Salary Payment Schedules & Compensation Model. 1. Teachers will receive their basic salary (including pay for extra duty assignments) divided among twenty-six (26) bi-weekly paychecks. Except as otherwise specifically provided hereinafter, but otherwise in accordance with section 409A of the Internal Revenue Code and the Treasury Regulations thereto (“409A”), the time or schedule of any payment of salary will not be accelerated. A. A teacher who xxxxxx employment during the school year for any reason, including resignation or death, will receive the remaining pay in a final paycheck on the regularly scheduled pay date for the pay period in which his/her last day of employment occurs. B. Teachers resigning at the end of the school year will continue to receive their remaining pay on the regular twenty-six (26) paycheck schedule. C. Teachers retiring for purposes of the Indiana State Teacher Retirement Fund at the end of the school year will receive their remaining pay no later than the last payday in June of the year of retirement. 2. The foregoing provisions shall be construed and administered in a manner to comply with 409A and shall not be amended or terminated in a manner that would cause a teacher’s salary to be subject to early inclusion in income as provided in 409A.
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Samples: Contractual Agreement, Contractual Agreement, Contractual Agreement
