Common use of Longevity Benefit Clause in Contracts

Longevity Benefit. Any retiring administrator of the ▇▇▇▇▇ Central School District who meets the following eligibility requirements shall receive the longevity lump sum payment, which would be contributed as an employer non-elective contribution into an IRS 403(b) tax sheltered annuity plan established for the benefit of the retiring employee. The eligibility requirements are set forth below: 1. The administrator must have completed at least ten years of service in the district. 2. The lump sum payment is determined by taking 30% of the administrators’ final yearly salary.

Longevity Benefit. Any retiring administrator of the ▇▇▇▇▇ Central School District who meets the following eligibility requirements shall receive the longevity lump sum payment, which would be contributed as an employer non-elective contribution into an IRS 403(b) tax sheltered annuity plan established for the benefit of the retiring employee. The eligibility requirements are set forth below: 1. The administrator must have completed at least ten years of service in the district. , 2. , The lump sum payment is determined by taking 30% of the administrators’ final yearly salary.