuity calculated on the cumulative sick leave credits at the time of death shall be paid to the beneficiary named in the employee's Group Life Insurance Policy. (iv) The Board shall have the right at all times to withhold payment of a gratuity to a person discharged for reasons which the Board may deem to have moral or legal implications.

Retirement Gratuity. (i) An employee upon 14.01 Upon retirement on an O.M.E.R.S. Pension, Teachers’ Pension Plan, Canada Pension or death at normal retirement age as defined by policy of the Employer, an Employee of ten or more years of consecutive service with the Employer or its predecessors shall be entitled to eligible for a gratuity based Retirement Gratuity calculated on the unexpended portion of the employee's sick leave credit (less any accumulated credits which have been used for leave purposes) in accordance with the followingfollowing basis: (a) the employee's normal weekly salary at the time of retirement or death shall be divided by 5. The result shall be multiplied by the number of unused accumulated days From September 1, 1977 full accumulation of sick leave times the applicable days will be permitted for Retirement Gratuity purposes only (prorated where applicable). *Sick leave days for sick leave purposes only will accumulate in a separate account and will not exceed a maximum accumulation of the following percentages: Year of Service Percentage of Leave Credits 1 1 3 3 4 4 5 5 6 6 7 7 8 8 9 9 10 10 11 12 12 14 13 16 14 18 15 21 16 24 17 27 18 30 19 33 20 36 21 39 22 42 23 45 24 48 25 50 but in no circumstances shall such gratuity exceed 50% of the employee's annual rate of salary at the date of such retirement or death;two hundred and sixty (260) days for twelve-month Employees and two hundred and twenty (220) days for all other Employees. (b) the said gratuity The daily rate shall be payable: A. upon 1/260 of the death of an employee to the beneficiary named in the employee's life insurance policy with the Board, and B. upon the retirement at age 55 years or more of an employee on an OMERS pension to such employee;starting salary for Level D position. (c) employees The calculation shall be **RSLD/2 x (1/260 of the starting salary Level D) to a maximum of one half of maximum salary of Level E or one half the Employee's salary in the last year of employment, whichever is less. Where an Employee suffers an involuntary reduction in hours, in the two (2) years preceding retirement, greater than the provision provided for under Article II, 2.01 (6) the gratuity shall be credited on staff as of June 30a salary based upon the hours worked prior to the involuntary reduction pursuant to the provisions provided for under Article II, 1969, may have their sick leave accumulated and their retirement gratuity calculated on the plan in force on June 30, 1969;2.01 (6). **RSLD = Retirement Sick Leave Days. (d) no employee shall be entitled to Employees with twenty or more than an amount equal to the employee's salary, wages or other remuneration for one-half the number years of days standing to the employee's credit and in any event not in excess of the amount of one-half year's earnings at the rate received by the employee immediately prior to termination of employment (ref. The Education Act and the Municipal Act); (i) the computation of the gratuity shall be based only on sick leave accumulated in service with this Boardthe Employer and/or its predecessors will under no circumstances, receive less than ten per cent of their annual salary. (iie) the retirement gratuity shall be paid in one amount on the first Payment of the month following termination of employment, according Sick Leave Credit Retirement Gratuity may be made by a method mutually agreeable to both the Employer and to the option of the employeeEmployee and consistent with legislative requirements. (iiif) If an Employee's employment is terminated by reason of disability in accordance with Article XIV, 14.01, any unused retirement gratuity sick leave days accumulated will be held in reserve for retirement gratuity purposes if and when the Employee is eligible for such benefits. The Retirement Gratuity calculation will be based on the salary schedule which existed at the time employment was terminated. (g) In the event of the death of an employeeEmployee after ten or more years of consecutive service, the retirement gratuity calculated amount of Sick Leave Credit Retirement Gratuity that would have been paid to the Employee if the Employee had retired on the cumulative sick leave credits at the time date of death shall be paid to the beneficiary named in the employeeEmployee's Group Life Insurance Policyestate. (ivh) The Board shall have the right at all times to withhold payment of a Retirement Gratuity will be paid one time only. NOTE (i) This sick leave credit retirement gratuity to a person discharged for reasons plan is agreed upon saving any rights which the Board Employee or the Employer may deem have acquired prior to have moral or legal implicationsthis date under and by virtue of subsection 8, Section 84 of Xxxx 44 - An Act To Amend The Secondary Schools and Employers of Education Act. (ii) An Employee will not receive less retirement gratuity than provided under the 1977 N.A.S.A. Agreement.

