Common use of SEVERANCE PAYMENT PLAN Clause in Contracts

SEVERANCE PAYMENT PLAN. 28.01 The parties agree to grandparent the current gratuity plans for teachers hired on or before May 27, 1999 as they apply in the respective predecessor boards’ collective agreements. Notwithstanding the above, the gratuity plan in the Perth collective agreement is deemed to apply to both full and part-time teachers and to teachers retiring who will be in receipt of a pension or the commuted value of a pension from the Ontario Teachers’ Pension Plan. Notwithstanding the above, the gratuity plan in the predecessor Perth collective agreement is deemed to credit teachers with total years of teaching employment with the predecessor Boards. 28.02 For teachers hired with an effective date of employment after May 27, 1999, the language below shall apply. A teacher, having at least ten years of continuous employment immediately prior to retirement with the Board or the predecessor boards shall be eligible to receive a severance payment using the calculation provided below. Such payment shall in no circumstances exceed one-half of the annual salary rate of the teacher for the 12 months immediately preceding retirement. In this respect, the term ‘annual salary’ shall be interpreted as being the normal rate of pay, excluding night school, benefits, etc, during the year immediately preceding retirement. Reasons for retirement shall be: (a) age 65 or older for any teacher; and (b) receipt of a pension or the commuted value of a pension from the Ontario Teachers’ Pension Plan. Calculation of Severance Payment Plan = accumulated sick leave X annual salary 2 200 The severance payment payable shall not be greater than the allowance in the following schedule: 10 20% 11 22% of annual salary rate for the year 12 24% immediately preceding retirement

SEVERANCE PAYMENT PLAN. 28.01 27.01 The parties agree to grandparent the current gratuity plans for teachers hired on or before May 27, 1999 as they apply in the respective predecessor boards’ collective agreements. Notwithstanding the above, the gratuity plan in the Perth collective agreement is deemed to apply to both full and part-time teachers and to teachers retiring who will be in receipt of a pension or the commuted value of a pension from the Ontario Teachers’ Pension Plan. Notwithstanding the above, the gratuity plan in the predecessor Perth collective agreement is deemed to credit teachers with total years of teaching employment with the predecessor Boards. 28.02 27.02 For teachers hired with an effective date of employment after May 27, 1999, the language below shall apply. A teacher, having at least ten years of continuous employment immediately prior to retirement with the Board or the predecessor boards shall be eligible to receive a severance payment using the calculation provided below. Such payment shall in no circumstances exceed one-half of the annual salary rate of the teacher for the 12 months immediately preceding retirement. In this respect, the term ‘annual salary’ shall be interpreted as being the normal rate of pay, excluding night school, benefits, etc., during the year immediately preceding retirement. Reasons for retirement shall be: (a) age 65 or older for any teacher; and (b) receipt of a pension or the commuted value of a pension from the Ontario Teachers’ Pension Plan. Calculation of Severance Payment Plan = accumulated sick leave X annual salary 2 200 The severance payment payable shall not be greater than the allowance in the following schedule: Years of Experience Maximum Payment Of annual salary rate for the year immediately preceding retirement 10 20% 11 22% 12 24% 13 26% and for each additional year of continuous employment a further 2% up to a maximum allowance of 25 years and over, 50% of annual salary rate of the employee for the year 12 24% immediately preceding retirement. 27.03 The severance payment shall be paid immediately following separation from the Board. A teacher may choose the option of receiving two equal payments spread over two years. Under such two-payment option, the Board shall not be expected to pay any interest. 27.04 In the event of death of a teacher after retirement, any severance payment accrued but unpaid in accordance with the foregoing terms and conditions shall be paid to the beneficiary or, failing designation in writing of a beneficiary by the teacher, shall be paid to the estate. In the event of death of a teacher with a minimum of ten years’ continuous employment, prior to death, with the Board and where death occurs prior to retirement, the benefits of this plan shall be calculated specific to the deceased teacher and this amount shall be paid to the beneficiary or, failing designation in writing of a beneficiary by the teacher, shall be paid to the estate.

SEVERANCE PAYMENT PLAN. 28.01 27.01 The parties agree to grandparent the current gratuity plans for teachers hired on or before May 27, 1999 as they apply in the respective predecessor boards’ collective agreements. Notwithstanding the above, the gratuity plan in the Perth collective agreement is deemed to apply to both full and part-time teachers and to teachers retiring who will be in receipt of a pension or the commuted value of a pension from the Ontario Teachers’ Pension Plan. Notwithstanding the above, the gratuity plan in the predecessor Perth collective agreement is deemed to credit teachers with total years of teaching employment with the predecessor Boards. 28.02 27.02 For teachers hired with an effective date of employment after May 27, 1999, the language below shall apply. A teacher, having at least ten years of continuous employment immediately prior to retirement with the Board or the predecessor boards shall be eligible to receive a severance payment using the calculation provided below. Such payment shall in no circumstances exceed one-half of the annual salary rate of the teacher for the 12 months immediately preceding retirement. In this respect, the term ‘annual salary’ shall be interpreted as being the normal rate of pay, excluding night school, benefits, etc., during the year immediately preceding retirement. Reasons for retirement shall be: (a) age 65 or older for any teacher; and (b) receipt of a pension or the commuted value of a pension from the Ontario Teachers’ Pension Plan. Calculation of Severance Payment Plan = accumulated sick leave X annual salary 2 200 The severance payment payable shall not be greater than the allowance in the following schedule: Years of Experience Maximum Payment Of annual salary rate for the year immediately preceding retirement 10 20% 11 22% 12 24% 13 26% and for each additional year of continuous employment a further 2% up to a maximum allowance of 25 years and over, 50% of annual salary rate of the employee for the year 12 24% immediately preceding retirement. 27.03 The severance payment shall be paid immediately following separation from the Board. A teacher xxx choose the option of receiving two equal payments spread over two years. Under such two-payment option, the Board shall not be expected to pay any interest. 27.04 In the event of death of a teacher after retirement, any severance payment accrued but unpaid in accordance with the foregoing terms and conditions shall be paid to the beneficiary or, failing designation in writing of a beneficiary by the teacher, shall be paid to the estate. In the event of death of a teacher with a minimum of ten years’ continuous employment, prior to death, with the Board and where death occurs prior to retirement, the benefits of this plan shall be calculated specific to the deceased teacher and this amount shall be paid to the beneficiary or, failing designation in writing of a beneficiary by the teacher, shall be paid to the estate.

