Common use of Retirement Payment Clause in Contracts

Retirement Payment. An eligible teacher shall receive a lump sum payment in the amount of One Thousand Dollars ($1,000.00) for each year of full-time service as a teacher at the District (pro rata for a teacher in a position that is less than a full-time load), less the amount the Board has contributed to the teacher’s 403(b) account under Section A. above; provided that: a. 2014/15 School Year and After for those staff hired prior to September 1, 2016. The maximum amount of the additional contribution by the Board shall be $8,000.

Retirement Payment. An eligible teacher shall receive a lump sum payment in the amount of One Thousand Dollars ($1,000.00) for each year of full-time service as a teacher at the District (pro rata for a teacher in a position that is less than a full-time load), less the amount the Board has contributed to the teacher’s 403(b) account under Section A. above; provided that: a. 2014/15 School Year and After for those staff hired prior to September 1, 2016. The that the maximum amount of the additional contribution by the Board shall not exceed $12,500. The payment by the Board shall be $8,000in the form of a non-elective employer contribution to the teacher’s 403(b) account.