Common use of Retirement Gratuity Clause in Contracts

Retirement Gratuity. Retirement Gratuities were frozen as of August 31, 2012. An Elementary 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 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: (a) An eligible employee who retired from the teaching profession while in the employ of the Board shall receive a gratuity based on the number of years continuous and unbroken employment with the Renfrew County District School Board and its predecessors AND on the number of days, likewise accumulated in continuous and unbroken employment with the Renfrew County District School Board and its predecessors, which remain in the employee's sick leave account at the time of retirement. For gratuity purposes a teacher may accumulate two hundred thirty (230) days; however, the gratuity is based on a maximum of two hundred (200) days. A teacher is eligible for a retirement gratuity when the teacher has completed a minimum of ten (10) years continuous employment 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 a pension from the Teachers' Pension Board is being received. (b) The percentage of salary used in the gratuity formula shall be 4% times the number (N) of years of continuous and unbroken employment with the Renfrew County District School Board and its predecessors within the County. In no case may a retirement gratuity exceed 50% of the best year's salary. (c) The formula or scale for determining the amount of gratuity shall be as follows: [ (days* accumulated to a maximum of 200) X 4N%* (to a maximum of 50% of the best year's salary)] divided by 200 *Both figures apply to the period of continuous and unbroken employment with the Renfrew County District School Board and its predecessor boards within the County. (d) This gratuity may be paid in a lump sum or over not more than a three (3) year period and at a time or times mutually agreeable. (e) In the event of the death of an employee prior to cessation of employment, a retirement gratuity based on accumulated sick leave and length of employment at the time of death shall be paid to the employee's beneficiary. If the employee has not named a beneficiary, the gratuity shall be paid to the employee's estate. Should the retired employee die before receiving full payment of the gratuity, the accrued benefits shall likewise be paid to the employee's beneficiary, or estate, if no beneficiary has been named.

Retirement Gratuity. Retirement Gratuities were frozen as of August 31, 2012. An Elementary 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 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: (a) An eligible employee who retired from the teaching profession while in the employ of the Board shall receive a gratuity based on the number of years continuous and unbroken employment with the Renfrew County District School Board and its predecessors AND on the number of days, likewise accumulated in continuous and unbroken employment with the Renfrew County District School Board and its predecessors, which remain in the employee's sick leave account at the time of retirement. For gratuity purposes a teacher may accumulate two hundred thirty (230) days; however, the gratuity is based on a maximum of two hundred (200) days. A teacher is eligible for a retirement gratuity when the teacher has completed a minimum of ten (10) years continuous employment 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 a pension from the Teachers' Pension Board is being received. (b) The percentage of salary used in the gratuity formula shall be 4% times the number (N) of years of continuous and unbroken employment with the Renfrew County District School Board and its predecessors within the County. In no case may a retirement gratuity exceed 50% of the best year's salary. (c) The formula or scale for determining the amount of gratuity shall be as follows: [ (days* accumulated to a maximum of 200) X 4N%* (to a maximum of 50% of the best year's salary)] divided by ) 200 *Both figures apply to the period of continuous and unbroken employment with the Renfrew County District School Board and its predecessor boards within the County. (d) This gratuity may be paid in a lump sum or over not more than a three (3) year period and at a time or times mutually agreeable. (e) In the event of the death of an employee prior to cessation of employment, a retirement gratuity based on accumulated sick leave and length of employment at the time of death shall be paid to the employee's beneficiary. If the employee has not named a beneficiary, the gratuity shall be paid to the employee's estate. Should the retired employee die before receiving full payment of the gratuity, the accrued benefits shall likewise be paid to the employee's beneficiary, or estate, if no beneficiary has been named.

Retirement Gratuity. Retirement Gratuities were frozen as of August 31, 2012. An Elementary 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 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: (a) An eligible employee who retired from the teaching profession while in the employ of the Board shall receive a gratuity based on the number of years continuous and unbroken employment with the Renfrew County District School Board and its predecessors AND on the number of days, likewise accumulated in continuous and unbroken employment with the Renfrew County District School Board and its predecessors, which remain in the employee's sick leave account at the time of retirement. For gratuity purposes a teacher may accumulate two hundred thirty (230) 230 days; , however, the gratuity is based on a maximum of two hundred (200) 200 days. A teacher is eligible for a retirement gratuity when the teacher has completed a minimum of ten (10) years continuous employment 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 a pension from the Teachers' Pension Board is being received. (b) The percentage of salary used in the gratuity formula shall be 4% times the number (N) of years of continuous and unbroken employment with the Renfrew County District School Board and its predecessors within the County. In no case may a retirement gratuity exceed 50% of the best year's salary. (c) The formula or scale for determining the amount of gratuity shall be as follows: [ (days* accumulated to a maximum of 200) X 4N%* (to a maximum of 50% of the best year's salary)] divided by 200 *Both figures apply to the period of continuous and unbroken employment with the Renfrew County District School Board and its predecessor boards within the County. (d) This gratuity may be paid in a lump sum or over not more than a three (3) three-year period and at a time or times mutually agreeable. (e) In the event of the death of an employee prior to cessation of employment, a retirement gratuity based on accumulated sick leave and length of employment at the time of death shall be paid to the employee's beneficiary. If the employee has not named a beneficiary, the gratuity shall be paid to the employee's estate. Should the retired employee die before receiving full payment of the gratuity, the accrued benefits shall likewise be paid to the employee's beneficiary, or estate, if no beneficiary has been named.