Common use of Retirement Policy Clause in Contracts

Retirement Policy. Section 30.1 Any actively employed teacher with the equivalent of at least ten (10) full years of teaching service in Avondale, who qualifies for retirement benefits under the Michigan Public School Employees Retirement Fund (MPSERS), and who does retire under the MPSERS plan will be eligible for the following severance benefits in accordance with the conditions stated in this Article: In consideration of the teacher’s resignation from their employment and the other agreements contained herein, the school district agrees to pay the teacher the following incentive benefits: For ten (10) or more years of Avondale teaching service, severance upon retirement will be six thousand five hundred dollars ($6500). If a member retires during the 1st year of eligibility under MPSERS he/she will also receive a bonus payout of ten thousand dollars ($10,000) payable to the employee or designated beneficiary. It is expressly understood that a teacher leaving prior to the end of the school year will have their incentive prorated (the incentive will be divided by teacher work days to equal a daily rate – the amount will be paid out based on number of days worked). In cases of extenuating circumstance, the Superintendent may waive any proration to this benefit. Section 30.2 Application for retirement benefits will be submitted to the Superintendent or designee in writing or in an email no less than six (6) weeks prior to their effective retirement date.