Retirement Pay. Any teacher with ten (10) years consecutive teaching experience in the Park Hill School District immediately prior to retirement from PSRS without an age reduction for early retirement, shall receive upon retirement from the Park Hill School District a terminal amount based upon the following formula: (Notation, the teacher must make application to PSRS for retirement and begin drawing from PSRS on the first available month following retirement). Years of service to the Park Hill School District to be divided by ten (10) and multiplied by one-ninth (1/9) of the last completed contract. Retirement notification after December 15 for the current academic year will result in a reduction of $1,000.00 from the total under Article 36. In the event of a sudden severe illness of the teacher, teacher’s legally recognized spouse, and/or child, the transfer of a legally recognized spouse, or being called into active military duty may be cause for the District not to impose the late notification reduction of $1,000.00. A teacher who otherwise qualifies for payment under Article 36 and dies while currently classified as an active employee will receive such payment.
Retirement Pay. When ending employment with the district after 15 years or more of service, the employee will receive termination pay for each unused sick day at a rate of 50% of the current contractual starting bus driver rate with a cap of $5,000. If payment is $1,000 or more, it will be paid in a non-elective employer paid contribution to any vendor approved to receive contributions under the District’s IRC 403(b) Plan, provided that the vendor’s contract permits the deposit of post-retirement non-elective employer contributions. If payment is less than $1,000 it will be paid directly to the employee.
Retirement Pay. The anticipated amount of the Retirement Bridge shall be determined using the amount of annual benefit described in Subsection E of Article XV of the Prior Agreement. However, it is assumed that individuals do not retire until the later of: (i) the attainment of age 58 or (ii) satisfaction of the eligibility requirements of Subsection B of this new Article.
Retirement Pay. An Employee who retires from the service of the District shall receive a retirement sum of two (2) days pay at the Employee’s current rate of pay for each year or part year worked as an Employee. For the purpose of this retirement pay clause, “retire” means an Employee leaving the service of the District and receiving benefits under the Pension (Municipal) Plan or upon receipt of a disability allowance or upon resignation by the Regular Full-time Employee after twenty-five (25) years of full-time service with the District.
Retirement Pay. A. Any teacher within the Area 30 Career Center who has met one of the following criteria, shall be eligible for retirement pay: (1) teacher has acquired a minimum of ten (10) years of service within the corporation, and qualifies under the Rule of 85 or (2) is age sixty (60) with fifteen (15) years of TRF creditable teaching experience and five years of service to the corporation.
B. The amount of retirement pay shall be computed at the rate of one hundred dollars ($100.00) for each year of service within the school corporation, with a minimum of 10 years of service being credited towards retirement pay. In addition, a teacher qualifying for retirement pay shall be paid seventy-five dollars ($75.00) for each accumulated sick leave day to a maximum of 90 days. The teacher shall have the option of taking up to two thousand dollars ($2,000.00) of this amount and have it applied to their last contract.
C. Any teacher planning to retire in any school year should notify the Executive Director prior to July 1st in order that retirement pay may be included in the contract. A teacher, who decides to retire at the end of the school year but has not given notice by July 1, shall receive retirement pay no later than the last day of the school year following the teacher's severance.
D. If a teacher in active service dies, the severance pay benefits shall be paid to his estate.
E. The Board of School Trustees shall pay the full amount of the retirement benefits, not including unused sick leave days, into a 403(b) plan for each teacher in the Area 30 Career Center who qualifies for full retirement under ISTRF rules. Additional years of service earned beyond the date of qualification under ISTRF shall be paid into the 403(b) account at the end of each school year.
F. Beginning with the 2006-07 school year and each year thereafter, teachers shall receive fifty dollars ($50.00) for each unused sick leave day above 90 unused days in the previous school year. This amount shall be paid into the individual teacher's 403(b) plan. At retirement all unused days for the year of retirement shall be paid at the rate of seventy-five dollars ($75.00). [I.E. a teacher with the maximum of 90 days of accumulation who did not use that year's allotted 11 sick leave days and 4 personal leave days would have "bought-back" a total of 85 days at the rate of $75.00 for a total of $6,375.]
Retirement Pay. An Employee with at least eight (8) years of continuous service shall, upon retirement, termination due to medical reasons, or death while in the employ of the Board, be entitled to receive eight (8) weeks pay calculated at the current rate. For the purpose of this Section, retirement shall be deemed permissible at the age of fifty (50).
Retirement Pay. A. Any employee at normal retirement or his/her beneficiary if service is terminated by death, shall be provided terminal pay if he/she meets the following provisions.