SEVERANCE PAYMENT PLAN. 28.01 The parties agree to grandparent the current gratuity plans for teachers hired on or before May 27, 1999 as they apply in the respective predecessor boards’ collective agreements. Notwithstanding the above, the gratuity plan in the Perth collective agreement is deemed to apply to both full and part-time teachers and to teachers retiring who will be in receipt of a pension or the commuted value of a pension from the Ontario Teachers’ Pension Plan. Notwithstanding the above, the gratuity plan in the predecessor Perth collective agreement is deemed to credit teachers with total years of teaching employment with the predecessor Boards. 28.02 . For teachers hired with an effective date of employment after May 27, 1999, the language below shall apply. A teacher, having at least ten years of continuous employment immediately prior to retirement with the Board or the predecessor boards shall be eligible to receive a severance payment using the calculation provided below. Such payment shall in no circumstances exceed one-half of the annual salary rate of the teacher for the 12 months immediately preceding retirement. In this respect, the term ‘annual salary’ shall be interpreted as being the normal rate of pay, excluding night school, benefits, etc., during the year immediately preceding retirement. Reasons for retirement shall be: (a) : age 65 or older for any teacher; and (b) and receipt of a pension or the commuted value of a pension from the Ontario Teachers’ Pension Plan. Calculation of Severance Payment Plan = accumulated sick leave X annual salary 2 200 The severance payment payable shall not be greater than the allowance in the following schedule: Years of Experience Maximum Payment Of annual salary rate for the year immediately preceding retirement 10 20% 11 22% 12 24% 13 26% and for each additional year of continuous employment a further 2% up to a maximum allowance of 25 years and over, 50% of annual salary rate of the employee for the year 12 24% immediately preceding retirement. The severance payment shall be paid immediately following separation from the Board. A teacher may choose the option of receiving two equal payments spread over two years. Under such two-payment option, the Board shall not be expected to pay any interest. In the event of death of a teacher after retirement, any severance payment accrued but unpaid in accordance with the foregoing terms and conditions shall be paid to the beneficiary or, failing designation in writing of a beneficiary by the teacher, shall be paid to the estate. In the event of death of a teacher with a minimum of ten years’ continuous employment, prior to death, with the Board and where death occurs prior to retirement, the benefits of this plan shall be calculated specific to the deceased teacher and this amount shall be paid to the beneficiary or, failing designation in writing of a beneficiary by the teacher, shall be paid to the estate.

SEVERANCE PAYMENT PLAN. 28.01 ‌ 27.01 The parties agree to grandparent the current gratuity plans for teachers hired on or before May 27, 1999 as they apply in the respective predecessor boards’ collective agreements. Notwithstanding the above, the gratuity plan in the Perth collective agreement is deemed to apply to both full and part-time teachers and to teachers retiring who will be in receipt of a pension or the commuted value of a pension from the Ontario Teachers’ Pension Plan. Notwithstanding the above, the gratuity plan in the predecessor Perth collective agreement is deemed to credit teachers with total years of teaching employment with the predecessor Boards. 28.02 27.02 For teachers hired with an effective date of employment after May 27, 1999, the language below shall apply. A teacher, having at least ten years of continuous employment immediately prior to retirement with the Board or the predecessor boards shall be eligible to receive a severance payment using the calculation provided below. Such payment shall in no circumstances exceed one-half of the annual salary rate of the teacher for the 12 months immediately preceding retirement. In this respect, the term ‘annual salary’ shall be interpreted as being the normal rate of pay, excluding night school, benefits, etc., during the year immediately preceding retirement. Reasons for retirement shall be: (a) age 65 or older for any teacher; and (b) receipt of a pension or the commuted value of a pension from the Ontario Teachers’ Pension Plan. Calculation of Severance Payment Plan = accumulated sick leave X annual salary 2 200 The severance payment payable shall not be greater than the allowance in the following schedule: Years of Experience Maximum Payment Of annual salary rate for the year immediately preceding retirement 10 20% 11 22% 12 24% 13 26% and for each additional year of continuous employment a further 2% up to a maximum allowance of 25 years and over, 50% of annual salary rate of the employee for the year 12 24% immediately preceding retirement. 27.03 The severance payment shall be paid immediately following separation from the Board. A teacher may choose the option of receiving two equal payments spread over two years. Under such two-payment option, the Board shall not be expected to pay any interest. 27.04 In the event of death of a teacher after retirement, any severance payment accrued but unpaid in accordance with the foregoing terms and conditions shall be paid to the beneficiary or, failing designation in writing of a beneficiary by the teacher, shall be paid to the estate. In the event of death of a teacher with a minimum of ten years’ continuous employment, prior to death, with the Board and where death occurs prior to retirement, the benefits of this plan shall be calculated specific to the deceased teacher and this amount shall be paid to the beneficiary or, failing designation in writing of a beneficiary by the teacher, shall be paid to the estate.