Retirement Gratuity. (i) 1. An employee employee, upon retirement or death death, shall be entitled to a gratuity based on the unexpended portion of the employee's sick leave credit (less any accumulated credits which have been used for leave purposes) in accordance with the following: (ai) the employee's normal weekly salary at the time of retirement or death shall be divided by 5. The result shall be multiplied by the number of unused accumulated days of sick leave times the applicable a percentage determined by crediting 1% for each of the following percentages: Year employee's first 10 years of Service Percentage service with the Board plus 2% for each additional whole year of Leave Credits 1 1 3 3 4 4 5 5 6 6 7 7 8 8 9 9 10 10 11 12 12 14 13 16 14 18 15 21 16 24 17 27 18 30 19 33 20 36 21 39 22 42 23 45 24 48 25 50 service up to and including the employee's 14th year and 3% for the 15th year and each additional year of service thereafter but in no circumstances shall such gratuity exceed 50% of the employee's annual rate of salary at the date of such retirement or death; (bii) only employees 60 years of age and over or receiving a pension from the said gratuity OMERS Pension Fund shall be payable: A. upon the death of an employee to the beneficiary named in the employee's life insurance policy with the Board, and B. upon the retirement at age 55 years or more of an employee on an OMERS pension entitled to such employeegratuity; (ciii) employees on staff as of June 30, 1969, may have their sick leave accumulated and their retirement gratuity calculated on the plan in force on June 30, 1969; (div) no employee shall be entitled to more than an amount equal to the employee's salary, wages or other remuneration for one-half the number of days standing to the employee's credit and in any event not in excess of the amount of one-one- half year's earnings at the rate received by the employee immediately prior to termination of employment (ref. The Education Act and the Municipal Act); (iv) the computation of the gratuity shall be based only on sick leave accumulated in service with this Board. (ii) the 2. The retirement gratuity shall be paid in one amount on the first of the month following termination of employment, according to the option of the employee. (iii) 3. In the event of the death of an employee, the retirement gratuity calculated on the cumulative sick leave credits at the time of death shall be paid to the beneficiary named in the employee's Group Life Insurance Policy. (iv) 4. The Board shall have the right at all times to withhold payment of a gratuity to a person discharged for reasons which the Board may deem to have moral or legal implications.

Retirement Gratuity. Retirement Gratuity Provisions are also provided in Section C9 – Central Terms 23.01 Sick leave/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 (isuch 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 to the gratuity above. 23.02 An employee upon Employee who has completed ten (10) years of continuous service with the board or its predecessors immediately prior to retirement or death and who has reached the minimum age for collecting a pension under OMERS at the time of resignation regardless of participation in the OMERS pension plan shall be entitled to the payment of gratuity on retirement. Members will be paid the retirement gratuity within sixty (60) days following the effective date of retirement or in a manner mutually agreed upon. 23.03 The retirement gratuity will be calculated based on the unexpended portion following formula: 200 X b% of Employee’s annual salary including vacation entitlement at date of retirement where ‘a’ is the employee's number of days of cumulative sick leave credit credits at date of retirement (less any accumulated credits which have been used not to exceed 200 days) and ‘b’ is a percent based on the following schedule: Completed years of Continuous Service with this board or Predecessor of this board Percent 10 30 11 32.5 12 35 and 2.5% additional per completed year to a maximum of 50%. Examples: 12 years of service = # of days (up to 200)/200 x 35/100 x Employee’s annual salary at time of retirement 18 years of service = # of days (up to 200)/200 x 50/100 x Employee’s annual salary at time of retirement 22 years of service = # of days (up to 200)/200 x 50/100 x Employee’s annual salary at time of retirement 23.04 An Employee shall be deemed to be retiring and eligible for leave purposes) in accordance with this gratuity if the following: (a) Employee has reached the employee's normal weekly salary minimum age for collecting a pension under OMERS at the time of retirement resignation regardless of whether the Employee belongs to OMERS or death shall be divided by 5. The result shall be multiplied by the number of unused accumulated days of sick leave times the applicable of the following percentages: Year of Service Percentage of Leave Credits 1 1 3 3 4 4 5 5 6 6 7 7 8 8 9 9 10 10 11 12 12 14 13 16 14 18 15 21 16 24 17 27 18 30 19 33 20 36 21 39 22 42 23 45 24 48 25 50 but in no circumstances shall such gratuity exceed 50% of the employee's annual rate of salary at the date of such retirement or death; (b) the said gratuity shall be payable: A. upon the death of an employee to the beneficiary named in the employee's life insurance policy with