Common use of RETIREMENT/SEVERANCE/ANNUITY Clause in Contracts

RETIREMENT/SEVERANCE/ANNUITY. X. Xxxxxxxxx Pay Teachers employed by the Corporation prior to June 1, 2001 shall be eligible for severance pay upon and subject to the following conditions and limitations: 1. To be eligible for Severance Pay benefits, a teacher must have been employed by the Corporation, or schools that are now part of the Corporation, for at least ten (10) years. Teachers hired after June 1st, 1998 would require at least fifteen (15) years of employment with the School Corporation. 2. The severance pay shall be computed as follows: a. $300 times the number of years of service in this Corporation, plus b. $40 per day of unused paid leave. B. Retirement Pay (For teachers hired before June 1st, 2001) Teachers employed by the Corporation prior to June 1, 2001 shall be eligible for retirement pay upon and subject to the following conditions and limitations: A teacher reaching age 55 or older who has twenty (20) or more years of service in the Corporation may elect to retire at the end of a designated school year. Retirement pay for a teacher exercising either of these options would be computed as follows: 1. $75.00 per day of unused PTO. 2. $400 times the number of years of service in this Corporation. 3. Notification of intention to retire from the Corporation must be given in writing to the Superintendent of Schools by May 15th of the year prior to the first year of choice. 4. In case unforeseeable circumstances make early retirement necessary without a year’s notice, retirement pay may be delayed one (1) year until it can be budgeted by the School Corporation. C. Matching Annuity 1. Level of employer’s contribution: a. For employees hired prior to June 2, 2001, the employer shall provide a tax-sheltered annuity plan for each full-time certified teacher and shall contribute the following dollar amounts (caps) annually on behalf of each teacher who voluntarily contributes the required 100% match. The annual amount shall be divided by 24 and that amount shall be contributed bi-weekly to the approved vendor, assuming the vendor accepts and bills bi-weekly. The first installment will be made as soon as is feasible after enrollments are completed. Annuities are not retroactive and will begin with the first pay period following the completed enrollment, amounting to 1/24 of the annual amount. BS 0-5 years $200 Annually BS 6-20 years $225 Annually BS 21+ years $250 Annually MS 0-20 years $250 Annually MS 21+ years $275 Annually b. Starting with the 2017-18 school year, full-time certified teachers hired on or after June 1, 2001, shall receive a matching contribution of 1% of the teacher’s base contract salary into an employer retirement plan (designated by the school corporation) if the teacher contributes at least 1% of his or her base contract salary into a voluntary 403(b) plan. Both employee and employer contribution shall be divided by 24 paychecks and contributed bi-weekly with the first contribution being made as soon as is feasible after enrollment is completed. Annuities are not retroactive and will begin with the first pay period following the completed enrollment, amounting to 1/24 of the annual amount.

RETIREMENT/SEVERANCE/ANNUITY. X. Xxxxxxxxx Pay Teachers employed by the Corporation prior to June 1, 2001 shall be eligible for severance pay upon and subject to the following conditions and limitations: 1. To be eligible for Severance Pay benefits, a teacher must have been employed by the Corporation, or schools that are now part of the Corporation, for at least ten (10) years. Teachers hired after June 1st, 1998 would require at least fifteen (15) years of employment with the School Corporation. 2. The severance pay shall be computed as follows: a. $300 times the number of years of service in this Corporation, plus b. $40 per day of unused paid leave. B. Retirement Pay (For teachers hired before June 1st, 2001) Teachers employed by the Corporation prior to June 1, 2001 shall be eligible for retirement pay upon and subject to the following conditions and limitations: A teacher reaching age 55 or older who has twenty (20) or more years of service in the Corporation may elect to retire at the end of a designated school year. Retirement pay for a teacher exercising either of these options would be computed as follows: 1. $75.00 per day of unused PTOsick leave. 2. $400 times the number of years of service in this Corporation. 3. Notification of intention to retire from the Corporation must be given in writing to the Superintendent of Schools by May 15th of the year prior to the first year of choice. 4. In case unforeseeable circumstances make early retirement necessary without a year’s notice, retirement pay may be delayed one (1) year until it can be budgeted by the School Corporation. C. Matching Annuity 1. Level of employer’s contribution: a. For employees hired prior to June 2, 2001, the employer shall provide a tax-tax sheltered annuity plan for each full-time certified teacher and shall contribute the following dollar amounts (caps) annually on behalf of each teacher who voluntarily contributes the required 100% match. The annual amount shall be divided by 24 and that amount shall be contributed bi-weekly to the approved vendor, assuming the vendor accepts and bills bi-weekly. The first installment will be made as soon as is feasible after enrollments are completed. Annuities are not retroactive and will begin with the first pay period following the completed enrollment, amounting to 1/24 of the annual amount. BS 0-5 years $200 Annually BS 6-20 years $225 Annually BS 21+ years $250 Annually MS 0-20 years $250 Annually MS 21+ years $275 Annually b. Starting with the 2017-18 school year, full-time certified teachers hired on or after June 1, 2001, shall receive a matching contribution of 1% of the teacher’s base contract salary into an employer retirement plan (designated by the school corporation) if the teacher contributes at least 1% of his or her base contract salary into a voluntary 403(b) plan. Both employee and employer contribution shall be divided by 24 paychecks and contributed bi-weekly with the first contribution being made as soon as is feasible after enrollment is completed. Annuities are not retroactive and will begin with the first pay period following the completed enrollment, amounting to 1/24 of the annual amount.