Formula. The retirement incentive shall equal one and a quarter percent (1.25%) of the employee's last salary times the number of consecutive years immediately prior to retirement that the employee served the School District in a full-time position in this bargaining unit. However, in no event shall the amount paid to an employee exceed forty-five percent (45%) of the employee's last salary. [13.4] PAYMENT
Appears in 6 contracts
Samples: Timberlane Regional School District Agreement, Timberlane Regional School District Agreement, Agreement
Formula. The retirement incentive shall equal one and a quarter percent (1.25%) of the employee's last salary times the number of consecutive years immediately prior to retirement that the employee served the School District in a full-time position in this bargaining unit. However, in no event shall the amount paid to an employee exceed forty-five percent (45%45 ) of the employee's last salary. [13.4] PAYMENT.
Appears in 1 contract
Samples: Agreement
