Retirement Package. Employees covered by the collective agreement, who meet the eligibility requirements set for all employees, may participate in any Vancity retirement package offered from time to time.
Retirement Package. Employees who can retire under the Montana Teachers Retirement System after reaching a total of 25 years of qualifying credit or have reached the age of 60, and who have taught in the District for at least 15 years, qualify for a retirement package. The qualified staff member as outlined above must provide evidence of the execution of TRS retirement during the year retired and notify the Board of Trustees by the April School Board meeting. This formula applies only to teachers employed during the 2020-2021 school year. The dollar amount shall be 40% times the base salary of the school year retired plus $100 times the number of sick leave days or .83 times the Base Salary whichever is greater. This shall be paid at the option of the District either during the last school year employed or shortly after July 1 of the first year of retirement. The staff member is not eligible for the sick leave payoff option incentive (Article 15, Section G) if Article 15 (H) is used by the retiree. Those staff employed during the 2005-06 school year would be grand-fathered under the Association Contract of 2005-06 for Article 15 (H) in regards to the required consecutive years. They would only need 10 consecutive years. Teachers initially employed as of the 2021-2022 school year and beyond who have taught in the district for at least 20 years, qualify for a retirement package at the following rates: the multipliers for the retirement package will be the dollar amount shall be 30% times the base salary of the school year retired plus $100 times the number of sick leave days or .70 times the Base Salary whichever is greater.
Retirement Package. Employees who can retire under the Montana Teachers Retirement System after reaching a total of 25 years of qualifying credit or have reached the age of 60, and who have taught in the District for at least 15 years, qualify for a retirement package. The qualified staff member as outlined above must provide evidence of the execution of TRS retirement during the year retired and notify the Board of Trustees by the April School Board meeting. The dollar amount shall be 40% times the base salary of the school year retired plus $100 times the number of sick leave days or .83 times the Base Salary whichever is greater. This shall be paid at the option of the District either during the last school year employed or shortly after July 1 of the first year of retirement. The staff member is not eligible for the sick leave payoff option incentive (Article 15, Section G) if Article 15 (H) is used by the retiree. Those staff employed during the 2005-06 school year would be grand-fathered under the Association Contract of 2005-06 for Article 15 (H) in regards to the required consecutive years. They would only need 10 consecutive years.
Retirement Package. In (i) recognition of Retiree’s service to the Company, (ii) full and complete payment for all services to be rendered hereunder during the Transition Services Period, and (iii) consideration of the enhanced restrictive covenants described in this Agreement, the Management Development and Compensation Committee of the Board of Directors has approved the following treatment for certain outstanding LTI awards previously granted to the Retiree (the “Consideration”), notwithstanding any contrary provisions in the applicable Company compensation plans:
Retirement Package. Any employee who is currently eligible for retirement with School Employees Retirement System (SERS), or becomes eligible shall be entitled to a retirement package in the amounts as listed in Option B if the employee chooses this option at retirement.
Retirement Package. An employee who has completed twenty-eight (28) years of service or more will receive a retirement allowance of seven (7) weeks paid off in the last pay period of the employee.
Retirement Package. The Superintendent shall qualify for the following retirement benefits provided he meets the state Teacher Retirement Fund requirements:
Retirement Package. 1. Employees working twenty (20) years for the District and have reached age 60, or who have worked for the District thirty (30) years and have reached age 55, shall be eligible to receive health benefit coverage until age 65, or until eligible for Medicare.
Retirement Package. Teachers who meet the eligibility requirements set forth in this Section 9.20 and who provide the notice as described below will receive as a retirement bonus a salary increase of six percent (6%) applied to their TRS creditable earnings due from the District in the year(s) prior to the school year(s) in which they gave their notice of retirement. The teacher may give one (1), two (2), three (3) or four (4) years of notice, provided that the teacher is eligible to do so and further provided that the notice is given during the term of this collective bargaining agreement. This retirement bonus is limited to those teachers who are or will be able to retire without penalty under applicable law on or before June 30, 2027. To be eligible for this benefit, a teacher must: (1) be eligible to receive a retirement annuity without discount under applicable law on or before June 30, 2027; (2) submit to the Superintendent by December 15th, at least one (1), two (2), three (3) or four (4) years in advance of retirement, an irrevocable notice of intent to retire, and (3) have served as a teacher in the District for 15 or more years, including the last 5 consecutive years. No retirement benefit under this Section 9.20 shall be available to any teacher whose retirement requires the payment of any penalty, contribution or additional charge by the District (for example, the ERO penalty or a penalty for payment in excess of 6%). An eligible teacher who elects any benefit under this Section 9.20 must submit to the Superintendent a written notice of irrevocable (except by mutual agreement of the teacher and the Board) intent of resignation from employment due to retirement, effective at the end of the election period but no later than December 15, 2022. Said written notice must be submitted according to the timelines herein. The last school year in which any bonus will be paid under this paragraph is 2026-2027. It is understood and agreed to that no payment under this paragraph will result in any TRS penalty to the District, and the parties agree that if any such penalty is or may be assessed the District may adjust any employee's salary retroactively, or take any other action it deems necessary, to avoid such penalty. Any teacher who submits notice of retirement and begins receiving or is scheduled to receive one or more six percent (6%) salary increases shall be removed from the salary schedule and shall not receive any other additional compensation from the District regardl...
Retirement Package. In (i) recognition of Retiree’s service to the Company, (ii) full and complete payment for all services to be rendered hereunder during the Transition Services Period, and (iii) consideration of the enhanced restrictive covenants described this Agreement, the Management Development and Compensation Committee of the Board of Directors has approved the following treatment for certain outstanding LTI awards previously granted to the Retiree (the “Consideration”), notwithstanding any contrary provisions in the applicable Company compensation plans: The Retiree will retain the right to continued vesting in both time and performance based restricted stock units originally granted to him on July 25, 2014, July 29, 2016 and February 27, 2018, subject to any applicable Company performance conditions, with no change to the vesting dates set forth in the original grant agreements.
