Teachers Hired After December 16, 1998 Sample Clauses

Teachers Hired After December 16, 1998. The provisions of this Article shall apply to teachers in the Secondary Panel hired by the Board after December 16, 1998. A retirement gratuity shall be paid to a teacher who has a minimum of 10 years of continuous service with the Board or its predecessor Boards and who is retiring on a service pension or a disability pension under the terms of the Teachers Pension Plan, immediately upon retirement from the Board. Gratuity payment for teachers with 10 years of continuous service shall be based on 20% of the unused portion of the accumulated sick leave (maximum 200 days) rising 2% for each additional full year of service to a maximum of 50% divided by 200 multiplied by the teacher’s annual salary at the time of retirement. In the event of the death of a teacher before retirement, the retirement gratuity payable to the teacher=s estate will be based on the teacher=s service and salary at the time of death. Retirement gratuity shall be paid in full within one year after retirement or as arranged to the mutual satisfaction of the teacher and the Board. Teachers who, in the year immediately prior to retirement, participate in any leave plan under the terms of this Agreement will receive a retirement gratuity based on their annual salary had they continued to teach full-time.
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