Retirement Incentive Bonus. Upon qualifying for retirement with the Oklahoma Teachers’ Retirement System or upon death, an employee who has been with the Noble School District for a minimum of five (5) years shall be paid a Retirement Incentive Bonus based on one of the following formulas:
1. The number of unused accumulated sick leave days during employment with Noble Public Schools x $25. or
2. If the teacher uses 120 days of accumulated sick leave to count toward retirement, the number of accumulated sick leave days during employment with Noble Public Schools minus 120x$25. Such payment shall be made at the same time the final check is issued.
Retirement Incentive Bonus. A. Criteria Effective September 1, 2009, bargaining unit members who meet the following criteria are eligible for Retirement Incentive bonus:
1. At least five (5) years of service with the Keystone Local School District.
2. Meet retirement eligibility criteria according to state employee retirement systems.
3. Retire with thirty-five (35) years or less experience and provide Treasurer with documentation of the number of years of service credit from state employee retirement system in which they plan to retire.
4. Submit a binding letter of resignation by April 1 of their last year of employment.
5. Retires no earlier than the last day of school in that year and no later than June 30.
6. The Superintendent may approve a retirement date outside the range stated in Section 6. A. 4. & 5. for extenuating circumstances provided the employee notifies the Superintendent of his/her intention to retire at least 90 days in advance of the retirement date. These extenuating circumstance include, but are not limited to, the employee requires less than 30 days of service credit in the school year to meet retirement guidelines, spouse is transferred out of state, the employee has a partial year of service credit and will earn 30 or 35 years of service credit prior to June 30, or other significant life events.
B. Bonus payment calculation for an employee with thirty-five (35) years or less service credit who notifies the Superintendent in writing by September 1st that he/she is contemplating retirement during the school year shall be entitled to the following:
1. Payment at fifty percent (50%) of the teacher’s daily rate for accumulated and unused sick leave days during the last year of employment, not to exceed fifteen (15) days. Last year is defined as the time period from July 1 through June 30.
2. Payment shall be for one-half (½) of the teacher’s unused personal leave during the last year of employment (July 1 through June 30), at the employee’s daily rate of pay.
C. In addition to items stated in B. above, employees retiring with thirty (30) years or less of service shall also be entitled to the following:
1. A cash payment of ten thousand dollars ($10,000) and;
2. A cash payment of three hundred dollars ($300) per year of documented service to Keystone Local School District.
a. Ohio STRS Service Credit Report shall be used to document service credit to Keystone Local School District.
b. The per year of service cash payment is a benefit and is subject to the provisio...
Retirement Incentive Bonus. Upon retirement from Noble Public Schools, an employee whose age and years of service has reached eighty (80) for pre 1991 employment and ninety (90) for post 1991 employment, and been with the Noble School District for a minimum of five (5) years, shall be paid a Retirement Incentive Bonus based on one of the following formulas:
1. The number of unused accumulated sick leave days during employment with Noble Public Schools x $20.00.
Retirement Incentive Bonus. Pursuant to the Agreement & Promissory Note (“Promissory Note”) between the Assistant Principal and the Board dated July 22, 2019, the Assistant Principal shall be paid the retirement incentive bonus due to him for this Contract Year pursuant to the Promissory Note. The bonus amount shall be calculated and paid in accordance with the Promissory Note and paid out on or before June 30, 2023.
Retirement Incentive Bonus. 10 Unit members who retire on or before June 30, 2019 with fifteen (15) or more years of service
Retirement Incentive Bonus. 25.01 In addition to severance, the employee is entitled to a retirement incentive bonus of $17,500. The payment of the incentive shall not be made until the employee certifies acceptance into the retirement system and receipt of the first retirement check.
26.01 A. Salary columns shall be as listed below: COLUMN A BA/BS COLUMN B BA/BS + 15 Semester Hrs. or 150 Semester Hours COLUMN C MA/MS or BA/BS + 34 Graduate Semester Hours COLUMN D MA/MS + 15 Graduate Semester Hours or BA/BS + 49 Graduate Semester Hours The definition of additional hours includes all graduate hours obtained either before or after the MA or MS was obtained. Additional hours exclude those used to obtain the initial BA or BS and are at the MA or MS level.
