Common use of Sick Leave Retirement Incentive Clause in Contracts

Sick Leave Retirement Incentive. Upon retirement from the NYS Teachers Retirement System and when written notice is given to the District (6) six months prior to resignation on June 30, payment shall be based onthe following formula: Accumulated Sick Leave X 25% Highest 3 Year Final Average Salary Designated Work Year (days) for the Position = Maximum of $30,000 In no event shall payment exceed thirty thousand dollars ($30,000). All sick leave incentive payments will be made via a non-elective 403b payment. Payment will be made by June 30th of the year of retirement. Under no circumstances would sick leave incentive be applicable to a disability retirement. Payment under this plan shall be subject to approval of the plan by New York State Department of Audit and Control. Non-elective Employer 403(b) contribution: ▪ The District agrees to make a non-elective employer contribution for those members of the Association, with an effective retirement date of July 1, and who avail themselves the District's negotiated retirement incentive and/or payment for accumulated leave days. ▪ The contribution will be placed into a 403(b) program of the unit members choosing, subject to any restrictions that the 403(b) program provider may place on said non- elective employer contributions. The contribution amounts for the retirement incentive and accumulated leave days are spelled out in this agreement. ▪ The District will remit the contribution within thirty (30) days, following the retirement date. ▪ The contribution shall be subject to the contribution limits as outlined in the Internal Revenue Code ▪ In the event that the contribution exceeds acceptable contribution limits, the employer agrees: ⮚ If the employee has a NYSTRS membership date subsequent to June 16, 1971, to remit any remainder of the year(s) following retirement, to the 403 (b) program in accordance with the maximum amount permissible under the Internal Revenue Code. The Assistant Superintendent must execute a hold harmless and indemnification agreement with the District as a condition to receiving the benefits set forth in this article.

Sick Leave Retirement Incentive. Upon retirement from the NYS Teachers Retirement System and when written notice is given to the District (6) six months prior to resignation on June 30, payment shall be based onthe following formula: Accumulated Sick Leave X 2550% Highest 3 Year Final Average Salary Designated Work Year (days) for the Position = Maximum of $30,000 In no event shall payment exceed thirty thousand dollars ($30,000). All sick leave incentive payments will be made via a non-elective 403b payment. Payment will be made by June 30th of the year of retirement. Under no circumstances would sick leave incentive be applicable to a disability retirement. Payment under this plan shall be subject to approval of the plan by New York State Department of Audit and Control. Non-elective Employer 403(b) contribution: ▪ The District agrees to make a non-elective employer contribution for those members of the Association, with an effective retirement date of July 1, and who avail themselves the District's negotiated retirement incentive and/or payment for accumulated leave days. ▪ The contribution will be placed into a 403(b) program of the unit members choosing, subject to any restrictions that the 403(b) program provider may place on said non- elective employer contributions. The contribution amounts for the retirement incentive and accumulated leave days are spelled out in this agreement. ▪ The District will remit the contribution within thirty (30) days, following the retirement date. ▪ The contribution shall be subject to the contribution limits as outlined in the Internal Revenue Code ▪ In the event that the contribution exceeds acceptable contribution limits, the employer agrees: ⮚ If the employee has a NYSTRS membership date subsequent to June 16, 1971, to remit any remainder of the year(s) following retirement, to the 403 (b) program in accordance with the maximum amount permissible under the Internal Revenue Code. The Assistant Superintendent must execute a hold harmless and indemnification agreement with the District as a condition to receiving the benefits set forth in this article.

Sick Leave Retirement Incentive. 24.4.1 Sick leave incentive provides for payment upon retirement for unused sick leave either in a Lump Sum Payment or Alternative to Lump Sum Payment (see section 24.4.6) 24.4.2 Upon retirement from the NYS Teachers Retirement System and System, or the NYS Employees Retirement System, and 24.4.3 when written notice is given to the District (6) six months by March 1, prior to resignation on June 30, payment shall be is based onthe on the following formulafonnula: Accumulated Sick Leave X 25% Highest 3 Year Sick Leave x 25% x Final Average Salary = Max. of $10,500 Designated Work Year (in days) for the Position = Maximum of $30,000 In no event shall payment exceed thirty thousand dollars ($30,000). All sick leave incentive payments will be made via a non-elective 403b payment. Payment will be made by June 30th of the year of retirement. Position 24.4.4 Under no circumstances would sick leave incentive be applicable to a disability retirement. Payment under this plan shall be subject to approval of the plan by New York State Department of Audit and Control. . 24.4.5 Non-elective Employer 403(b) contribution: ▪ : A. The District agrees to make a non-elective employer contribution for those members of the Association, with an effective retirement date of July 11 or later, and who avail themselves the District's ’s negotiated retirement incentive and/or payment for accumulated leave days. ▪ . B. The contribution will be placed into a 403(b) program of the unit members choosing, subject to any restrictions that the 403(b) program provider may place on said non- non-elective employer contributions. The contribution amounts for the retirement incentive and accumulated leave days are spelled out in this the collective bargaining agreement. ▪ . C. The District will remit the contribution within thirty (30) days, following the retirement date. ▪ . D. The contribution shall be subject to the contribution limits as outlined in the Internal Revenue Code ▪ Code. E. For purposes of Tier 1 members with membership dates prior to June 17, 1971, the employer contribution will be reported as non-regular compensation to the New York State Teachers’ Retirement System. In the event that the contribution exceeds acceptable contribution limits, the employer agrees: ⮚ • To pay any excess over the limits as compensation to the employee in the year of retirement if such employee has a NYSTRS membership date prior to June 17, 1971, or, • If the employee has a NYSTRS membership date subsequent to June 16, 197116,1971, to remit any remainder of the year(s) following retirement, to the 403 (b403(b) program in accordance with the maximum amount permissible under the Internal Revenue Code. . F. The Assistant Superintendent bargaining unit member must execute a hold harmless and indemnification agreement with the District as a condition to receiving the benefits set forth in this article. G. The Association and the District will agree upon a single 403(b) provider under this article.

