Common use of RETIREMENT SEVERANCE BONUS AWARD Clause in Contracts

RETIREMENT SEVERANCE BONUS AWARD. Upon retirement or death, each employee or his/her survivor or estate shall be awarded a retirement bonus in the following amount for each year of service in the Round Lake school system. $1,402 in 2021-22; $1,443.71 in 2022-23; $1,487.02 in 2023-24; $1,531.63 in 2024-25. This award is subject to the following limitations: a. The maximum number of years shall be no more than thirty (30). b. The employee must have worked for the District for a minimum of fifteen (15) consecutive years in a full time position. c. No award will be granted to any employee under the age of fifty-five (55). d. Any employee who causes the District to pay a 6% excess salary contribution shall receive this benefit at the rate of $100 per year of service instead of the rates provided above.

RETIREMENT SEVERANCE BONUS AWARD. Upon retirement or death, each employee or his/her survivor or estate shall be awarded a retirement bonus in the following amount for each year of service in the Round Lake school system. 2020-2021 $1,402 in 2021-22; $1,443.71 in 2022-23; $1,487.02 in 2023-24; $1,531.63 in 2024-25. 1402 This award is subject to the following limitations: a. The maximum number of years shall be no more than thirty (30). b. The employee must have worked for the District for a minimum of fifteen (15) consecutive years in a full time position. c. No award will be granted to any employee under the age of fifty-five (55). d. Any employee who causes the District to pay a 6% excess salary contribution shall receive this benefit at the rate of $100 per year of service instead of the rates provided above.

RETIREMENT SEVERANCE BONUS AWARD. Upon retirement or death, each employee or his/her survivor or estate shall be awarded a retirement bonus in the following amount for each year of service in the Round Lake school system. 2017-2018 $1,402 in 20211273, 2018-22; 2019 $1,443.71 in 20221298, 2019-23; 2020 $1,487.02 in 20231324, 2020-24; 2021 $1,531.63 in 2024-25. 1351 This award is subject to the following limitations: a. The maximum number of years shall be no more than thirty (30). b. The employee must have worked for the District for a minimum of fifteen (15) consecutive years in a full time position. c. No award will be granted to any employee under the age of fifty-five (55). d. Any employee who causes the District to pay a 6% excess salary contribution shall receive this benefit at the rate of $100 per year of service instead of the rates provided above.