Common use of Retirement Incentive Bonus Clause in Contracts

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. 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 formulasformula: 1. The number of unused accumulated sick leave days during employment with Noble Public Schools x $25. or 2. If the teacher uses 120 (one hundred and twenty) days of accumulated sick leave to count toward retirement, the number of accumulated sick leave days above 120 (one hundred and twenty) days during employment with Noble Public Schools minus 120x$25will be paid at $30.00 per day. Such payment shall be made at the same time the final check is issued.

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 formulasformula: 1. The number of unused accumulated sick leave days during employment with Noble Public Schools x $25. or 2. If the teacher uses 120 (one hundred and twenty ) 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.