Common use of Severance/Retirement Compensation Clause in Contracts

Severance/Retirement Compensation. 3. Teachers who qualify may opt to choose one of the following retirement plans. Qualifying teachers can choose only one plan. The combined limit of the number of eligible teachers who may opt for one of these plans in a single year shall be five (5). The School Board may, at its discretion, approve additional applications for the plan. In order to receive either of these benefits at retirement or upon resigning from the district, qualifying teachers must apply in writing between July 1 and December 1 of the year prior to the year of retirement to allow budgeting of monies. For example: To retire June 30, 2019, the letter must be submitted between July 1, 2017 and December 1, 2017. Failure to do so may result in having to wait one fiscal year for payment.

Severance/Retirement Compensation. 3. Teachers who qualify may opt to choose one of the following retirement plans. Qualifying teachers can choose only one plan. The combined limit of the number of eligible teachers who may opt for one of these plans in a single year shall be five (5). The School Board may, at its discretion, approve additional applications for the plan. In order to receive either of these benefits at retirement or upon resigning from the district, qualifying teachers must apply in writing between July 1 and December 1 of the year prior to the year of retirement to allow budgeting of monies. For example: To retire June 30, 20192012, the letter must be submitted between July 1, 2017 2010 and December 1, 20172010. Failure to do so may result in having to wait one fiscal year for payment.

Severance/Retirement Compensation. 3. Teachers who qualify may opt to choose one of the following retirement plans. Qualifying teachers can choose only one plan. The combined limit of the number of eligible teachers who may opt for one of these plans in a single year shall be five (5). The School Board may, at its discretion, approve additional applications for the plan. In order to receive either of these benefits at retirement or upon resigning from the district, qualifying teachers must apply in writing between July 1 and December 1 of the year prior to the year of retirement to allow budgeting of monies. For example: To retire June 30, 20192014, the letter must be submitted between July 1, 2017 2012 and December 1, 20172012. Failure to do so may result in having to wait one fiscal year for payment.