1. The unit member retired from the District.
2. Retirement shall be defined as retirement under the Florida Retirement System or any other plan established by the State Legislature. Retirement shall not be interpreted to include disability retirement.
3. The unit member must be eligible for retirement as of his/her last date of employment.
4. The unit member must, within 180 days of the last day of employment with the District, prove acceptance into the Retirement System by having received and cashed his/her retirement check.
B. Such terminal pay shall not exceed an amount determined as follows: Benefit Calculations:
1. During the first three (3) years of service:
a. The affected employee's daily rate of pay on July 1, 1994, multiplied by 35 percent multiplied by the number of unused sick leave days held on July 1, 1994.
b. The affected employee's daily rate of pay at the time sick leave is earned times 35 percent times the number of days of accumulated sick leave earned after July 1, 1994.
2. During the fourth (4th) through (6th) years of service:
a. The affected employee's daily rate of pay on July 1, 1994, multiplied by 40 percent multiplied by the number of unused sick leave days held on July 1, 1994.
b. The affected employee's daily rate of pay at the time sick leave* is earned multiplied by 40 percent multiplied by the number of accumulated sick leave earned after July 1, 1994.
3. During the seventh (7th) through ninth (9th) years of service:
a. The affected employee's daily rate of pay on July 1, 1994, multiplied by 45 percent multiplied by the number of unused sick leave days held on July 1, 1994.
b. The affected employee's daily rate of pay at the time sick leave* is earned multiplied by 45 percent multiplied by the number of days of accumulated sick leave earned after July 1, 1994.
4. During the tenth (10th) through the twelfth (12th) year of service:
a. The affected employee's daily rate of pay on July 1, 1994, multiplied by 50 percent multiplied by the number of unused sick leave days on July 1, 1994.
b. The affected employee's daily rate of pay at the time sick leave* is earned multiplied by 50 percent multiplied by the number of days accumulated sick leave earned after July 1, 1994.
5. During and after the thirteenth (13th) year of service:
a. The affected employee's daily rat...
Retirement Pay. After 25 Years 2009-2013
Retirement Pay a. To qualify for retirement pay, the teacher must have taught in the Traverse City Area Public Schools, or in schools hereafter becoming a part thereof, for a minimum of ten years, be qualified for retirement under the policy of the Michigan Public Schools Employees Retirement System, and submit evidence from the MPSERS that the processing of his/her application for retirement has been completed.
b. A teacher qualifying for retirement pay will receive as retirement pay an amount equal to one-half (1/2) of the teacher’s regular daily base pay at retirement for each day of accumulated sick leave not to exceed $5,500.
c. To be eligible for retirement pay under Section 38.11, qualifying retirees must file a letter of retirement with the Human Resources Office at least sixty (60) calendar days prior to the expected date of retirement. Persons planning to retire at the end of the school year or during summer vacation must have submitted a letter of retirement to the Human Resources Office no later than March 1 in the last year in which they teach in order to be eligible for retirement pay under Subsection 38.11.
d. In the case of death of any staff member eligible to retire under contract (excluding those on leaves of absence of one-half the school year or more), the employee’s beneficiary as indicated through a written beneficiary designation, made by the employee, shall be paid $5,500.
39.1 Nothing contained in this extracurricular compensation schedule shall guarantee that a position or positions listed shall be filled, nor prohibit the addition of additional personnel in any capacity. Extracurricular assignments may be discontinued for any employee at the end of the season at the will of the Employer. No tenure is provided for any of the positions.
39.2 Extracurricular pay will be determined by multiplying the salary at the appropriate step on the B.A. scale by percentage assigned to the position unless a flat dollar amount is listed.
39.3 Years in Sport Step on the Extracurricular pay will be based on the previous years coaching or advising in the sport or activity. The pay rate will be calculated using the percentage assigned to the position and will follow the steps on the B.A. salary scale to Step 6.
39.4 The percentage pay schedule for all extracurricular positions is “per-year” unless specifically indicated otherwise in Section 39 of this contract.
39.5 High School Schedule: BEACH VOLLEYBALL (GIRLS’) VARSITY HEAD COACH 10% COMPETITIVE CHEERLEADING VAR...
Retirement Pay. 1. A teacher retiring from the District (as “retirement” is defined by the Kansas Public Employees Retirement System) shall be paid at the rate of the current daily substitute pay for each day of accumulated sick leave upon retirement. In the event of death during employment, such deceased employee’s KPERS designated beneficiary(s) shall receive a sum equal to the same as for retirement.
