Common use of Retirement Stipend Clause in Contracts

Retirement Stipend. A. Each Administrator and Supervisor, who shall have rendered fifteen (15)* or more years of service to the Paramus Public Schools or at least ten (10) years of service to Paramus as an Administrator/Supervisor and who retire at age 55 years or older, as of the date of his/her retirement, and who shall retire for the following reasons during the time periods listed shall receive a retirement stipend if all of the following conditions are met: 1. The Administrator/Supervisor must have completed a full year of service with the Paramus Board of Education, utilized all accrued vacation time, and commence retirement between July 1 and September 1. Any administrator who retires on a date other than previously described, shall not be eligible to apply for or receive the Retirement Stipend as described in this Article. 2. Any Administrator/Supervisor choosing to retire at the end of the regular school year, July 1, but before September 1, shall verbally inform the Superintendent of his/her intention to retire by January 30 and notify the Superintendent/Paramus Board of Education in writing on or before March 1 in any school year of his/her intention to retire from service at the end of that school year, July 1, before September 1. Any Administrator/Supervisor who fails to verbally inform the Superintendent of Schools by January 30 and inform the Board of Education in writing of his/her intention to so retire on or before March 1 shall not be eligible to apply for or receive the Retirement Xxxxxxx as described in this Article. 3. If a medical condition arises affecting the Administrator/Supervisor or his/her spouse or child, the Administrator/Supervisor shall be granted the retirement stipend as described in this article. The Administrator/Supervisor shall present a physician’s certification confirming the medical condition. Upon presentation of the physician’s certification the Administrator/Supervisor shall be permitted to retire with full retirement stipend. 4. If an emergency situation arises, any Administrator/Supervisor who finds that he/she must retire prior to the end of the regular school year, June 30, due to circumstances beyond his/her control, and has failed to notify the Board of Education on or before the January 30 deadline may appeal to the Board of Education for a waiver of these requirements. The Board may, but shall not be required to grant such a waiver if, in its sole discretion, the Board finds that the circumstances presented by the Administrator/Supervisor do not justify the granting of a waiver. The Board’s decision shall be final, binding, and conclusive upon all parties and shall not be grievable under and in accordance with the contractual grievance procedure as described in Article 10. 5. The retirement stipend for those Administrators/Supervisors meeting all the preceding eligibility requirements shall be calculated by multiplying a sum equal to fifty (50%) percent of the number of that Administrator’s/Supervisor’s unused days of cumulative sick leave as of the date of retirement (the “Reimbursable Days”) times the following dollar amounts. 6. Administrators/Supervisors who have met all of the aforementioned criteria shall be eligible for a retirement stipend as set forth above, subject to the following limitations: The stipend paid to Administrators/Supervisors who commenced employment in the Paramus School District in any capacity prior to May 21, 2010, in any capacity, shall not exceed twenty four thousand Dollars ($24,000). The stipend paid to Administrators/Supervisors who commenced employment in the Paramus School District on or after May 21, 2010, in any capacity, shall not exceed fifteen thousand Dollars ($15,000). B. Any administrator/supervisor qualifying for such a retirement stipend shall be paid in accordance with the provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) amended Section 403(b)(3) of the Internal Revenue Code of 1986. The amended code permits the Paramus Board of Education to deposit the retirement stipend (unused sick leave stipend) directly to the employee’s 403(b)(3) tax sheltered annuity program in a manner that would be federally tax deferred and exempt from social security tax. Upon certified retirement, the employee shall automatically receive their full payment in accordance with the provisions of the (EGTRRA) amended Section 403(b)(3).

