Common use of Retirement Stipend Clause in Contracts

Retirement Stipend. 18-1 A Teacher shall be eligible to receive a retirement stipend under the following conditions: 18-1.1 Must have completed fifteen (15) years' service in the Hampton School District prior to retirement; 18-1.2 Must have attained the age of 50 prior to retirement. 18-2 The Superintendent must receive, no later than November 1st, written notice of retirement at the end of the school year and request for retirement stipend. Notice must be in writing and the Board must take action no later than January 15th of that school year. Retirement stipend will be paid on or before July 31 of that calendar year. 18-3 A teacher eligible to receive a retirement stipend shall receive payment equal to: $500 x number of years of service in the local School District plus $40 x number of unused accrued sick days at retirement (up to the maximum accrual under Section 9-1.3 of 120 days if hired before July 1, 2012, or 90 days if hired on or after July 1, 2012) 18-4 At retirement a Teacher will be allowed to continue health and life insurance coverage at his or her own expense, subject to carrier regulations. 18-5 Notwithstanding any other provision in this Agreement, the amount payable to an Employee under Article XVIII shall be divided into two separate lump sum payments. The first lump sum payment shall be due and payable on or before the July 31 following the date of retirement, and shall equal the maximum portion of the retirement stipend that will not result in the School District being assessed by the New Hampshire Retirement System for “spiking” (currently codified at RSA 100-A:16 III-a). The second lump sum payment shall be due and payable 121-150 days after the Employee’s retirement so as to prevent the School District from being assessed by the New Hampshire Retirement System, and shall equal the remainder of the retirement stipend that was not paid in the first lump sum.

Retirement Stipend. 18-1 A Teacher shall be eligible to receive a retirement stipend under the following conditions: 18-1.1 Must have completed fifteen (15) years' service in the Hampton School District prior to retirement; 18-1.2 Must have attained the age of 50 prior to retirement. 18-2 The Superintendent must receive, no later than November 1st, written notice of retirement at the end of the school year and request for retirement stipend. Notice must be in writing and the Board must take action no later than January 15th of that school year. Retirement stipend will be paid on or before July 31 of that calendar year. 18-3 A teacher eligible to receive a retirement stipend shall receive payment equal to: 2022-23 $500 550 x number of years of service in the local School District District, plus 2023-24 $575 x number of years of service in the local School District, plus 2024-25 $600 x number of years of service in the local School District, plus $40 45 x number of unused accrued sick days at retirement (up to the maximum accrual under Section 9-1.3 of 120 days if hired before July 1, 2012, or 90 days if hired on or after July 1, 2012) 18-4 At retirement a Teacher will be allowed to continue health and life insurance coverage at his or her own expense, subject to carrier regulations. 18-5 Notwithstanding any other provision in this Agreement, the amount payable to an Employee under Article XVIII shall be divided into two separate lump sum payments. The first lump sum payment shall be due and payable on or before the July 31 following the date of retirement, and shall equal the maximum portion of the retirement stipend that will not result in the School District being assessed by the New Hampshire Retirement System for “spiking” (currently codified at RSA 100-A:16 III-a). The second lump sum payment shall be due and payable 121-150 days after the Employee’s retirement so as to prevent the School District from being assessed by the New Hampshire Retirement System, and shall equal the remainder of the retirement stipend that was not paid in the first lump sum.

Retirement Stipend. 18-1 A Teacher shall be eligible to receive a retirement stipend under the following conditions: 18-1.1 Must have completed fifteen (15) years' service in the local school Hampton School District prior to retirement; 18-1.2 Must have attained the age of 50 prior to retirement. 18-2 The Superintendent must receive, no later than December November 1st, written notice of retirement at the end of the school year and request for retirement stipend. Notice must be in writing and the Board must take action no later than January 15th of that school year. Retirement stipend will be paid on or before July 31 of that calendar year. 18-3 A teacher eligible to receive a retirement stipend shall receive payment equal to: $500 x number of years of service in the local School District plus $40 x number of unused accrued sick days at retirement (up to the maximum 120 days accrual under Section 9-1.3 of 120 days if hired before July 1, 2012, or 90 days if hired on or after July 1, 2012) 18-4 At retirement a Teacher will be allowed to continue health and life insurance coverage at his or her own expense, subject to carrier regulations. . 18-5 Notwithstanding any other provision in this Agreement, the amount payable to an Employee under Article XVIII shall be divided into two separate lump sum payments. The first lump sum payment shall be due and payable on or before the July 31 following the date of retirement, and shall equal the maximum portion of the retirement stipend that will not result in the School District being assessed by the New Hampshire Retirement R etirement System for “spiking” (currently codified at RSA 100-A:16 III-a). The second lump sum payment shall be due and payable 121-150 days after the Employee’s retirement so as to prevent the School District from being assessed by the New Hampshire Retirement System, and shall equal the remainder of the retirement stipend that was not paid in the first lump sum.