Common use of SEVERANCE PAYMENT PLAN Clause in Contracts

SEVERANCE PAYMENT PLAN. Retirement Gratuities were frozen as of August 31, 2012. An employee is not eligible to receive a sick leave credit gratuity or any non-sick leave credit retirement gratuity (such as, but not limited to, service gratuities or RRSP contributions) after August 31, 2012, except a sick leave credit gratuity that the employee had accumulated and was eligible to receive as of that day. The following language applies only to those teachers eligible for the gratuity above: 14.01 Teachers who were hired to teach in Huron County secondary schools prior to September 30, 1998 shall be entitled to a Severance Payment in accordance with Articles 14.03, 14.04 and Appendix B which is attached. 14.02 All other teachers shall be entitled to a Severance Payment as described below. A teacher, having at least ten years of continuous employment immediately prior to retirement with the Board or the predecessor boards shall have the teacher’s salary continued for a period equal to 50% of the teacher’s accumulated sick leave credit for the continuous period but the payment shall not exceed one-half of the annual salary rate of the teacher for the 12 months immediately preceding retirement. In this respect, the term ‘salary rate’ shall be interpreted as being the normal rate of pay, excluding night school, fringe benefits, etc, during the year immediately preceding retirement. Acceptable reasons for retirement shall be: (1) age 65 or older for any teacher; and (2) 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 gratuity payable shall not be greater than the allowance in the following schedule: Years of Experience Maximum Allowance 10 20%

SEVERANCE PAYMENT PLAN. ‌ Retirement Gratuities were frozen as of August 31, 2012. An employee is not eligible to receive a sick leave credit gratuity or any non-sick leave credit retirement gratuity (such as, but not limited to, service gratuities or RRSP contributions) after August 31, 2012, except a sick leave credit gratuity that the employee had accumulated and was eligible to receive as of that day. The following language applies only to those teachers eligible for the gratuity above: 14.01 Teachers who were hired to teach in Huron County secondary schools prior to September 30, 1998 shall be entitled to a Severance Payment in accordance with Articles 14.03, 14.04 and Appendix B which is attached. 14.02 All other teachers shall be entitled to a Severance Payment as described below. A teacher, having at least ten years of continuous employment immediately prior to retirement with the Board or the predecessor boards shall have the teacher’s salary continued for a period equal to 50% of the teacher’s accumulated sick leave credit for the continuous period but the payment shall not exceed one-half of the annual salary rate of the teacher for the 12 months immediately preceding retirement. In this respect, the term ‘salary rate’ shall be interpreted as being the normal rate of pay, excluding night school, fringe benefits, etc, during the year immediately preceding retirement. Acceptable reasons for retirement shall be: (1) age 65 or older for any teacher; and (2) 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 gratuity payable shall not be greater than the allowance in the following schedule: Years of Experience Maximum Allowance 10 20%

SEVERANCE PAYMENT PLAN. Retirement Gratuities were frozen 1 The parties agree grandparent the current gratuity plans for teachers hired on or before May as of August 31they apply in the respective predecessor boards’ collective agreements. Notwithstanding the above, 2012. An employee is not eligible to receive a sick leave credit gratuity or any non-sick leave credit retirement gratuity (such as, but not limited to, service gratuities or RRSP contributions) after August 31, 2012, except a sick leave credit gratuity that the employee had accumulated and was eligible to receive as of that day. The following language applies only to those teachers eligible for the gratuity above: 14.01 Teachers plan in the Perth collective agreement is deemed to apply to both full and part-time teachers and to teachers retiring who were will be in receipt of a pension or the commuted value of a pension from the Ontario Teachers’ Pension Plan. For teachers hired to teach in Huron County secondary schools prior to September 30, 1998 with an effective date of employment after May the language below shall be entitled to a Severance Payment in accordance with Articles 14.03, 14.04 and Appendix B which is attached. 14.02 All other teachers shall be entitled to a Severance Payment as described belowapply. A teacher, having at least ten years of continuous employment immediately prior to retirement with the Board or the predecessor boards shall have be eligible to receive a severance payment using the teacher’s salary continued for a period equal to 50% of the teacher’s accumulated sick leave credit for the continuous period but the calculation provided below. Such payment shall not 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 ‘salary rateannual salary’ shall be interpreted as being the normal rate of pay, excluding night school, fringe benefits, etc, during the year immediately preceding retirement. Acceptable reasons Reasons for retirement shall be: (1) : age 65 or older for any teacher; and (2) 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 gratuity severance payment payable shall not be greater than the allowance in the following schedule: Years of Experience Maximum Allowance 10 20%of annual salary rate for the year immediately preceding retirement and for each additional year of continuous employment a further up to a maximum allowance of years and over, of annual salary rate of the employee for the year immediately preceding retirement. 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. 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.