Common use of Severance and Retirement Benefits Clause in Contracts

Severance and Retirement Benefits. These benefits are applicable only to teachers hired and working prior to July 1, 2002. A. The purpose of the Severance Benefit is to encourage high quality teachers to remain in the School Corporation and to reward them for their continuous service. B. A teacher leaving the School Corporation with ten (10) or more successive years of service in the Wa-Nee Community School Corporation shall be eligible for additional compensation for services rendered. The additional compensation shall be computed on the basis of the teacher’s daily rate for each year of approved service rendered to the School Corporation. The minimum compensation shall be $50.00 for each year. C. A teacher leaving the School Corporation with fifteen (15) or more successive years of service in the Wa-Nee Community School Corporation shall be eligible for an additional severance benefit of thirty-five dollars ($35.00) for each day of accumulated sick leave, plus accumulated “good health” days. “Good health” days are defined to be a category of accumulated unused sick leave days over 180 accumulated beginning with the 1989-90 school year except as restricted in Section 4.10 A. D. If a teacher informs the Superintendent of retirement plans on or before June 1st of the year of retirement, $2,000 of the teacher’s severance benefit will be paid with the final pay of the teacher’s final contract from a Code Section 457(b) plan. The remainder of the teacher’s severance benefit will be paid from a Code Section 457 (b) plan in September of the year of the teacher’s retirement. If a teacher does not provide timely notice, all of the teacher’s severance benefit will be paid from a Code Section 457(b) plan in September of the year of the teacher’s retirement.

Severance and Retirement Benefits. These benefits are applicable only to teachers hired and working prior to July 1, 2002. A. The purpose of the Severance Benefit is to encourage high quality teachers to remain in the School Corporation and to reward them for their continuous service. B. A teacher leaving the School Corporation with ten (10) or more successive years of service in the Wa-Nee Community School Corporation shall be eligible for additional compensation for services rendered. The additional compensation shall be computed on the basis of the teacher’s daily rate for each year of approved service rendered to the School Corporation. The minimum compensation shall be $50.00 for each year. C. A teacher leaving the School Corporation with fifteen (15) or more successive years of service in the Wa-Nee Community School Corporation shall be eligible for an additional severance benefit of thirty-five dollars ($35.00) for each day of accumulated sick leave, plus accumulated “good health” days. “Good health” days are defined to be a category of accumulated unused sick leave days over 180 accumulated beginning with the 1989-90 school year except as restricted in Section 4.10 A. D. If a teacher informs the Superintendent of retirement plans on or before June 1st of the year of retirement, $2,000 of the teacher’s severance benefit will be paid with the final pay of the teacher’s final contract from a Code Section 457(b) plan. The remainder of the teacher’s severance benefit will be paid from a Code Section 457 (b) plan in September of the year of the teacher’s retirement. If a teacher does not provide timely notice, all of the teacher’s severance benefit will be paid from a Code Section 457(b) plan in September of the year of the teacher’s retirement.