Retirement Stipend. A. Each Administrator and Supervisor, who shall have rendered fifteen (15)* or more years of service to the Paramus Public Schools or at least ten (10) years of service to Paramus as an Administrator/Supervisor and who retire at age 55 years or older, as of the date of his/her retirement, and who shall retire for the following reasons during the time periods listed shall receive a retirement stipend if all of the following conditions are met: 1. The Administrator/Supervisor must have completed a full year of service with the Paramus Board of Education, utilized all accrued vacation time, and commence retirement between July 1 and September 1. Any administrator who retires on a date other than previously described, shall not be eligible to apply for or receive the Retirement Stipend as described in this Article. 2. Any Administrator/Supervisor choosing to retire at the end of the regular school year, July 1, but before September 1, shall verbally inform the Superintendent superintendent of his/her intention to retire by January 30 and notify the Superintendent/Paramus Board of Education in writing on or before March 1 in any school year of his/her intention to retire from service at the end of that school year, July 1, before September 1. Any Administrator/Supervisor who fails to verbally inform the Superintendent of Schools by January 30 and inform the Board of Education in writing of his/her intention to so retire on or before March 1 shall not be eligible to apply for or receive the Retirement Xxxxxxx as described in this Article. 3. If a medical condition arises affecting the Administrator/Supervisor or his/her spouse or child, the Administrator/Supervisor shall be granted the retirement stipend as described in this article. The Administrator/Supervisor shall present a physician’s certification confirming the medical condition. Upon presentation of the physician’s certification the Administrator/Supervisor shall be permitted to retire with full retirement stipend. 4. If an emergency situation arises, any Administrator/Supervisor who finds that he/she must retire prior to the end of the regular school year, June 30, due to circumstances beyond his/her control, and has failed to notify the Board of Education on or before the January 30 deadline may appeal to the Board of Education for a waiver of these requirements. The Board may, but shall not be required to grant such a waiver if, in its sole discretion, the Board finds that the circumstances presented by the Administrator/Supervisor do not justify the granting of a waiver. The Board’s decision shall be final, binding, and conclusive upon all parties and shall not be grievable under and in accordance with the contractual grievance procedure as described in Article 10. 5. The retirement stipend for those Administrators/Supervisors meeting all the preceding eligibility requirements shall be calculated by multiplying a sum equal to fifty (50%) percent of the number of that Administrator’s/Supervisor’s unused days of cumulative sick leave as of the date of retirement (the “Reimbursable Days”) times the following dollar amounts. 6. Administrators/Supervisors who have met all of the aforementioned criteria shall be eligible for a retirement stipend as set forth above, subject to the following limitations: The stipend paid to Administrators/Supervisors who commenced employment in the Paramus School District in any capacity prior to May 21, 2010, in any capacity, shall not exceed twenty four thousand Dollars ($24,000). The stipend paid to Administrators/Supervisors who commenced employment in the Paramus School District on or after May 21, 2010, in any capacity, shall not exceed fifteen thousand Dollars ($15,000). B. Any administrator/supervisor qualifying for such a retirement stipend shall be paid in accordance with the provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) amended Section 403(b)(3) of the Internal Revenue Code of 1986. The amended code permits the Paramus Board of Education to deposit the retirement stipend (unused sick leave stipend) directly to the employee’s 403(b)(3) tax sheltered annuity program in a manner that would be federally tax deferred and exempt from social security tax. Upon certified retirement, the employee shall automatically receive their full payment in accordance with the provisions of the (EGTRRA) amended Section 403(b)(3).

Retirement Stipend. A. Each Administrator and Supervisor, who shall have rendered fifteen (15)* or more years of service to the Paramus Public Schools or at least ten (10) years of service to Paramus as an Administrator/Supervisor and who retire at age 55 years or older, as of the date of his/her retirement, and who shall retire for the following reasons during the time periods listed shall receive a retirement stipend if all of the following conditions are met: 1. The Administrator/Supervisor must have completed a full year of service with the Paramus Board of Education, utilized all accrued vacation time, and commence retirement between July 1 and September 1. Any administrator who retires on a date other than previously described, shall not be eligible to apply for or receive the Retirement Stipend as described in this Article. * Exception to this article shall be made for Administrators with at least ten (10) years= service to Paramus as an Administrator and who retire at age 55 years or older. 