the Board, and B. upon the retirement at age 55 years or more of an employee on an OMERS pension to such employee; (c) employees on staff as of June 30, 1969, may have their sick leave accumulated and their retirement gratuity calculated on the plan in force on June 30, 1969; (d) no employee shall be entitled to more than an amount equal to the employee's salary, wages or other remuneration for one-half the number of days standing to the employee's credit and in any event not in excess of the amount of one-half year's earnings at the rate received by the employee immediately prior to termination of employment (ref. The Education Act and the Municipal Act); (i) the computation of the gratuity shall be based only on sick leave accumulated in service with this Boardnot. (ii) the retirement gratuity shall be paid in one amount on the first of the month following termination of employment, according to the option of the employee. (iii) 23.05 In the event of the death of an employeeEmployee, the amount of the retirement gratuity calculated accumulated by the Employee with this board or its predecessors on the cumulative sick leave credits at date of the time of employee’s death shall be paid to the Employee’s beneficiary named in or the employee's Group Life Insurance PolicyEmployee’s estate within thirty (30) days of the member’s death. 23.06 An Employee who applies to the board and receives an approved Leave of Absence (ivfull or part-time) The Board within three (3) years of his/her eligible retirement age as determined by OMERS shall have be eligible to receive a sick leave gratuity upon retirement, based on the right applicant’s full time equivalent status at all times to withhold payment the time of a gratuity to a person discharged application for reasons which the Board may deem to have moral or legal implicationsleave.

Retirement Gratuity. (i) Retirement Gratuities were frozen as of August 31, 2012. An employee upon retirement or death shall be entitled ECE is not eligible to receive a gratuity based on the unexpended portion of the employee's sick leave credit gratuity or any non-sick leave credit retirement gratuity (less any 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 credits which have been used and was eligible to receive as of that day. The following language applies only to those employees eligible for leave purposes) the gratuity above: L22.1 Employees are eligible to receive a Retirement Gratuity in accordance with the following: (a) those employed on or before August 31, 1982, and otherwise eligible for Retirement Gratuity are eligible from date of employment; (b) those employed since August 31, 1982 are eligible to accumulate sick leave credits for Retirement Gratuity purposes commencing January 1, 1990; (c) the employee has been employed on a regular basis and received sick leave credits; (d) the employee has completed a minimum of ten (10) years continuous service with the Board or its predecessors and submits proof to the Human Resources Department within three (3) months after leaving the Board’s employ that the employee is receiving a pension from the pension plan referred to in Article 11; (e) the employee has completed forty (40) years of service with the Board; the employee suffers permanent disability as certified to by a licensed medical practitioner; (f) the employee suffers permanent disability as certified to by a licensed medical practitioner. (a) The Retirement Gratuity shall be calculated on: (i) number of years service; (ii) number of days accumulated in the employee's normal weekly sick leave account at the time of retirement. (b) The formula for calculating the Retirement Gratuity shall be: N x # x $ 240 Where N is the number of unused accumulated sick leave credits eligible for inclusion to a maximum of 240 (days transferred from another employer are not Included: days used are charged on last in first out basis) is based on years of service. 10 years - 20% 16 years - 38% 11 years - 23% 17 years - 41% 12 years - 26% 18 years - 44% 13 years - 29% 19 years - 47% 14 years - 32% 20 or more - 50% 15 years - 35% $ is the last full year's salary. (c) For employees hired prior to January 1, 1976 the formula shall be: N x (3% x years of service) x Best salary 240 (d) No Retirement Gratuity can exceed fifty percent (50%) of one year’s salary at the time of retirement or death shall be divided by 5. The result shall be multiplied by the number of unused accumulated days of retirement. (a) For Retirement Gratuity purposes, an employee may accumulate two hundred and seventy (270) sick leave times days; however, the applicable Retirement Gratuity is based on a maximum of the following percentages: Year of Service Percentage of Leave Credits 1 1 3 3 4 4 5 5 6 6 7 7 8 8 9 9 10 10 11 12 12 14 13 16 14 18 15 21 16 24 17 27 18 30 19 33 20 36 21 39 22 42 23 45 24 48 25 50 but in no circumstances shall such gratuity exceed 50% of the employee's annual rate of salary at the date of such retirement or death; two hundred and forty (240) days. (b) the said gratuity shall The Retirement Gratuity may be payable: A. upon the death of an employee to the beneficiary named paid, in the employee's life insurance policy with the Board, and B. upon the retirement at age 55 years a lump sum or more of an employee on an OMERS pension to such employee; (c) employees