Common use of Retirement Severance Clause in Contracts

Retirement Severance. The Board agrees to pay full state retirement benefits to the Michigan Public School Employees Retirement System as set forth by state law. Any qualified administrator who retires or xxxxxx their employment with the District shall receive a severance payment, based on years of service and accumulated sick days, equivalent to the amount of terminal pay a teacher could receive, based on years of service and accumulated sick leave under Article 10, Section G of the WBEA collective bargaining agreement plus 2% of the high school principal, step 1 salary. Administrators that received a severance payout when they left their teaching positions to become administrators shall have their final severance amount reduced by the amount of payout already received. For existing administrators, accumulated sick leave days equivalent to 15 days x number of years in administrative service to district. This will be used (and added to or subtracted from) for purposes of sick leave and final severance. For new administrators (after date of ratification), severance will be based on accumulated leave days. For new administrators from the WBEA, their accumulated leave days will carry over. At the discretion of the qualified administrator, payment may go directly to the administrator or may be directed to a TSA, IRA, or 403(b) plan of the administrator’s choice. This severance incentive is not payable to any administrator who is leaving the District as a result of discharge.

Retirement Severance. The Board agrees to pay full state retirement benefits to the Michigan Public School Employees Retirement System as set forth by state law. Any qualified administrator who retires or xxxxxx their employment with the District shall receive a severance payment, based on years of service and accumulated sick days, equivalent to the amount of terminal pay a teacher could receive, based on years of service and accumulated sick leave under Article 10, Section G of the WBEA collective bargaining agreement plus 2% of the high school principal, step 1 salary. Administrators that received a severance payout when they left their teaching positions to become administrators shall have their final severance amount reduced by the amount of payout already received. For existing administrators, accumulated sick leave days equivalent to 15 days x number of years in administrative service to district. This will be used (and added to or subtracted from) for purposes of sick leave and final severance. For new administrators (after date of ratification), severance will be based on accumulated leave days. For new administrators from the WBEA, their accumulated leave days will carry over. At the discretion of the qualified administrator, payment may go directly to the administrator or may be directed to a TSA, IRA, or 403(b) plan of the administrator’s choice. This severance incentive is not payable to any administrator who is leaving the District as a result of discharge.