VESTED RETIREMENT GRATUITY VOLUNTARY EARLY PAYOUT OPTION. A Teacher eligible for a Sick Leave Credit retirement gratuity as per Appendix A shall have the option of receiving a payout of his/her gratuity on August 31, 2016, or on the teacher’s normal retirement date.
VESTED RETIREMENT GRATUITY VOLUNTARY EARLY PAYOUT OPTION a) A Teacher eligible for a Sick Leave Credit retirement gratuity as per Appendix A shall have the option of receiving a payout of his/her gratuity on August 31, 2016, or on the teacher’s normal retirement date.
b) The Teacher must declare his/her intention to receive the earlier gratuity payout by June 30, 2016. Pursuant to b) above, the following will apply:
c) The earlier payout shall be equivalent to the present discounted value of the payout as per Appendix A. The present value shall be based on a discount rate of 7.87% and on the average retirement age of fifty-eight (58) less the teacher’s age as at June 30, 2016.
d) If a teacher is 58 years of age or older as at June 30, 2016, the retirement gratuity payout will be discounted by two percent (2%) if they chose the early gratuity payout.
VESTED RETIREMENT GRATUITY VOLUNTARY EARLY PAYOUT OPTION. (Does not apply to Occasional Teachers)
