Common use of Retirement Pay Clause in Contracts

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. 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 70 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 70 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 70 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. A. Any teacher within the Area 30 Career Center who has met one of the following criteria, 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 70 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 70 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 70 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. A. Any teacher within An individual who is employed as a bargaining unit member at the Area 30 Career Center who has met one time of the following criteria, shall retirement from employment will be eligible for retirement pay: (1) benefits provided the teacher has acquired otherwise satisfied the requirements and conditions described below. Retirement pay shall be provided to a minimum 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 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 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, with a minimum of 10 years of service being credited towards retirement pay. In additionprovided however, a teacher qualifying for retirement pay that said notification date shall be paid seventy-five dollars ($75.00) for each accumulated sick leave day waived in case of retirement due to a maximum mental or physical disability if evidence of 90 dayssuch disability is submitted to the Office of Superintendent. The A teacher shall have the option of taking may rescind his/her retirement notification letter 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 December 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 of retirement. Further, the Board, at its discretion, may waive this notification requirement for any reason, if so requested by July 1, shall receive 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 no later than check based upon the accumulated sick leave total as of the last day of the last school year following of employment and upon the teacher's severancenumber of years of teaching experience in this school corporation, as follows: A. Accumulated Sick Leave -- $65.00 per day. D. If a teacher B. Each year of teaching service in active service diesthis school corporation -- $75.00. 5. Said total additional retirement pay under this provision shall not, however, exceed the severance pay total sum of Fourteen Thousand Five Hundred Dollars ($14,500.00). 6. The benefits provided by this Article 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 teacher's designated beneficiary in the Area 30 Career Center who qualifies event the teacher dies prior to receiving said benefits; provided however that the teacher had properly qualified for full retirement under ISTRF rules. Additional years these benefits prior to the time of service earned beyond the date of qualification under ISTRF shall be paid into the 403(b) account at the end of each school yearhis or her death. 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. 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(b403(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(b403(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 85 105 days at the rate of $75.00 for a total of $6,3757,875.]

Retirement Pay. A. Any teacher within the Area 30 Career Center who has met one of the following criteria, 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 70 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 70 unused days in the previous school year. This amount shall be paid into the individual teacher's ’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 70 days of accumulation who did not use that year's ’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.]