Common use of Retirement Severance Clause in Contracts

Retirement Severance. 33.01 Schedule for severance/retirement pay: Retirement/Severance Pay for PTO* Percent of days' wages at an hourly rate (no shift premium) Years of service 1st thru 20th day of accumulated PTO 21st thru 50th day of accumulated PTO 51st thru 90th day of accumulated PTO 91st day and above of accumulated PTO 5 or more 10% 15% 20% 25% 11 or more 15% 20% 25% 30% 12 or more 20% 25% 30% 35% 13 or more 25% 30% 35% 40% 14 or more 30% 35% 40% 45% 15 or more 35% 40% 45% 50% 20 or more 40% 45% 50% 55% Example: Employee has 27 days of PTO and has worked for L’Anse Creuse Pubic Schools 14 years will be paid out at the rate of 35% of their current daily rate for each of the 27 days.

Retirement Severance. 33.01 31.01 Schedule for severance/retirement pay: Retirement/Severance Pay for PTO* Percent of days' wages at an hourly rate (no shift premium) Years of service 1st thru 20th day of accumulated PTO 21st thru 50th day of accumulated accumulate d PTO 51st thru 90th day of accumulated accumulate d PTO 91st day and above of accumulated accumulate d PTO 5 or more 10% 15% 20% 25% 11 or more 15% 20% 25% 30% 12 or more 20% 25% 30% 35% 13 or more 25% 30% 35% 40% 14 or more 30% 35% 40% 45% 15 or more 35% 40% 45% 50% 20 or more 40% 45% 50% 55% Example: Employee has 27 days of PTO and has worked for L’Anse Creuse Pubic Schools 14 years will be paid out at the rate of 35% of their current daily rate for each of the 27 days.

Retirement Severance. 33.01 31.01 Schedule for severance/retirement pay: Retirement/Severance Pay for PTO* Percent of days' wages at an hourly rate (no shift premium) Years of service 1st thru 20th day of accumulated PTO 21st thru 50th day of accumulated PTO 51st thru 90th day of accumulated PTO 91st day and above of accumulated PTO 5 or more 10% 15% 20% 25% 11 or more 15% 20% 25% 30% 12 or more 20% 25% 30% 35% 13 or more 25% 30% 35% 40% 14 or more 30% 35% 40% 45% 15 or more 35% 40% 45% 50% 20 or more 40% 45% 50% 55% Example: Employee has 27 days of PTO and has worked for L’Anse Creuse Pubic Schools 14 years will be paid out at the rate of 35% of their current daily rate for each of the 27 days.

Retirement Severance. 33.01 28.01 Schedule for severance/retirement pay: Retirement/Severance Pay for PTO* Percent of days' wages at an hourly rate (no shift premium) Years of service 1st thru 20th day 21st thru 50th 51st thru 90th 91st day service of accumulated PTO 21st thru 50th day of accumulated PTO 51st thru 90th day of accumulated PTO 91st day and above of accumulated accumulate d PTO 5 or more 10% 15% 20% 25% 11 or more 15% 20% 25% 30% 12 or more 20% 25% 30% 35% 13 or more 25% 30% 35% 40% 14 or more 30% 35% 40% 45% 15 or more 35% 40% 45% 50% 20 or more 40% 45% 50% 55% Example: Employee has 27 days of PTO and has worked for L’Anse Creuse Pubic Schools 14 years will be paid out at the rate of 35% of their current daily rate for each of the 27 days.

Retirement Severance. 33.01 28.01 Schedule for severance/retirement pay: Retirement/Severance Pay for PTO* Percent of days' wages at an hourly rate (no shift premium) Years of service 1st thru 20th day of accumulated PTO 21st thru 50th day of accumulated PTO 51st thru 90th day of accumulated PTO 91st day and above of accumulated PTO 5 or more 10% 15% 20% 25% 11 or more 15% 20% 25% 30% 12 or more 20% 25% 30% 35% 13 or more 25% 30% 35% 40% 14 or more 30% 35% 40% 45% 15 or more 35% 40% 45% 50% 20 or more 40% 45% 50% 55% Example: Employee has 27 days of PTO and has worked for L’Anse Creuse Pubic Schools 14 years will be paid out at the rate of 35% of their current daily rate for each of the 27 days.

Retirement Severance. 33.01 29.01 Schedule for severance/retirement pay: Retirement/Severance Pay for PTO* Percent of days' wages at an hourly rate (no shift premium) Years of service 1st thru 20th day of accumulated PTO 21st thru 50th day of accumulated PTO 51st thru 90th day of accumulated PTO 91st day and above of accumulated accumulate d PTO 5 or more 10% 15% 20% 25% 11 or more 15% 20% 25% 30% 12 or more 20% 25% 30% 35% 13 or more 25% 30% 35% 40% 14 or more 30% 35% 40% 45% 15 or more 35% 40% 45% 50% 20 or more 40% 45% 50% 55% Example: Employee has 27 days of PTO and has worked for L’Anse Creuse Pubic Schools 14 years will be paid out at the rate of 35% of their current daily rate for each of the 27 days.