2. Any Administrator/Supervisor choosing to retire at the end of the regular school year, July 1, but before September 1, shall verbally inform the Superintendent superintendent of his/her intention to retire by January 30 and notify the Superintendent/Paramus Board of Education in writing on or before March 1 in any school year of his/her intention to retire from service at the end of that school year, July 1, before September 1. Any Administrator/Supervisor who fails to verbally inform the Superintendent of Schools by January 30 and inform the Board of Education in writing of his/her intention to so retire on or before March 1 shall not be eligible to apply for or receive the Retirement Xxxxxxx Stipend as described in this Article. 3. If a medical condition arises affecting the Administrator/Supervisor or his/her spouse or child, the Administrator/Supervisor shall be granted the retirement stipend as described in this article. The Administrator/Supervisor shall present a physician’s =s certification confirming the medical condition. Upon presentation of the physician’s =s certification the Administrator/Supervisor shall be permitted to retire with full retirement stipend. 4. If an emergency situation arises, any Administrator/Supervisor who finds that he/she must retire prior to the end of the regular school year, June 30, due to circumstances beyond his/her control, and has failed to notify the Board of Education on or before the January 30 deadline may appeal to the Board of Education for a waiver of these requirements. The Board may, but shall not be required to grant such a waiver if, in its sole discretion, the Board finds that the circumstances presented by the Administrator/Supervisor do not justify the granting of a waiver. The Board’s =s decision shall be final, binding, and conclusive upon all parties and shall not be grievable under and in accordance with the contractual grievance procedure as described in Article 10Art VII. 5. The retirement stipend for those Administrators/Administrators/ Supervisors meeting all the preceding eligibility requirements shall be calculated by multiplying a sum equal to fifty (50%) percent of the number of that Administrator’sAdministrator=s/Supervisor’s =s unused days of cumulative sick leave as of the date of retirement (the “Reimbursable Days”Days@) times the following dollar amounts. 6. Administrators/Supervisors who have met all of the aforementioned criteria REIMBURSABLE DAYS AMOUNT 1-41 $152 per day 42-84 $172 per day 85 or more $192 per day In no event shall be eligible for a any retirement stipend as set forth above, subject to the following limitations: The stipend paid to Administrators/Supervisors who commenced employment under this provision exceed twenty-two thousand five hundred ($22,500) dollars in the Paramus School District in any capacity prior to May 212004-2005, 20102005-2006, in any capacity, shall not exceed twenty four thousand Dollars ($24,000). The stipend paid to Administrators/Supervisors who commenced employment in the Paramus School District on or after May 21, 2010, in any capacity, shall not exceed fifteen thousand Dollars ($15,000)and 2006-2007 school years. B. Any administrator/supervisor qualifying for such a retirement stipend shall be paid in accordance with the provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) amended Section 403(b)(3) of the Internal Revenue Code of 1986. The amended code permits the Paramus Board of Education to deposit the retirement stipend (unused sick leave stipend) directly to the employee’s 403(b)(3) tax sheltered annuity program in a manner that would be federally tax deferred and exempt from social security tax. Upon certified retirement, the employee shall automatically receive their full payment in accordance with the provisions of the (EGTRRA) amended Section 403(b)(3).

Retirement Stipend. A. Each Administrator and Supervisor, who shall have rendered fifteen (15)* or more years of service to the Paramus Public Schools or at least ten (10) years of service to Paramus as an Administrator/Supervisor and who retire at age 55 years or older, as of the date of his/her retirement, and who shall retire for the following reasons during the time periods listed shall receive a retirement stipend if all of the following conditions are met: 1. The Administrator/Supervisor must have completed a full year of service with the Paramus Board of Education, utilized all accrued vacation time, and commence retirement between July 1 and and September 1. Any administrator who retires on a date other than previously described, shall not be eligible to apply for or receive the Retirement Stipend as described in this Article. 2. Any Administrator/Supervisor choosing to retire at the end of the regular school year, July 1, but before September 1, shall verbally inform the Superintendent superintendent of his/her intention to retire by January 30 and notify the Superintendent/Paramus Board of Education in writing on or before March 1 in any school year of his/her intention to retire from service at the end of that school year, July 1, before September 1. Any Administrator/Supervisor who fails to verbally inform the Superintendent of Schools by January 30 and inform the Board of Education in writing of his/her intention to so retire on or before March 1 shall not be eligible to apply for or receive the Retirement Xxxxxxx Stipend as described in this Article. * Exception to this article shall be made for Administrators with at least ten (10) years service to Paramus as an Administrator and who retire at age 55 years or older. 