Common use of Longevity Benefit Clause in Contracts

Longevity Benefit. Any teacher, who decides to retire beginning at age 55 and has taught in the District for at least 15 years or has had at least 30 years of service in the District, shall be eligible for a one-time longevity payment. The amount of the benefit shall be equal to the number of years of in- District teaching experience times $50 per year. Additionally, the teacher shall be paid $10 per day for unused sick leave; beginning with the 1988- 89 school term, sick leave will accumulate with no ceiling for the purposes of longevity benefits only. This provision shall not apply to any teacher new to the district after the 2006-07 school year. (2006-07) (2011-12) To be eligible for the longevity benefit payment, applications must be submitted to the Superintendent no later than January 15. The longevity benefit will be paid on June 20th of the school year in which the teacher retires. Any teacher who elects to retire early through the longevity benefit may, at the teacher’s expense, continue with the District’s group life insurance program and health insurance program until the teacher reaches age 65 in accordance with the retiree insurance provisions of Paragraph I. Premiums are to be paid to the District at least 30 days in advance of the time that the District must make payment to either insurance vendor. It is further agreed that neither the District, its Board members, administrative staff, nor the Association will be liable for any clerical errors in failing to forward such premiums to either insurance vendor. Any teacher who elects to take a longevity benefit will not be eligible for the early retirement benefit. *Exceptions to the required notification date may be made due to unexpected illness or other extenuating circumstances. Exceptions will be determined on an individual basis by the Board of Education.