SEVERANCE/RETIREMENT Sample Clauses

SEVERANCE/RETIREMENT. Section 1. Retiree Health Coverage: Health coverage following the termination of employment shall be made available to the extent required under, and in accordance with, Minnesota Statutes Section 471.61, subd. 2b. The District makes no contribution towards the premium cost of such coverage.

SEVERANCE/RETIREMENT. All eligible bargaining unit members shall be members of the School Employees Retirement System (SERS) and the Board shall file the necessary membership forms within one (1) week after their initial qualifying service. Bargaining Unit Members must have been employed by the Board for five (5) consecutive years prior to retirement for Section A and Section B below.

SEVERANCE/RETIREMENT. Section 1. Eligibility: Full-time employees who have completed at least fifteen (15) years of continuous service with the school district, and who are at least fifty-five (55) years of age, shall be eligible for severance pay pursuant to the provisions of this Article upon submission of a written resignation accepted by the school board. Years of service will be calculated based on years of continuous service completed from employment date or return date if an employee has a break in employment. Severance pay shall not be granted to any employee who is discharged for cause by the school district. This Article shall apply only to employees who terminate services with the District and withdraw from full time contracted active teaching service after the execution of this contract and shall not be retroactive to any employee who terminated prior to said execution date. If an employee eligible for this benefit dies before terminating services, the payment shall be made to the estate of the deceased.

SEVERANCE/RETIREMENT. 9.01 Severance. Administrators shall receive a credit of ten (10) days salary for each year's administrative experience in the District.

SEVERANCE/RETIREMENT. This article shall be reopened for reconsideration upon the written demand to bargain by either party provided that the District becomes subject to TRS penalties under this provision, or there are legislative changes impacting the current 3% threshold affecting employer contributions on year-to-year salary increases if pay hikes factor into the calculation of a teacher’s initial pension. The parties mutually agree that should there be a legislative change impacting this section negotiation will be re-opened for both the 3% increase in TRS creditable earning and the post-retirement payment. The purpose of negotiating appropriate revisions is to assure that the retiring employee, to the maximum extent possible, shall receive the full dollar amount of the benefit as creditable earnings while avoiding TRS penalties that may arise due to the payment of benefits distributed under this provision. The express intent of this provision is to avoid TRS penalties to the District.

SEVERANCE/RETIREMENT. An employee has the option to choose either of the following benefits: *Should the TRS law change resulting in raising or lowering of the 6% cap prior to the end of this contract, this language may be renegotiated at the time of the effective date of any change. 1. Severance Pay for Retiring Employees: Any employee retiring and utilizing the employees’ retirement system with 10 years of service in the district shall be paid a sum of $50.00 for each year of service in the district. Certified staff with 20 or more years of service in the district shall be paid a sum of $100 for each year of service in the district. It shall be added to the last year’s salary of the employee or the final 2 years upon notification of retirement. Certified employees will receive these payments before retirement unless the payments cause the employee to exceed the 6% cap on creditable earnings that are reported to TRS. The amount exceeding the 6% cap will be paid to the employee in one lump sum 30 days after the official retirement date. 2. Certified ▪ Declare intent to retire up to 3 years prior to retiring. For each of the remaining years, salary will be increased by 6% each year. ▪ Employee must have 20 consecutive years in district (combine Non- Certified + Certified years of service or approved Board leave). ▪ Limited to 9 Certified employees at any given time. Non-Certified who declare their intent to retire 1 or 2 years prior will receive a 4% salary increase for each year declared.

SEVERANCE/RETIREMENT. Teachers not participating in the longevity retirement program shall be eligible for severance benefits as follows: Years of Service in Simsbury upon Retirement Stipend 15 years $ 900 20 years $ 1200 30 years $ 1600

SEVERANCE/RETIREMENT. ‌ 38:01 In the event of a permanent layoff (i.e. where the employee is out of employment and is not hired by a successor or merged or amalgamated Employer) payment of one (1) week’s severance for each complete year of service with the Employer since last date of hire, to a maximum of twenty-six

SEVERANCE/RETIREMENT. Section 6.01 – Severance When an administrator has completed five years of continuous service under this employment agreement, or combined with other administrative positions within the district as identified in the Principals Association Master Agreement and/or Non-union Directors and Coordinators Agreement, they shall be eligible for payment upon separation of employment based on the following: a. Payment shall be equivalent to their daily rate of pay times a number of days determined by multiplying five b. The amounts shall be prorated for years during which the administrator served part-time or on an unpaid leave. c. The maximum severance payment will be no more than $30,000. x. Xxxxxxxxx pay under this section shall not be payable in the event the administrator is terminated for cause.

SEVERANCE/RETIREMENT. Where an employee resigns within days after receiving notice of layoff pursuant to article