3. If a medical condition arises affecting the Administrator/Supervisor or his/her spouse or child, the Administrator/Supervisor shall be granted the retirement stipend as described in this article. The Administrator/Administrator/ Supervisor shall present a physician’s certification confirming the medical condition. Upon presentation of the physician’s certification the Administrator/Supervisor shall be permitted to retire with full retirement stipend. 4. If an emergency situation arises, any Administrator/Administrator/ Supervisor who finds that he/she must retire prior to the end of the regular school year, June 30, due to circumstances beyond his/her control, and has failed to notify the Board of Education on or before the January 30 deadline may appeal to the Board of Education for a waiver of these requirements. The Board may, but shall not be required to grant such a waiver if, in its sole discretion, the Board finds that the circumstances presented by the Administrator/Supervisor do not justify the granting of a waiver. The Board’s decision shall be final, binding, and conclusive upon all parties and shall not be grievable under and in accordance with the contractual grievance procedure as described in Article 10Art VII. 5. The retirement stipend for those Administrators/Administrators/ Supervisors meeting all the preceding eligibility requirements shall be calculated by multiplying a sum equal to fifty (50%) percent of the number of that Administrator’s/Supervisor’s unused days of cumulative sick leave as of the date of retirement (the “Reimbursable Days”) times the following dollar amounts. 6. REIMBURSABLE DAYS AMOUNT 1-41 $160 per day 42-84 $180 per day 85 or more $200 per day Administrators/Supervisors hired prior to May 20, 2010, who have met all of the aforementioned criteria criteria, shall be eligible for a retirement stipend as set forth abovestipend. However, subject to the following limitations: The in no event shall any retirement stipend paid to under this provision exceed twenty- four thousand ($24,000) dollars in the 2010-2011, 2011-2012, and 2012-2013 school years. Administrators/Supervisors who commenced employment in the Paramus School District in any capacity prior to May 21, 2010, in any capacity, shall not exceed twenty four thousand Dollars ($24,000). The stipend paid to Administrators/Supervisors who commenced employment in the Paramus School District hired on or after May 21, 2010, in any capacitywho have met all the aforementioned criteria, shall not be eligible for a retirement stipend. However, in no event shall any retirement paid under this provision exceed fifteen thousand Dollars ($15,000)) dollars. B. Any administrator/supervisor qualifying for such a retirement stipend shall be paid in accordance with the provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) amended Section 403(b)(3) of the Internal Revenue Code of 1986. The amended code permits the Paramus Board of Education to deposit the retirement stipend (unused sick leave stipend) directly to the employee’s 403(b)(3) tax sheltered annuity program in a manner that would be federally tax deferred and exempt from social security tax. Upon certified retirement, the employee shall automatically receive their full payment in accordance with the provisions of the (EGTRRA) amended Section 403(b)(3).

Retirement Stipend. A. Each The following Retirement Stipend will be in effect for the period beginning July 1, 2009, and concluding on June 30, 2010. This provision and the opportunity to receive the corresponding stipend expires and shall be null and void after June 30, 2010. B. To be eligible for participation in this program, an Administrator and Supervisor, who shall have rendered fifteen must satisfy all of the following requirements: 1. Completed seven (15)* or more years of service to the Paramus Public Schools or at least ten (107) years of administrative service or twenty four (24) years of total service in the Saline Area Schools (excluding periods of layoff and unpaid leave). 2. The Administrator must be employed with the Saline Area School District on the last workday prior to Paramus as an Administratorhis/Supervisor and who retire at age 55 years or older, as her retirement. 3. The Administrator must submit a written resignation to the school District to the Associate Superintendent for Personnel not later than March 1st of the year he/she intends to retire. 4. The Administrator must be eligible, make application, and be accepted to receive retirement benefits from the Michigan Public School Employee Retirement System. The retiring Administrator shall furnish verification to the school District that he/she has retired through MPSERS. 5. Retirement may only be exercised between academic years (summer), unless otherwise approved by the Superintendent. C. An Administrator who satisfies the requirements set forth above to receive the retirement stipend shall, before the effective date of his/her retirement, and who shall retire for make a written election to the following reasons during the time periods listed shall Executive Director of Human Resources to receive a retirement stipend if all payment of the following conditions are metStipend under any one of the plans described below: 1. The Administrator/Supervisor must have completed a full Ten thousand dollars ($10,000) lump sum payment to the Administrator made on September 30 of the calendar year in which the Administrator retires. 2. Ten thousand dollars ($10,000) lump sum payment to the Administrator made on January 15 of service with the Paramus Board calendar year next succeeding the calendar year during which the Administrator retires. 