Common use of Retirement Incentive Clause in Contracts

Retirement Incentive. Employees in benefit category X-0, X-0 or B-3 who have completed at least 20 years of full-time equivalent service in the School District and who are at least 55 years of age shall be eligible for this retirement incentive program. Employees must submit notice of their intention to retire under this program to the Superintendent no later than March 1st of the last full school year of employment. Under extraordinary circumstances, a maximum of one employee per school year may withdraw such notice or submit such notice after March 1st. If more than one employee in a school year seeks to withdraw or submit such notice after March 1st, the employee who shall be permitted to withdraw or submit such notice shall be the first employee who notifies the Superintendent in writing of extraordinary circumstances that justify the late withdrawal or submission. The amount of the retirement incentive shall equal 1.25% of the employee’s last annual wages times the number of full-time equivalent years of service in the School District; however, in no event shall the amount paid exceed 45% of the employee’s last annual wages. The retirement benefit shall be paid as a one-time lump sum in or before August following the date of the employee’s retirement.

Retirement Incentive. Employees in benefit category X-0, X-0 or B-3 who have completed at least 20 years of full-time equivalent service in the School District and who are at least 55 years of age shall be eligible for this retirement incentive program. Employees must submit notice of their intention to retire under this program to the Superintendent no later than March 1st January 1 of the last full school year of employment. Under extraordinary circumstances, a maximum of one employee per school year may withdraw such notice or submit such notice after March 1stJanuary 1. If more than one employee in a school year seeks to withdraw or submit such notice after March 1stJanuary 1, the employee who shall be permitted to withdraw or submit such notice shall be the first employee who notifies the Superintendent in writing of extraordinary circumstances that justify the late withdrawal or submission. The amount of the retirement incentive shall equal 1.25% of the employee’s last annual wages times the number of full-time equivalent years of service in the School District; however, in no event shall the amount paid exceed 45% of the employee’s last annual wages. The retirement benefit shall be paid as a one-time lump sum in or before August following the date of the employee’s retirement.

Retirement Incentive. Employees in benefit category X-0B-1, X-0 B-2 or B-3 who have completed at least 20 years of full-time equivalent service in the School District and who are at least 55 years of age shall be eligible for this retirement incentive program. Employees must submit notice of their intention to retire under this program to the Superintendent no later than March 1st of the last full school year of employment. Under extraordinary circumstances, a maximum of one employee per school year may withdraw such notice or submit such notice after March 1st. If more than one employee in a school year seeks to withdraw or submit such notice after March 1st, the employee who shall be permitted to withdraw or submit such notice shall be the first employee who notifies the Superintendent in writing of extraordinary circumstances that justify the late withdrawal or submission. The amount of the retirement incentive shall equal 1.25% of the employee’s last annual wages times the number of full-time equivalent years of service in the School District; however, in no event shall the amount paid exceed 45% of the employee’s last annual wages. The retirement benefit shall be paid as a one-time lump sum in or before August following the date of the employee’s retirement.