Retirement Incentive Bonus. The eligible teacher who at the time of retirement is at least age 60 or has at least 35 years of TRS creditable service will receive a Retirement Recognition Bonus (Bonus) of $52,500. The eligible teacher who at the time of retirement is under age 60 and has less than 35 years of TRS creditable service will receive a bonus $52,500 reduced by 5% for each one-quarter school year that the teacher is under age 60. This Bonus will be pro-rated for a part-time teacher based upon his/her highest full-time equivalency during his/her final three years of employment. The Bonus will begin to be paid over a period of up to five years prior to retirement upon receipt by the Superintendent of irrevocable written notification of the teacher’s resignation and intention to retire. Once a teacher submits this notice, the teacher will continue to receive increases as established in Section 9.1.1. The Bonus will be distributed as follows: • Starting with the school year in which the notice is given, a portion of the available Bonus will be paid to increase each year’s total TRS creditable earnings used in the pension calculation up to 6% over the previous year, for a maximum of five years, so long as such payments do not result in an excess salary penalty from TRS. This amount will be paid in two equal installments each applicable year, the first in December and the second in June. If necessary, the final paycheck will be adjusted to insure that the TRS limitation is not exceeded. • A lump sum payment will be made to the teacher after the date of the teacher’s retirement and last regular paycheck but in any event no later than thirty (30) days after the later of these dates. The amount of this payment will be the total Bonus amount less the Bonus payments made to increase the teacher’s creditable earnings before retirement.
Retirement Incentive Bonus. Pursuant to the Agreement & Promissory Note (“Promissory Note”) between the Athletic Director and the Board dated January 10, 2023, the Athletic Director shall be paid the retirement incentive bonus due to him for this Contract Year pursuant to the Promissory Note. The bonus amount shall be calculated and paid in accordance with the Promissory Note and paid out on or before June 30, 2025, subject to the limitation associated with any excess creditable earnings penalty to the Board, should there be one, as described in the Promissory Note.
Retirement Incentive Bonus. 1. Any employee retiring under the terms and conditions of the Pennsylvania Public School Retirement System with twenty-five (25) or more years of covered service, with at least the last fifteen (15) years being with the Clarion Area School District, shall be entitled to a twenty-five dollar ($25.00) per day lump sum bonus for each day of accumulated sick leave to a maximum of two hundred (200) days and a maximum of five thousand dollars ($5,000.00). The District shall make a non-elective employer contribution to the employee’s 403(b) retirement program in the amount set forth above. The employee shall receive no cash option. All such District contributions into 403(b) accounts under this agreement shall be deposited into qualified 403(b) accounts established for the eligible employee with the approved vendor who shall be responsible for administering the program.
2. Any employee retiring under the terms and conditions of the Pennsylvania School Retirement System with thirty (30) or more years of covered service, with at least the last fifteen (15) years being with the Clarion Area School District, shall be entitled to the following:
a. A thirty-dollar ($30.00) per day lump sum bonus for each day of accumulated sick leave up to a maximum of two hundred (200) days with a maximum dollar amount of six thousand dollars ($6,000.00). The District shall make a non-elective employer contribution to the employee’s 403(b) retirement program in the amount set forth above. The employee shall receive no cash option. All such District contributions into 403(b) accounts under this agreement shall be deposited into qualified 403(b) accounts established for the eligible employee with the approved vendor who shall be responsible for administering the program.
b. The health insurance coverage in force at the time of retirement, will be continued until the retiree is eligible for either other employer-provided (through employment of the retiree) or government-provided health care. The District will pay the premium for single coverage, however, where both husband and wife are retirees of the district and each is eligible for this incentive, the district shall pay the premium for husband/wife coverage. The employee will have the option of continuing the same dependent coverage in effect at the time of retirement by paying the District for the additional cost. The additional cost shall be paid to the District quarterly in advance commencing January 1st
c. For employees retiring ...
Retirement Incentive Bonus. In the event that a support staff employee resigns his/her employment with the Board for retirement purposes and retires through SERS, and he/she becomes eligible for the incentive and tenders said resignation to the Board he/she shall receive a onetime lump sum payment equal to 25% of the salary the employee earned during the most recent contract year. This will be in addition to the severance pay he/she is entitled to receive pursuant to the collective bargaining agreement. The payment for incentive shall be based on the employee’s regular employment compensation and shall not include any compensation earned on extended contracts, stipends, overtime, or supplemental contracts. Any employee who does not resign his/her employment in the contract year he/she becomes eligible to retire, shall forfeit his/her right to this retirement incentive bonus but shall be entitled to severance pay pursuant to collective bargaining agreement. To be eligible, employees must have at least fifteen