Sick Leave Retirement Incentive. Upon retirement from the NYS Teachers Retirement System and when written notice is given to the District (6) six months prior to resignation on June 30, payment shall be based onthe on the following formula: Accumulated Sick Leave X 25% Highest 3 Year Sick Leave* x 25% x Final Average Salary = Maximum of $20,000 Designated Work Year (in days) for the Position = Maximum of $30,000 In no event shall payment exceed thirty twenty thousand dollars ($30,00020,000). All sick leave incentive payments will be made via a non-elective 403b payment. Payment will be made by June 30th of the year of retirement. Under no circumstances would sick leave incentive be applicable to a disability retirement. Payment under this plan shall be subject to approval of the plan by New York State Department of Audit and Control. Non-elective Employer 403(b) contribution: ▪  The District agrees to make a non-elective employer contribution for those members of the Association, with an effective retirement date of July 1, and who avail themselves the District's negotiated retirement incentive and/or payment for accumulated leave days. ▪  The contribution will be placed into a 403(b) program of the unit members choosing, subject to any restrictions that the 403(b) program provider may place on said non- elective employer contributions. The contribution amounts for the retirement incentive and accumulated leave days are spelled out in this agreement. ▪  The District will remit the contribution within thirty (30) days, following the retirement date. ▪  The contribution shall be subject to the contribution limits as outlined in the Internal Revenue Code ▪  In the event that the contribution exceeds acceptable contribution limits, the employer agrees: ⮚  If the employee has a NYSTRS membership date subsequent to June 16, 1971, to remit any remainder of the year(s) following retirement, to the 403 (b) program in accordance with the maximum amount permissible under the Internal Revenue Code. The Assistant Superintendent must execute a hold harmless and indemnification agreement with the District as a condition to receiving the benefits set forth in this article.

Sick Leave Retirement Incentive. X. Xxxx leave incentive provides for payment upon retirement for unused sick leave either in a Lump Sum Payment or Alternative to Lump Sum Payment (see section 24.4.6) B. Upon retirement from the NYS Teachers Retirement System System, or the NYS Employees Retirement System, and when written notice is given to the District (6) six months by March 1, prior to resignation on June 30, payment shall be is based onthe on the following formula: Accumulated Sick Leave X 25% Highest 3 Year Sick Leave x 25% x Final Average Salary = Max. of $30,000 Designated Work Year (in days) for the Position = Maximum of $30,000 In no event shall payment exceed thirty thousand dollars ($30,000). All sick leave incentive payments will be made via a non-elective 403b payment. Payment will be made by June 30th of the year of retirement. Position C. Under no circumstances would sick leave incentive be applicable to a disability retirement. Payment under this plan shall be subject to approval of the plan by New York State Department of Audit and Control. . D. Non-elective Employer 403(b) contribution: ▪ • The District agrees to make a non-elective employer contribution for those members of the Association, with an effective retirement date of July 11 or later, and who avail themselves the District's ’s negotiated retirement incentive and/or payment for accumulated leave days. ▪ • The contribution will be placed into a 403(b) program of the unit members choosing, subject to any restrictions that the 403(b) program provider may place on said non- non-elective employer contributions. The contribution amounts for the retirement incentive and accumulated leave days are spelled out in this the collective bargaining agreement. ▪ • The District will remit the contribution within thirty (30) days, following the retirement date. ▪ • The contribution shall be subject to the contribution limits as outlined in the Internal Revenue Code ▪ Code. E. For purposes of Tier 1 members with membership dates prior to June 17, 1971, the employer contribution will be reported as non-regular compensation to the New York State Teachers’ Retirement System. In the event that the contribution exceeds acceptable contribution limits, the employer agrees: ⮚ : 1) To pay any excess over the limits as compensation to the employee in the year of retirement if such employee has a NYSTRS membership date prior to June 17, 1971, or, 2) If the employee has a NYSTRS membership date subsequent to June 16, 197116,1971, to remit any remainder of the year(s) following retirement, to the 403 (b403(b) program in accordance with the maximum amount permissible under the Internal Revenue Code. . F. The Assistant Superintendent bargaining unit member must execute a hold harmless and indemnification agreement with the District as a condition to receiving the benefits set forth in this article. G. The Association and the District will agree upon a single 403(b) provider under this article.