Common use of Special Bonus Clause in Contracts

Special Bonus. Special Pay Bonus will be made as a lump sum distribution at the time of normal retirement* or at the time of enrollment in DROP at the employee’s first opportunity for normal retirement*, based on the procedures and requirements below. 1. A professional employee who will be eligible to retire under the Florida Retirement System (FRS) after having worked for the St. Xxxxx County School System for a minimum of ten (10) continuous years to include the year in which they reach their first opportunity for normal retirement shall receive $10,000, or thirty percent (30%) of their current salary whichever is greater as a special retirement benefit provided he/she retires at his first opportunity for Normal* Retirement with FRS per FRS pension plan normal retirement rules and: a. continuous years shall be defined as i. uninterrupted service within the district and ii. serving in a full time benefits eligible position. b. completes the necessary procedures for retirement with the St. Xxxxx County School District and FRS through the Superintendent or designee, and c. retirement is effective no later than the end of the school year of that individual’s first opportunity. d. A professional employee who meets the above requirements regarding years of service and qualifies for disability/medical retirement through the Florida Retirement System is eligible for the special bonus. 2. This lump sum payment will not be paid to any professional employee if he/she continues his employment beyond the time he/she first becomes eligible for normal* retirement benefits, unless the professional employee is participating in the Deferred Retirement Option Program (DROP). 3. It shall be the specific responsibility of each professional employee to determine his first opportunity for eligibility for normal* retirement and to meet the requirements set forth for the one-time, lump-sum payment. The Board is held harmless for failure of an employee to follow this procedure, regardless of the reason. *Normal retirement is defined as retirement of an individual under the FRS Pension Plan as soon as (or at the first opportunity) an individual is eligible for normal FRS retirement (defined by FRS as the time you are first eligible to receive an unreduced retirement benefit based on your age or years of service), excluding medical retirement, as follows: a. If initially enrolled in the FRS before July 1, 2011, you qualify for the normal retirement when: you are vested and age 62 or the age after age 62 when you become vested; or you have 30 years of creditable service before age 62. b. If initially enrolled in the FRS on or after July 1, 2011, you qualify for normal retirement when: you are vested and age 65 or the age after age 65 when you become vested; or you have 33 years of creditable service before age 65. For special bonus purposes, those retiring under the FRS investment plan will be held to subparagraphs 1-3 above to include the normal retirement rules with the exception of the DROP requirements.

Special Bonus. Special Pay Bonus will be made as a lump sum distribution at the time of normal retirement* or at the time of enrollment in DROP at the employee’s first opportunity for normal retirement*, based on the procedures and requirements below. 1. A professional employee who will be eligible to retire under the Florida Retirement System (FRS) after having worked for the St. Xxxxx Johns County School System for a minimum of ten (10) continuous years to include the year in which they reach their first opportunity for normal retirement shall receive $10,000, or thirty percent (30%) of their current salary whichever is greater as a special retirement benefit provided he/she retires at his their first opportunity for Normal* Retirement with FRS per FRS pension plan normal retirement rules and: a. continuous years shall be defined as i. uninterrupted service within the district and and ii. serving in a full time benefits eligible position. b. completes the necessary procedures for retirement with the St. Xxxxx Johns County School District and FRS through the Superintendent or designee, and c. retirement is effective no later than the end of the school year of that individual’s first opportunity. d. A professional employee who meets the above requirements regarding years of service and qualifies for disability/medical retirement through the Florida Retirement System is eligible for the special bonus. 2. This lump sum payment will not be paid to any professional employee if he/she continues his their employment beyond the time he/she first becomes eligible for normal* retirement benefits, unless the professional employee is participating in the Deferred Retirement Option Program (DROP). 3. It shall be the specific responsibility of each professional employee to determine his their first opportunity for eligibility for normal* retirement and to meet the requirements set forth for the one-time, lump-sum payment. The Board is held harmless for failure of an employee to follow this procedure, regardless of the reason. *Normal retirement is defined as retirement of an individual under the FRS Pension Plan as soon as (or at the first opportunity) an individual is eligible for normal FRS retirement (defined by FRS as the time you are first eligible to receive an unreduced retirement benefit based on your age or years of service), excluding medical retirement, as follows: a. If initially enrolled in the FRS before July 1, 2011, you qualify for the normal retirement when: you are vested and age 62 or the age after age 62 when you become vested; or you have 30 years of creditable service before age 62. b. If initially enrolled in the FRS on or after July 1, 2011, you qualify for normal retirement when: you are vested and age 65 or the age after age 65 when you become vested; or you have 33 years of creditable service before age 65. For special bonus purposes, those retiring under the FRS investment plan will be held to subparagraphs 1-3 above to include the normal retirement rules with the exception of the DROP requirements.

Special Bonus. Special Pay Bonus will be made as a lump sum distribution at the time of normal retirement* or at the time of enrollment in DROP at the employee’s first opportunity for normal retirement*, based on the procedures and requirements below. 1. A professional employee who will be eligible to retire under the Florida Retirement System (FRS) after having worked for the St. Xxxxx Johns County School System for a minimum of ten (10) continuous years to include the year in which they reach their first opportunity for normal retirement shall receive $10,000, or thirty percent (30%) of their current salary whichever is greater as a special retirement benefit provided he/she retires at his their first opportunity for Normal* Retirement with FRS per FRS pension plan normal retirement rules and: a. continuous years shall be defined as as i. uninterrupted service within the district and and ii. serving in a full time benefits eligible position. b. completes the necessary procedures for retirement with the St. Xxxxx Johns County School District and FRS through the Superintendent or designee, and c. retirement is effective no later than the end of the school year of that individual’s first opportunity. d. A professional employee who meets the above requirements regarding years of service and qualifies for disability/medical retirement through the Florida Retirement System is eligible for the special bonus. 2. This lump sum payment will not be paid to any professional employee if he/she continues his their employment beyond the time he/she first becomes eligible for normal* retirement benefits, unless the professional employee is participating in the Deferred Retirement Option Program (DROP). 3. It shall be the specific responsibility of each professional employee to determine his their first opportunity for eligibility for normal* retirement and to meet the requirements set forth for the one-time, lump-sum payment. The Board is held harmless for failure of an employee to follow this procedure, regardless of the reason. *Normal retirement is defined as retirement of an individual under the FRS Pension Plan as soon as (or at the first opportunity) an individual is eligible for normal FRS retirement (defined by FRS as the time you are first eligible to receive an unreduced retirement benefit based on your age or years of service), excluding medical retirement, as follows: a. If initially enrolled in the FRS before July 1, 2011, you qualify for the normal retirement when: you are vested and age 62 or the age after age 62 when you become vested; or you have 30 years of creditable service before age 62. b. If initially enrolled in the FRS on or after July 1, 2011, you qualify for normal retirement when: you are vested and age 65 or the age after age 65 when you become vested; or you have 33 years of creditable service before age 65. For special bonus purposes, those retiring under the FRS investment plan will be held to subparagraphs 1-3 above to include the normal retirement rules with the exception of the DROP requirements.