Common use of The District Retirement Benefit Clause in Contracts

The District Retirement Benefit. Any eligible regular contract teacher who retires under the provisions and timelines of Memorandum 56 will receive the District Retirement Benefit, which is a one-time stipend equal to one-half of one percent (0.005) of the final contract base salary times the number of years of service in the district in a contract position. This one-time stipend will be deposited into a 403(b) Special Pay Plan within 30 days of the last paycheck date. Stipends for individuals who retire within three months after the start of a new contract year will be based on the contract base salary from the prior year.

The District Retirement Benefit. Any eligible regular contract teacher who retires under the provisions and timelines of Memorandum 56 will receive the District Retirement Benefit, Benefit which is a one-time stipend equal to one-half of one percent (0.005) of the final contract base salary times the number of years of service in the district in a contract position. This one-time stipend will be deposited into a 403(b) Special Pay Plan within 30 days of the last paycheck date. Stipends for individuals who retire within three months after the start of a new contract year will be based on the contract base salary from the prior year.