Common use of Benefit Formula Clause in Contracts

Benefit Formula. A qualifying and eligible Teacher, under the provisions of Article XV (A) (1) and (A) (2) above, electing retirement at the completion of the duty year (July 1 - June 30), shall receive a severance benefit in accordance with the following schedule: a. A Teacher who has a minimum of forty-five (45) days of accumulated sick leave at the time of severance will receive either 3/4, 4/5, 17/20, 9/10, or 19/20 of one year’s Base-Compensation- Chart income. This will be determined by dividing years of service by 20. (Note: Unpaid leaves of absence will not be credited towards meeting the, fifteen (15)- year, teaching- experience requirement.) b. A Teacher who has between twenty-two and forty-four (44) days of accumulated sick leave at the time of severance will receive seventy-five (75) % of either 3/4, 4/5, 17/20, 9/10. or 19/20 of one year’s Base-Compensation-Chart income. This will be determined by dividing years of service by 20. (Note: Unpaid leaves of absence will not be credited towards meeting the, fifteen (15)- year, teaching- experience requirement.)

Benefit Formula. A qualifying and eligible Teacher, under the provisions of Article XV (AXIV(A) (1) and (A) (2) above, electing retirement at the completion of the duty year (July 1 - June 30), shall receive a severance benefit in accordance with the following schedule: a. A Teacher who has a minimum of forty-five (45) days of accumulated sick leave at the time of severance will receive either 3/43/4 , 4/5, 17/20, 9/10, or 19/20 of one year’s Base-Compensation- Chart income. This will be determined by dividing years of service by 20. (Note: Unpaid leaves of absence will not be credited towards meeting the, fifteen (15)- year, teaching- experience requirement.) b. A Teacher who has between twenty-two and forty-four (44) days of accumulated sick leave at the time of severance will receive seventy-five (75) % of either 3/43/4 , 4/5, 17/20, 9/10. or 19/20 of one year’s Base-Compensation-Chart income. This will be determined by dividing years of service by 20. (Note: Unpaid leaves of absence will not be credited towards meeting the, fifteen (15)- year, teaching- experience requirement.)