3. It is understood and agreed that no monies paid under any of Education, utilized all accrued vacation time, and commence the foregoing provisions will be included in the recipient’s wages for retirement between July 1 and September 1purposes nor will the school District make any retirement contribution to the Michigan Public School Employees Retirement System on these monies. 4. Any administrator who retires on a date other than previously described, shall not be eligible A written election to apply for or receive the Retirement Stipend as described shall be irrevocable once it is received by the administration. Exceptions may be granted in this Articleunique situations at the sole discretion of the administration and are non-grievable. 2D. The creation of this opportunity to receive a Supplemental Retirement Stipend is intended by the parties to act as an additional benefit for those Administrators who elect to voluntarily retire in order to receive benefits under the Michigan Public Schools Employees Retirement Act of 1979, MCLA 38.1301 et seq. Any Administrator/Supervisor choosing The creation of this opportunity or institution of this Stipend shall not in any way bind the parties or their successors to retire at incorporate such feature in any successor Collective Bargaining Agreement or to otherwise perpetuate the end conditions outlined herein. In the event that this Retirement Stipend is found to be contrary to law during the term of the regular school yearits existence, July 1, but before September 1, this Agreement shall verbally inform the Superintendent of be immediately cancelled. E. An Administrator retiring under this plan will have his/her intention to retire Stipend reduced by January 30 and notify the Superintendent/Paramus Board of Education in writing on or before March 1 in any school year of his/her intention to retire from service at the end of that school year, July 1, before September 1. Any Administrator/Supervisor who fails to verbally inform the Superintendent of Schools by January 30 and inform the Board of Education in writing of his/her intention to so retire on or before March 1 shall not be eligible to apply for or receive the Retirement Xxxxxxx as described in this Article. 3. If a medical condition arises affecting the Administrator/Supervisor or his/her spouse or child, the Administrator/Supervisor shall be granted the retirement stipend as described in this article. The Administrator/Supervisor shall present a physician’s certification confirming the medical condition. Upon presentation of the physician’s certification the Administrator/Supervisor shall be permitted to retire with full retirement stipend. 4. If an emergency situation arises, any Administrator/Supervisor who finds that amount he/she must retire prior to receives as unemployment compensation charged against the end of the regular school year, June 30, due to circumstances beyond his/her control, and has failed to notify the Board of Education on or before the January 30 deadline may appeal to the Board of Education for a waiver of these requirements. The Board may, but shall not be required to grant such a waiver if, in its sole discretion, the Board finds that the circumstances presented by the Administrator/Supervisor do not justify the granting of a waiver. The Board’s decision shall be final, binding, and conclusive upon all parties and shall not be grievable under and in accordance with the contractual grievance procedure as described in Article 10Saline Area Schools. 5. The retirement stipend for F. This paragraph shall apply to Administrators who satisfy the seven (7) year service requirement but who have periods of part-time service within those Administrators/Supervisors meeting all the preceding eligibility requirements shall be calculated by multiplying a sum equal to fifty (50%) percent of the number of that Administrator’s/Supervisor’s unused days of cumulative sick leave as of the date of retirement (the “Reimbursable Days”) times the following dollar amountsyears. 6. Administrators/Supervisors who have met all of G. The payment(s) under this Retirement Stipend program are in addition to whatever other compensation to which the aforementioned criteria shall be eligible for a retirement stipend as set forth above, subject to the following limitations: The stipend paid to Administrators/Supervisors who commenced employment in the Paramus School District in any capacity prior to May 21, 2010, in any capacity, shall not exceed twenty four thousand Dollars ($24,000). The stipend paid to Administrators/Supervisors who commenced employment in the Paramus School District on or after May 21, 2010, in any capacity, shall not exceed fifteen thousand Dollars ($15,000)retiring Administrator is otherwise entitled. B. Any administrator/supervisor qualifying for such a retirement stipend shall be paid in accordance with the provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA) amended Section 403(b)(3) of the Internal Revenue Code of 1986. The amended code permits the Paramus Board of Education to deposit the retirement stipend (unused sick leave stipend) directly to the employee’s 403(b)(3) tax sheltered annuity program in a manner that would be federally tax deferred and exempt from social security tax. Upon certified retirement, the employee shall automatically receive their full payment in accordance with the provisions of the (EGTRRA) amended Section 403(b)(3).