Service Credit Remuneration. Each teacher with a minimum of fifteen (15) consecutive years' service in the district shall upon resignation for the purpose of retirement, or resignation due to illness or death, receive payment of four hundred dollars ($400) for each year's service to the district. In the event of death, the full service credit remuneration will be paid to the beneficiary of the teacher. Consecutive years of service is defined as a continuous period during which time a teacher is employed by the Board of Education. Leave of absence will not count as credit toward the minimum fifteen (15) years of employment; however, such leave will sustain the teacher's eligibility toward qualification. Retirement shall be defined as the initiation of retirement payments from the Michigan Public School Employees' Retirement System (MPSERS). Upon retirement, the teacher must take the initiative of notifying the Assistant Superintendent for Personnel if he/she is eligible for the service credit remuneration. The Assistant Superintendent for Personnel will check the official school records and forward to the teacher and to the Assistant Superintendent of Business Services the outcome. If a teacher is eligible, the Finance Department will determine the amount of service credit remuneration and inform the applicant. Each eligible teacher shall also receive an additional two thousand dollars ($2,000) if he/she submits a letter of resignation for the purpose of retirement more than one hundred twenty (120) calendar days prior to the effective date of his/her retirement.
Service Credit Remuneration. 1. Each teacher upon completion of his/her fifteenth (15) year of service to the BPS district, and upon resignation for the purpose of retirement, or resignation due to illness or death shall receive payment of four hundred dollars ($400) for each year's service to the district.
