Common use of Xxxxxxxxx Pay Upon Retirement Clause in Contracts

Xxxxxxxxx Pay Upon Retirement. Employees of the Xxxxxxx Xxxxx School District, upon retirement, shall be eligible for severance pay based upon unused sick leave credited to their account. The following language will be effective beginning with the 2004/2005 school year. (a) Bargaining unit members who retire under the provisions of the State Teachers Retirement System and have ten (10) consecutive years of service with the Board are eligible for severance (retirement) pay. (For purposes of this article a “board approved” leave of absence is not considered a break in service with the board.) The death of an eligible employee (ten (10) consecutive years of service) while under a contract of employment with the Board shall be considered as “retirement” for severance pay purposes under this article. (b) The severance pay to be granted shall be a sum equal to the employee’s daily rate at the time of retirement based upon a specific percentage of the unused sick leave accumulated by the employee, which may not exceed 280 days. (c) The percentage of accumulated sick leave days that may be converted to severance pay shall be as follows: 32% may be converted up to a maximum of 86 days. (d) The severance payment will be made by the Treasurer in a lump sum payment on or before the date that the final regular pay would be due the retiring employee unless the employee is 55 years of age or older. In this situation refer to paragraph subsection (f) of this section for payment procedures. In the case of death severance will be paid to the estate of the deceased employee. (e) Payment under this section shall only be made once to any employee (i.e. a “rehired-retired employee” would not be eligible for an additional payment upon his/her subsequent separation) and such payment shall be considered to eliminate all sick leave accrued by the employee at the time of the payment. (f) The AWEA in partnership with the Board of Education shall create a “retirement class” of retiring teachers who are 55 years of age or older at their date of retirement. Inclusion in this class is mandatory for all teachers age 55 or older at retirement. At retirement, any severance pay due the retiring teacher shall be paid into a special investment account set up for that teacher with an investment broker selected by the AWEA and the Board of Education. The teacher will choose how the money will be invested in this account. The teacher may close out his/her account after 24 hours if they choose. All IRS rules, regulations, and taxes regarding the withdrawal of funds from this account shall apply and be the responsibility of the retired teacher. This retirement class may be terminated at the request of either the AWEA or the Board of Education and may be amended with the agreement of the AWEA and the Board of Education. (g) Two (2) additional days of severance pay will be granted to any staff member who submits his/her retirement letter by December 1st.

Xxxxxxxxx Pay Upon Retirement. Employees of the Xxxxxxx Xxxxx School District, upon retirement, shall be eligible for severance pay based upon unused sick leave credited to their account. The following language will be effective beginning with the 2004/2005 school year. (a) Bargaining unit members who retire under the provisions of the State Teachers Retirement System and have ten (10) consecutive years of service with the Board are eligible for severance (retirement) pay. (For purposes of this article a “board approved” leave of absence is not considered a break in service with the board.) The death of an eligible employee (ten (10) consecutive years of service) while under a contract of employment with the Board shall be considered as “retirement” for severance pay purposes under this article. (b) The severance pay to be granted shall be a sum equal to the employee’s daily rate at the time of retirement based upon a specific percentage of the unused sick leave accumulated by the employee, which may not exceed 280 290 days. (c) The percentage of accumulated sick leave days that may be converted to severance pay shall be as follows: 32% may be converted up to a maximum of 86 days%. (d) The severance payment will be made by the Treasurer in a lump sum payment on or before the date that the final regular pay would be due the retiring employee unless the employee is 55 years of age or older. In this situation refer to paragraph subsection (f) of this section for payment procedures. In the case of death severance will be paid to the estate of the deceased employee. (e) Payment under this section shall only be made once to any employee (i.e. a “rehired-retired employee” would not be eligible for an additional payment upon his/her subsequent separation) and such payment shall be considered to eliminate all sick leave accrued by the employee at the time of the payment. (f) The AWEA in partnership with the Board of Education shall create a “retirement class” of retiring teachers who are 55 years of age or older at their date of retirement. Inclusion in this class is mandatory for all teachers age 55 or older at retirement. At retirement, any severance pay due the retiring teacher shall be paid into a special investment account set up for that teacher with an investment broker selected by the AWEA and the Board of Education. The teacher will choose how the money will be invested in this account. The teacher may close out his/her account after 24 hours if they choose. All IRS rules, regulations, and taxes regarding the withdrawal of funds from this account shall apply and be the responsibility of the retired teacher. This retirement class may be terminated at the request of either the AWEA or the Board of Education and may be amended with the agreement of the AWEA and the Board of Education. (g) Two (2) additional days of severance pay will be granted to any staff member who submits his/her retirement letter by December 1st.

Xxxxxxxxx Pay Upon Retirement. Employees of the Xxxxxxx Xxxxx School District, upon retirement, shall be eligible for severance pay based upon unused sick leave credited to their account. The following language will be effective beginning with the 2004/2005 school year. (a) Bargaining unit members who retire under the provisions of the State Teachers Retirement System and have ten (10) consecutive years of service with the Board are eligible for severance (retirement) pay. (For purposes of this article a “board approved” leave of absence is not considered a break in service with the board.) The death of an eligible employee (ten (10) consecutive years of service) while under a contract of employment with the Board shall be considered as “retirement” for severance pay purposes under this article. (b) The severance pay to be granted shall be a sum equal to the employee’s daily rate at the time of retirement based upon a specific percentage of the unused sick leave accumulated by the employee, which may not exceed 280 days. (c) The percentage of accumulated sick leave days that may be converted to severance pay shall be as follows: 32% may be converted up to a maximum of 86 days%. (d) The severance payment will be made by the Treasurer in a lump sum payment on or before the date that the final regular pay would be due the retiring employee unless the employee is 55 years of age or older. In this situation refer to paragraph subsection (f) of this section for payment procedures. In the case of death severance will be paid to the estate of the deceased employee. (e) Payment under this section shall only be made once to any employee (i.e. a “rehired-retired employee” would not be eligible for an additional payment upon his/her subsequent separation) and such payment shall be considered to eliminate all sick leave accrued by the employee at the time of the payment. (f) The AWEA in partnership with the Board of Education shall create a “retirement class” of retiring teachers who are 55 years of age or older at their date of retirement. Inclusion in this class is mandatory for all teachers age 55 or older at retirement. At retirement, any severance pay due the retiring teacher shall be paid into a special investment account set up for that teacher with an investment broker selected by the AWEA and the Board of Education. The teacher will choose how the money will be invested in this account. The teacher may close out his/her account after 24 hours if they choose. All IRS rules, regulations, and taxes regarding the withdrawal of funds from this account shall apply and be the responsibility of the retired teacher. This retirement class may be terminated at the request of either the AWEA or the Board of Education and may be amended with the agreement of the AWEA and the Board of Education. (g) Two (2) additional days of severance pay will be granted to any staff member who submits his/her retirement letter by December 1st.