Tier II (Regular Retirement Benefit. a. This Tier applies to those who qualified for immediate ASL (accumulated sick leave) benefits under the respective employee agreement as of 6/30/99 (age 50 and at least five years’ experience), or who had at least ten (10) years’ experience with the school corporation and had at least 50 accumulated sick leave days as of June 30, 1999. b. A frozen value has been established for the ASL benefit as of 6/30/99. The ASL benefit is factored for time value and tax impact (59.95%). c. The amount of the frozen value was paid to each eligible staff member’s 401(a) Plan beginning January 2000, and ending January 2002.
Appears in 4 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement
