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. An individual who is employed as a bargaining unit member at the time of retirement from employment will be eligible for retirement benefits provided the teacher has otherwise satisfied the requirements and conditions described below. Retirement pay shall be provided to a certified retiring teacher according to the following requirements and provisions:
1. Unused accumulated sick leave days and payment for years of service in this school corporation will be paid upon retirement as stipulated below, provided that the retiring teacher has reached the age of 55 years and has at least ten (10) years of teaching experience in the school corporation;
2. That said teacher shall notify the Office of Superintendent of intent to retire not later than June 1st in the school year prior to the date of retirement, provided however, that said notification date shall be waived in case of retirement due to mental or physical disability if evidence of such disability is submitted to the Office of Superintendent. A teacher may rescind his/her retirement notification letter up to December 1st of the school year of retirement. Further, the Board, at its discretion, may waive this notification requirement for any reason, if so requested by the retiring teacher;
3. Permanent retirement must be evidenced by an appropriately filed application for retirement benefits to the Indiana State Teachers Retirement Fund Board;
4. Payment will be part of said teacher's last pay check based upon the accumulated sick leave total as of the last day of the last school year of employment and upon the number of years of teaching experience in this school corporation, as follows:
A. Accumulated Sick Leave -- $65.00 per day.
B. Each year of teaching service in this school corporation -- $75.00.
5. Said total additional retirement pay under this provision shall not, however, exceed the total sum of Fourteen Thousand Five Hundred Dollars ($14,500.00).
6. The benefits provided by this Article shall be paid to the teacher's designated beneficiary in the event the teacher dies prior to receiving said benefits; provided however that the teacher had properly qualified for these benefits prior to the time of his or her death.
Retirement Pay. An employee with at least eight (8) years of continuous service shall, upon retirement, death while in the employ of the Board, or termination due to medical reasons, be entitled to receive forty (40) days 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 5 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.
