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. 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. 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. 9.01 Severance. Administrators shall receive a credit of ten (10) days salary for each year's administrative experience in the District. The maximum benefit under this provision shall be an amount equal to 50% of the Administrator's annual administrative salary. For the purposes of this section, salary shall be defined as the highest salary received from the District by the Administrator. This credit shall be payable as follows: Administrators accessing severance only and not in combination with Retirement Incentive shall receive 50% upon separation from the District and 50% at the beginning of the next calendar tax year. Administrators accessing both retirement and severance, shall follow the retirement schedule for payout as shown in section 9.033. Deferred payment shall not accrue interest. Benefits accrued hereunder shall accrue to beneficiaries.
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.
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 20 years 30 years $ 900 $ 1200 $ 1600
SEVERANCE/RETIREMENT. 39:01 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. 9. 1 Severance Pay
SEVERANCE/RETIREMENT. S ection 6.01 – Severance Severance shall be at a rate of one hundred twenty ($120) dollars per day of unused sick leave. The amount paid shall be based on the number of unused sick leave days the employee has accumulated during his/her service to the District. The maximum payment shall not exceed eleven thousand five hundred ($15,000) dollars. OR When an employee covered by this agreement has completed five years of continuous service under this employment agreement, or combined with other administrative positions within the district as identified by the Director of Human Resources, they shall be eligible for payment upon separation of employment based on the following:
