Common use of Retirement Severance Clause in Contracts

Retirement Severance. 33.01 Schedule for severance/retirement pay: 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. 33.02 If an Employee gives ten (10) working days written notice, he/she will be paid for unused PTO according to the above schedule. 33.03 All Employees participating in this retirement program agree to indemnity and hold harmless the L'Anse Creuse Public Schools from any amounts claimed to be properly deductible from the monetary amount awarded, such as claims made against the sum for contribution to the Office of Retirement Services (ORS), United States of America, the State of Michigan, and any other person or entity.

Retirement Severance. 33.01 29.01 Schedule for severance/retirement pay: 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. 33.02 29.02 If an Employee gives ten (10) working days written notice, he/she will be paid for unused PTO according to the above schedule. 33.03 29.03 All Employees participating in this retirement program agree to indemnity and hold harmless the L'Anse Creuse Public Schools from any amounts claimed to be properly deductible from the monetary amount awarded, such as claims made against the sum for contribution to the Office of Retirement Services (ORS), United States of America, the State of Michigan, and any other person or entity.

Retirement Severance. 33.01 31.01 Schedule for severance/retirement pay: 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. 33.02 31.02 If an Employee gives ten (10) working days written notice, he/she will be paid for unused PTO according to the above schedule. 33.03 31.03 All Employees participating in this retirement program agree to indemnity and hold harmless the L'Anse Creuse Public Schools from any amounts claimed to be properly deductible from the monetary amount awarded, such as claims made against the sum for contribution to the Office of Retirement Services (ORS), United States of America, the State of Michigan, and any other person or entity.

Retirement Severance. 33.01 28.01 Schedule for severance/retirement pay: 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. 33.02 28.02 If an Employee gives ten (10) working days written notice, he/she will be paid for unused PTO according to the above schedule. 33.03 28.03 All Employees participating in this retirement program agree to indemnity and hold harmless the L'Anse Creuse Public Schools from any amounts claimed to be properly deductible from the monetary amount awarded, such as claims made against the sum for contribution to the Office of Retirement Services (ORS), United States of America, the State of Michigan, and any other person or entity.

Retirement Severance. 33.01 28.01 Schedule for severance/retirement pay: 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. 33.02 28.02 If an Employee gives ten (10) working days written notice, he/she will be paid for unused PTO according to the above schedule. 33.03 28.03 All Employees participating in this retirement program agree to indemnity and hold harmless the L'Anse Creuse Public Schools from any amounts claimed to be properly deductible from the monetary amount awarded, such as claims made against the sum for contribution to the Office of Retirement Services (ORS), United States of America, the State of Michigan, and any other person or entity.

Retirement Severance. 33.01 31.01 Schedule for severance/retirement pay: 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. 33.02 31.02 If an Employee gives ten (10) working days written notice, he/she will be paid for unused PTO according to the above schedule. 33.03 31.03 All Employees participating in this retirement program agree to indemnity and hold harmless the L'Anse Creuse Public Schools from any amounts claimed to be properly deductible from the monetary amount awarded, such as claims made against the sum for contribution to the Office of Retirement Services (ORS), United States of America, the State of Michigan, and any other person or entity.