on staff as of June 30, 1969, may have their sick leave accumulated and their retirement gratuity calculated on the plan in force on June 30, 1969; (d) no employee shall be entitled to over not more than an amount equal to the employee's salarya three (3) year period, wages and at a time or other remuneration for one-half the number of days standing to the employee's credit and in any event not in excess of the amount of one-half year's earnings at the rate received by the employee immediately prior to termination of employment (ref. The Education Act and the Municipal Act); (i) the computation of the gratuity shall be based only on sick leave accumulated in service with this Boardtimes mutually agreeable. (ii) the retirement gratuity shall be paid in one amount on the first of the month following termination of employment, according to the option of the employee. (iii) In the event of the death of an employee, the retirement gratuity calculated on the cumulative sick leave credits at the time of death shall be paid to the beneficiary named in the employee's Group Life Insurance Policy. (iv) The Board shall have the right at all times to withhold payment of a gratuity to a person discharged for reasons which the Board may deem to have moral or legal implications.

Retirement Gratuity. 20.01 An Employee who has completed ten (i10) An employee upon years of continuous service with the Board or its predecessors immediately prior to retirement and who has reached the minimum age for collecting a pension under OMERS (or death TPP) at the time of resignation regardless of participation in the OMERS (or TPP) pension plan shall be entitled to the payment of a gratuity on retirement. 20.02 The retirement gratuity will be calculated based on the unexpended portion following formula: 200 X b% of Employee's annual salary at date of retirement where “a" is the employee's number of days of cumulative sick leave credit credits at date of retirement (less any accumulated credits which have been used not to exceed 200 days) and “b" is a percent based on the following schedule: Completed years of Continuous Service with this Board or Predecessor of this Board Percent 10 30 11 32.5 12 35 and 2.5% additional per completed year to a maximum of 50%. Examples: 12 years service = #days(up to 200)/200 x 35/100 x Employee's annual salary at time of retirement 18 years service = #days(up to 200)/200 x 50/100 x Employee's annual salary at time of retirement 22 years service = #days(up to 200)/200 x 50/100 x Employee's annual salary at time of retirement 20.03 An Employee shall be deemed to be retiring and eligible for leave purposesthis gratuity if the Employee has reached the minimum age for collecting a pension under OMERS (or TPP) in accordance with the following: (a) the employee's normal weekly salary at the time of retirement resignation regardless of whether the Employee belongs to OMERS (or death shall be divided by 5. The result shall be multiplied by the number of unused accumulated days of sick leave times the applicable of the following percentages: Year of Service Percentage of Leave Credits 1 1 3 3 4 4 5 5 6 6 7 7 8 8 9 9 10 10 11 12 12 14 13 16 14 18 15 21 16 24 17 27 18 30 19 33 20 36 21 39 22 42 23 45 24 48 25 50 but in no circumstances shall such gratuity exceed 50% of the employee's annual rate of salary at the date of such retirement TPP) or death; (b) the said gratuity shall be payable: A. upon the death of an employee to the beneficiary named in the employee's life insurance policy with the Board, and B. upon the retirement at age 55 years or more of an employee on an OMERS pension to such employee; (c) employees on staff as of June 30, 1969, may have their sick leave accumulated and their retirement gratuity calculated on the plan in force on June 30, 1969; (d) no employee shall be entitled to more than an amount equal to the employee's salary, wages or other remuneration for one-half the number of days standing to the employee's credit and in any event not in excess of the amount of one-half year's earnings at the rate received by the employee immediately prior to termination of employment (ref. The Education Act and the Municipal Act); (i) the computation of the gratuity shall be based only on sick leave accumulated in service with this Boardnot. (ii) the retirement gratuity shall be paid in one amount on the first of the month following termination of employment, according to the option of the employee. (iii) 20.04 In the event of the death of an employeeEmployee, the amount of the retirement gratuity calculated accumulated by the Employee with this Board or its predecessors on the cumulative sick leave credits at date of the time of Employee's death shall be paid to the Employee's beneficiary named in or the employeeEmployee's Group Life Insurance Policyestate. (iv) The Board shall have the right at all times 20.05 An Employee who applies to withhold payment of a gratuity to a person discharged for reasons which the Board may deem and receives an approved Leave of Absence (full or part-time) within two years of his/her eligible retirement factor as determined by OMERS (or TPP) shall be eligible to have moral or legal implicationsreceive a sick leave gratuity upon retirement, based on the applicant's full time equivalent status at the time of application for leave.

