Retirement Purchase. The Board shall pay up to $12,800 for each employee toward the purchase of retirement credit. This credit will be for the plan that the employee is in at the time of his/her letter of intent to retire. Or the employees may choose a one-time lump payment of $12,800.
Appears in 3 contracts
Samples: Contract Agreement, Contract Agreement, Contract Agreement
Retirement Purchase. The Board shall pay up to $12,800 for each employee toward the purchase of retirement credit. This credit will be for the plan that the employee is in at the time of his/her letter of intent to retire. Or the employees may choose a one-time lump payment of $12,800.. The amount of $12,800 will be paid out in January of the year following retirement. Money may be paid into a 403B. Example: retirement effective date: July 2018, pay-out will be January 1st, 2019 retirement effective date: July 2019, pay-out will be January 1st, 2020
Appears in 1 contract
Samples: www.mackinac.org
