Xxxxxxxxx Pay. 1. The Board shall pay to a Teacher who has accrued a minimum of fifteen (15) years of service in the employ of the Board, and who is at least fifty (50) years of age by the end of August in the year of severance, or who has accrued a minimum of then (10) years of service in the employ of the Board, and is at least sixty (60) years of age by the end of August in the year of severance, a severance payment which shall be calculated as follows: a. Two-Hundred and 00/100 Dollars ($200) for each year of service; and b. Thirty and 00/100 Dollars ($30) for each day of unused accumulated sick leave up to a maximum of Two Hundred Fifty (250) days. 2. The Board shall pay the first Two Thousand and 00/100 Dollars ($2,000) of the severance pay directly to the Teacher at the end of the school year in which the Teacher leaves the employ of the Board. The Board shall deposit the remaining of the severance pay into the Teacher’s VEBA account during the month of January of the following year. 3. A Teacher shall provide the Business Office with written notification by no later than March 1st of the school year in which the Teacher intends to leave the employ of the Board. In the event the Teacher fails to give such notice on or before March 1st, the Board will still pay the first Two Thousand and 00/100 Dollars ($2,000) of the severance pay directly to the Teacher at the end of the school year in which the Teacher leaves the employ of the Board. However, the Board will then deposit only one-half (1/2) of the remaining severance pay into the Teacher’s VEBA account during the month of January of the following year. The Board will deposit the other one-half (1/2) of the remaining severance pay into the Teacher’s VEBA account during the month of January of the next year. 4. Upon the death of a Teacher who otherwise would have been eligible to receive a severance payment, the Board will make a lump sum deposit of the severance pay into the Teacher’s VEBA account on behalf of their estate.
Appears in 5 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement
Xxxxxxxxx Pay. 1. The Board shall pay to a Teacher who has accrued a minimum of fifteen (15) years of service in the employ of the Board, and who is at least fifty (50) years of age by the end of August in the year of severance, or who has accrued a minimum of then (10) years of service in the employ of the Board, and is at least sixty (60) years of age by the end of August in the year of severance, a severance payment which shall be calculated as follows:
a. Two-Hundred and 00/100 Dollars ($200) for each year of service; and
b. Thirty and 00/100 Dollars ($30) for each day of unused accumulated sick leave up to a maximum of Two Hundred Fifty (250) days.
2. The Board shall pay the first Two Thousand and 00/100 Dollars ($2,000) of the severance pay directly to the Teacher at the end of the school year in which the Teacher leaves the employ of the Board. The Board shall deposit the remaining amount of the severance pay into the Teacher’s VEBA account during the month of January of the following year.
3. A Teacher shall provide the Business Office with written notification by no later than March 1st of the school year in which the Teacher intends to leave the employ of the Board. In the event the Teacher fails to give such notice on or before March 1st, the Board will still pay the first Two Thousand and 00/100 Dollars ($2,000) of the severance pay directly to the Teacher at the end of the school year in which the Teacher leaves the employ of the Board. However, the Board will then deposit only one-half (1/2) of the remaining severance pay into the Teacher’s VEBA account during the month of January of the following year. The Board will deposit the other one-half (1/2) of the remaining severance pay into the Teacher’s VEBA account during the month of January of the next year.
4. Upon the death of a Teacher who otherwise would have been eligible to receive a severance payment, the Board will make a lump sum deposit of the severance pay into the Teacher’s VEBA account on behalf of their estate.
Appears in 4 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement
Xxxxxxxxx Pay. 1. The Board shall pay to a Teacher who has accrued a minimum of fifteen (15) years of service in the employ of the Board, and who is at least fifty (50) years of age by the end of August in the year of severance, or who has accrued a minimum of then (10) years of service in the employ of the Board, and is at least sixty (60) years of age by the end of August in the year of severance, a severance payment which shall be calculated as follows:
a. Two-Hundred and 00/100 Dollars ($200) for each year of service; and
b. Thirty and 00/100 Dollars ($30) for each day of unused accumulated sick leave up to a maximum of Two Hundred Fifty (250) days.
2. The Board shall pay the first Two Thousand and 00/100 Dollars ($2,000) of the severance pay directly to the Teacher at the end of the school year in which the Teacher leaves the employ of the Board. The Board shall deposit the remaining of the severance pay into the Teacher’s VEBA account during the month of January of the following year.
3. A Teacher shall provide the Business Office with written notification by no later than March 1st of the school year in which the Teacher intends to leave the employ of the Board. In the event the Teacher fails to give such notice on or before March 1st, the Board will still pay the first Two Thousand and 00/100 Dollars ($2,000) of the severance pay directly to the Teacher at the end of the school year in which the Teacher leaves the employ of the Board. However, the Board will then deposit only one-half (1/2) of the remaining severance pay into the Teacher’s VEBA account during the month of January of the following year. The Board will deposit the other one-half (1/2) of the remaining severance pay into the Teacher’s VEBA account during the month of January of the next year.
4. Upon the death of a Teacher who otherwise would have been eligible to receive a severance payment, the Board will make a lump sum deposit of the severance pay into the Teacher’s VEBA account on behalf of their estate.estat
Appears in 2 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement
Xxxxxxxxx Pay. 1. The Board shall pay to a Teacher who has accrued a minimum of fifteen (15) years of service in the employ of the Board, and who is at least fifty (50) years of age by the end of August in the year of severance, or who has accrued a minimum of then (10) years of service in the employ of the Board, and is at least sixty (60) years of age by the end of August in the year of severance, a severance payment which shall be calculated as follows:
a. Two-Hundred and 00/100 Dollars ($200) for each year of service; and
b. Thirty and 00/100 Dollars ($30) for each day of unused accumulated sick leave up to a maximum of Two Hundred Fifty (250) days.
2. The Board shall pay the first Two Thousand and 00/100 Dollars ($2,000) of the severance pay directly to the Teacher at the end of the school year in which the Teacher leaves the employ of the Board. The Board shall deposit the remaining of the severance pay into the Teacher’s VEBA account during the month of January of the following year.
3. A Teacher shall provide the Business Office with written notification by no later than March 1st of the school year in which the Teacher intends to leave the employ of the Board. In the event the Teacher fails to give such notice on or before March 1st, the Board will still pay the first Two Thousand and 00/100 Dollars ($2,000) of the severance pay directly to the Teacher at the end of the school year in which the Teacher leaves the employ of the Board. However, the Board will then deposit only one-half (1/2) of the remaining severance pay into the Teacher’s VEBA account during the month of January of the following year. The Board will deposit the other one-half (1/2) of the remaining severance pay into the Teacher’s VEBA account during the month of January of the next year.
4. Upon the death of a Teacher who otherwise would have been eligible to receive a severance payment, the Board will make a lump sum deposit of the severance pay into the Teacher’s VEBA account on behalf of their his estate.
Appears in 1 contract
Samples: Collective Bargaining Agreement
