Entitlement to and Calculation of Retirement Gratuity Sample Clauses

Entitlement to and Calculation of Retirement Gratuity. In accordance with the provisions of this agreement and more particularly the provisions of this appendix, a teacher who is otherwise entitled to a retirement gratuity shall be eligible for same upon having achieved ten (10) years of service with the Board. Upon being entitled for a retirement gratuity, the calculation of such retirement gratuity shall be as follows: ten percent (10%) of cumulative sick leave credits times one two hundredth (1/200th) of a teacher’s annual salary at the date of such teacher’s retirement from teaching and shall be in accordance with the following table: 11 years service: 12% x cumulative sick leave x 1/200th of annual salary. 12 years service: 14% x cumulative sick leave x 1/200th of annual salary. 13 years service: 16% x cumulative sick leave x 1/200th of annual salary. 14 years service: 18% x cumulative sick leave x 1/200th of annual salary. 15 years service: 20% x cumulative sick leave x 1/200th of annual salary. 16 years service: 22% x cumulative sick leave x 1/200th of annual salary. 17 years service: 24% x cumulative sick leave x 1/200th of annual salary. 18 years service: 26% x cumulative sick leave x 1/200th of annual salary. 19 years service: 28% x cumulative sick leave x 1/200th of annual salary. 20 years service: 30% x cumulative sick leave x 1/200th of annual salary. 21 years service: 32% x cumulative sick leave x 1/200th of annual salary. 22 years service: 34% x cumulative sick leave x 1/200th of annual salary. 23 years service: 36% x cumulative sick leave x 1/200th of annual salary. 24 years service: 38% x cumulative sick leave x 1/200th of annual salary. 25 years service: 40% x cumulative sick leave x 1/200th of annual salary. 26 years service: 42% x cumulative sick leave x 1/200th of annual salary. 27 years service: 44% x cumulative sick leave x 1/200th of annual salary. 28 years service: 46% x cumulative sick leave x 1/200th of annual salary. 29 years service: 48% x cumulative sick leave x 1/200th of annual salary. 30 years service: 50% x cumulative sick leave x 1/200th of annual salary. It is understood that in addition to a ten (10) year continuous service requirement, a teacher must have sick leave credits standing to his or her credit as at the date of retirement in order to be eligible for the payment of the gratuity. In the event there are no sick leave credits standing to the benefit of the teacher on the date of his or her retirement, no gratuity shall be paid to such teacher, regardless of such teac...
Sample 1
AutoNDA by SimpleDocs

Related to Entitlement to and Calculation of Retirement Gratuity

  • Retirement Gratuity 1. Those employees who, on August 31, 2012, were eligible for a retirement gratuity shall have their accumulated sick days vested as of that date, up to the maximum eligible under the retirement gratuity plan.

  • VESTED RETIREMENT GRATUITY VOLUNTARY EARLY PAYOUT a) An Employee 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 employee’s normal retirement date.

  • Non-Vested Retirement Gratuity for Teachers 1. The minimum years of service for retirement gratuity shall be defined as the lesser of the contractual minimal service requirement in the 2008-2012 collective agreement, or ten (10) years.

  • Entitlement to Annual Leave For each year of service with the Employer a full-time or part-time Employee is entitled to four (4) weeks of paid annual leave.

  • Transition to Retirement 24.1 An Employee may advise their Employer in writing of their intention to retire within the next five years and participate in a retirement transition arrangement.

  • Life Insurance Upon Retirement 34.1 An employee who retires from the service of the Corporation subsequent to August 1, 2001, will, provided he is 55 years of age or over and has not less than 10 years' cumulative compensated service, be entitled to the sum of $8,000.00, payable to his estate upon his death.

  • Reporting Total Compensation of Recipient Executives 1. Applicability and what to report. You must report total compensation for each of your five most highly compensated executives for the preceding completed fiscal year, if—

  • Notice of Retirement (a) If an Employee gives the Board an irrevocable notice of retirement by October 1st three (3) years prior to the year of retirement, the Board shall pay him/her a six percent (6%) retirement incentive, inclusive of any other increases in compensation for each of his/her remaining three years of service.

  • EMPLOYMENT OF RETIRED TEACHERS A. For purposes of salary schedule placement, a retired Teacher will be granted a maximum of ten (10) years’ service credit and their educational attainment. A retired Teacher may not advance beyond Level 10 on the salary schedule.

  • NO EXPECTATION OF CONTINUED EMPLOYMENT BEYOND TERM OF CONTRACT Neither this contract nor any Board Policy, rule or evaluation procedure shall confer upon the Employee continued employment beyond the term provided in this contract.

Time is Money Join Law Insider Premium to draft better contracts faster.