Retirement Gratuity. (i) An employee upon retirement or death eligible employee, who retires from the teaching profession while in the employ of the Board, shall be entitled to receive a gratuity based on the unexpended portion number of years of continuous and unbroken service with the Board and its predecessors AND on the number of days likewise accumulated in continuous and unbroken service with the Board and its predecessors, which remain in the employee's sick leave credit (less any accumulated credits which have been used for leave purposes) in accordance with the following: (a) the employee's normal weekly salary account at the time of retirement. For gratuity purposes a teacher may have accumulated 230 days, however, the gratuity is based on a maximum of 200 days. (ii) A teacher is eligible for a retirement gratuity if a minimum of ten years continuous service with the Board or death its predecessors have been completed and proof is submitted to the Personnel office within three months after leaving the Board's employ that a pension from the Teachers' Pension Plan Board is being received. (b) The percentage of salary used in the gratuity formula shall be divided by 5. The result shall be multiplied by 4% times the number (N) of unused accumulated days years of sick leave times continuous and unbroken service with the applicable of Board and its predecessors within the following percentages: Year of Service Percentage of Leave Credits 1 1 3 3 4 4 5 5 6 6 7 7 8 8 9 9 10 10 11 12 12 14 13 16 14 18 15 21 16 24 17 27 18 30 19 33 20 36 21 39 22 42 23 45 24 48 25 50 but in County. In no circumstances shall such case may a retirement gratuity exceed 50% of the employee's annual rate of salary at the date of such retirement or death; (b) the said gratuity shall be payable: A. upon the death of an employee to the beneficiary named in the employee's life insurance policy with the Board, and B. upon the retirement at age 55 years or more of an employee on an OMERS pension to such employee; (c) employees on staff as of June 30, 1969, may have their sick leave accumulated and their retirement gratuity calculated on the plan in force on June 30, 1969; (d) no employee shall be entitled to more than an amount equal to the employee's salary, wages or other remuneration for one-half the number of days standing to the employee's credit and in any event not in excess of the amount of one-half year's earnings at the rate received by the employee teacher immediately prior to termination of employment (ref. The Education Act and the Municipal Act);employment. (ic) The formula or scale for determining the computation amount of the gratuity shall be based only on sick leave as follows: (days accumulated in to a maximum of 200) X 4N% (to a maximum of 50% of best salary) (Both figures apply to the period of continuous and unbroken service with this Boardthe Board and its predecessor boards within the County.) (d) This gratuity may be paid in a lump sum or over not more than a 3-year period and at a time or times mutually agreeable. (ii) the retirement gratuity shall be paid in one amount on the first of the month following termination of employment, according to the option of the employee. (iiii) In the event of the death of an employeeemployee prior to cessation of employment, the a retirement gratuity calculated based on the cumulative accumulated sick leave credits and length of service at the time of death shall be paid to the beneficiary employee's beneficiary. If the employee has not named in a beneficiary, the gratuity shall be paid to the employee's Group Life Insurance Policyestate. (ivii) The Board shall have the right at all times to withhold Should a retired employee die before receiving full payment of a the gratuity, the accrued benefits shall likewise be paid to the retired employee's beneficiary, or estate if no beneficiaries have been named. (f) All teachers on staff in the 1975-76 school year who would be adversely affected by the change from the 1975-76 retirement gratuity plan to a person discharged for reasons which the Board 1976-77 plan, may deem to have moral or legal implicationsreceive their retirement gratuity calculated on the 1975-76 plan (Article XXXVIII).

