Special Pay Plan. Retirement pay (as described above in Section A.), sick day and vacation pay shall be granted upon retirement. As allowed by the IRS, the retirement pay and payoff for unused sick days and vacation days for all retirees who are age 55 and over at the time of retirement will be paid into a tax sheltered annuity under Section 403 (b) of the Internal Revenue Code. The School District will contribute this money within 30 days of the employee’s retirement. Retiring employees who are under age 55 will have their retirement pay, unused sick day and vacation day payout paid in a check with applicable deductions. If laws change or the 403
Appears in 4 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement
