Severance Payment for Employees Hired Prior to the Sample Clauses

Severance Payment for Employees Hired Prior to the. 2008-09 School Year The program will provide a one-time remuneration as defined in the schedule listed below for employees hired prior to the 2008-09 school year: The District will provide a Board paid tax sheltered contribution upon retirement of $10,000 for ten (10) years of active service, exclusive of unpaid leaves. Prior to the expiration of the 1995/96 master agreement, employees earned an additional $1,000 per year of active service to a maximum of $23,000 for twenty-three (23) or more years of active service. Those individuals who have earned a severance payment of $10,000 or more shall have their severance accounts frozen at the June 30, 1996 level and shall no longer accrue an additional $1,000 per year of active service. Paid leaves for which the District makes direct payment, but not to exceed one year per leave period, will qualify as service time.
Sample 1
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