Common use of SEVERANCE PAY & RETIREMENT Clause in Contracts

SEVERANCE PAY & RETIREMENT. Section 15.1 Effective July 1, 2003, employees will be eligible for severance pay upon voluntary termination of employment if he/she has at least twelve (12) years of service in the District. These employees will be eligible for an additional one hundred dollars ($100.00) severance pay for each year of service in the District. This amount is capped at two thousand dollars ($2,000.00) per individual. Section 15.2 There will be no mandatory retirement age. Section 15.3 A member who retires, resigns after ten (10) years of service, or dies with at least ten

SEVERANCE PAY & RETIREMENT. Section 15.1 16.1 Effective July 1, 2003, employees will be eligible for severance pay upon voluntary termination of employment if he/she has at least twelve (12) years of service in the District. These employees will be eligible for an additional one hundred dollars ($100.00) severance pay for each year of service in the District. This amount is capped at two thousand dollars ($2,000.00) per individual. Section 15.2 16.2 There will be no mandatory retirement age. Section 15.3 16.3 A member who retires, resigns after ten (10) years of service, or dies with at least ten