Retirement Gratuity. (i) An employee upon retirement or death shall be entitled to a gratuity based on the unexpended portion of the employee's sick leave credit (less any accumulated credits which have been used for leave purposes) in accordance with the following: (a) the employee's normal weekly salary at the time of retirement or death shall be divided by 5. The result shall be multiplied by the number of unused accumulated days of sick leave times the applicable of the following percentages: Year of Service Percentage of Leave Credits: 1 1 3 3 4 4 5 5 6 6 7 7 8 8 9 9 10 10 11 12 12 14 13 16 14 18 15 21 16 24 17 27 18 30 19 33 20 36 21 39 22 42 23 45 24 48 25 50 but in no circumstances shall such gratuity exceed 50% of the employee's annual rate of salary at the date of such retirement or death; (b) the said gratuity shall be payable: A. upon the death of an employee to the beneficiary named in the employee's life insurance policy with the Board, and B. upon the retirement at age 55 years or more of an employee on an OMERS pension to such employee; (c) employees on staff as of June 30, 1969, may have their sick leave accumulated and their retirement gratuity calculated on the plan in force on June 30, 1969; (d) no employee shall be entitled to more than an amount equal to the employee's salary, wages or other remuneration for one-half the number of days standing to the employee's credit and in any event not in excess of the amount of one-half year's earnings at the rate received by the employee immediately prior to termination of employment (ref. The Education Act and the Municipal Act); (i) the computation of the gratuity shall be based only on sick leave accumulated in service with this Board. (ii) the retirement gratuity shall be paid in one amount on the first of the month following termination of employment, according to the option of the employee. (iii) In the event of the death of an employee, the retirement gratuity calculated on the cumulative sick leave credits at the time of death shall be paid to the beneficiary named in the employee's Group Life Insurance Policy. (iv) The Board shall have the right at all times to withhold payment of a gratuity to a person discharged for reasons which the Board may deem to have moral or legal implications.

Retirement Gratuity. (i) 1. An employee employee, upon retirement or death death, shall be entitled to a gratuity based on the unexpended portion of the employee's sick leave credit (less any accumulated credits which have been used for leave purposes) in accordance with the following: (ai) the employee's normal weekly salary at the time of retirement or death shall be divided by 5. The result shall be multiplied by the number of unused accumulated days of sick leave times the applicable a percentage determined by crediting 1% for each of the following percentages: Year employee's first 10 years of Service Percentage service with the Board plus 2% for each additional whole year of Leave Credits 1 1 3 3 4 4 5 5 6 6 7 7 8 8 9 9 10 10 11 12 12 14 13 16 14 18 15 21 16 24 17 27 18 30 19 33 20 36 21 39 22 42 23 45 24 48 25 50 service up to and including the employee's 14th year and 3% for the 15th year and each additional year of service thereafter but in no circumstances shall such gratuity exceed 50% of the employee's annual rate of salary at the date of such retirement or death; (bii) only employees 60 years of age and over or receiving a pension from the said gratuity OMERS Pension Fund shall be payable: A. upon the death of an employee to the beneficiary named in the employee's life insurance policy with the Board, and B. upon the retirement at age 55 years or more of an employee on an OMERS pension entitled to such employeegratuity; (ciii) employees on staff as of June 30, 1969, may have their sick leave accumulated and their retirement gratuity calculated on the plan in force on June 30, 1969; (div) no employee shall be entitled to more than an amount equal to the employee's salary, wages or other remuneration for one-half the number of days standing to the employee's credit and in any event not in excess of the amount of one-half year's earnings at the rate received by the employee immediately prior to termination of employment (ref. The Education Act and the Municipal Act); (iv) the computation of the gratuity shall be based only on sick leave accumulated in service with this Board. (ii) the 2. The retirement gratuity shall be paid in one amount on the first of the month following termination of employment, according to the option of the employee. (iii) 3. In the event of the death of an employee, the retirement gratuity calculated on the cumulative sick leave credits at the time of death shall be paid to the beneficiary named in the employee's Group Life Insurance Policy. (iv) 4. The Board shall have the right at all times to withhold payment of a gratuity to a person discharged for reasons which the Board may deem to have moral or legal implications.