Common use of Service Stipend Clause in Contracts

Service Stipend. The Board of Education shall additionally pay to each eligible retiree a post- retirement service stipend for each year of full-time teacher service (or equivalent thereof) in District 106 of $550 per year of service, up to $20,000. This service stipend will not be due, owing or payable until after the teacher has retired and received his or her final paycheck for regular earnings.

Service Stipend. The Board of Education shall additionally pay to each eligible retiree a post- post-retirement service stipend for each year of full-time teacher service (or equivalent thereof) in District 106 of 66 as noted below: YEARS OF SCHOOL DISTRICT 66 SERVICE SERVICE STIPEND PER YEAR OF SERVICE 15-20 $550 per year of service, up to 400 21-30 $20,000. This service stipend will not be due, owing or payable until after the teacher has retired and received his or her final paycheck for regular earnings.500 More than 30 $600 SERVICE STIPEND EXAMPLES

Service Stipend. The Board of Education shall additionally pay to each eligible retiree a post- post-retirement service stipend for each year of full-time teacher service (or equivalent thereof) in District 106 of $550 per year of service, up to $20,000. This service stipend will not be due, owing or payable until after the teacher has retired and received his or her final paycheck for regular earnings. The teacher will have the choice to receive this stipend as a lump sum after retirement or to use as a reimbursement for selected post-retirement health insurance premiums.

Service Stipend. The Board of Education shall additionally pay to each eligible retiree a post- retirement service stipend for each year with 20 or more years of full-time teacher service (or equivalent thereof) to the District a post-retirement service stipend in District 106 the amount of $550 per year of service, up to $20,0003,000.00. This service stipend will not be due, owing or payable until after the teacher has retired and received his or her final paycheck for regular earningsfirst business day in the January following the teacher’s retirement.