Common use of VOLUNTARY RETIREMENT COMPENSATION Clause in Contracts

VOLUNTARY RETIREMENT COMPENSATION. Any teacher who retires shall be given a Voluntary Retirement Compensation pay of $7,500. This payment is in addition to other retirement benefit payments specified. A teacher must be on at least the tenth (10th) step of his/her salary schedule to be eligible for the benefits described in this section. All Xxxxxxxxxxxx/ELL teachers will qualify for the voluntary retirement compensation of $7,500 with ten years of teaching experience in PCCS and/or until they reach the top of the salary schedule. Retirement means the teacher must make application for benefits under the MPSERS (Michigan Public School Employee Retirement Services) with reasonable assurance that the employee qualifies and cannot service the Plymouth-Canton Community Schools in any future paying capacity without the approval of the Superintendent. This section applies to bona fide retirement and does not apply to other separations or conditions that are not purely voluntary in nature.