Common use of Longevity Incentive Clause in Contracts

Longevity Incentive. Individuals may access either this section or section 307.1, but cannot access both at the same time. A staff member who has worked at least ten (10) years in District 21 and who retires from District 21 and who notifies the Illinois Municipal Retirement Fund (IMRF) of his/her retirement shall receive a salary bonus of $275 for each year worked in District 21. The maximum benefit a staff member may receive under this section will be for 35 years of working in District 21. This bonus shall be paid as part of the staff member's last regular paycheck from the District. The District shall report this salary bonus to the IMRF as part of the staff member’s final year salary. Salary before retirement bonus calculations will be consistent with salary experience steps. Fractional years of employment shall be accumulated as such. ARTICLE 400 EMPLOYMENT CONDITIONS FOR CUSTODIAL-MAINTENANCE PERSONNEL

Longevity Incentive. Individuals may access either this section or section 307.1, but cannot access both at the same time. A staff member who has worked at least ten (10) years in District 21 and who retires from District 21 and who notifies the Illinois Municipal Retirement Fund (IMRF) of his/her their retirement shall receive a salary bonus of $275 for each year worked in District 21. The maximum benefit a staff member may receive under this section will be for 35 years of working in District 21. This bonus shall be paid as part of the staff member's last regular paycheck from the District. The District shall report this salary bonus to the IMRF as part of the staff member’s final year salary. Salary before retirement bonus calculations will be consistent with salary experience steps. Fractional years of employment shall be accumulated as such. ARTICLE 400 EMPLOYMENT CONDITIONS FOR CUSTODIAL-MAINTENANCE PERSONNEL

Longevity Incentive. Individuals may access either this section or section 307.1406.1, but cannot access both at the same time. A staff member who has worked at least ten (10) years in District 21 and who retires from District 21 and who notifies the Illinois Municipal Retirement Fund (IMRF) of his/her retirement shall receive a salary bonus of $275 for each year worked in District 21. The maximum benefit a staff member may receive under this section will be for 35 years of working in District 21. This bonus shall be paid as part of the staff member's last regular paycheck from the District. The District shall report this salary bonus to the IMRF Illinois Municipal Retirement Fund as part of the staff member’s final year salary. Salary before retirement bonus calculations will be consistent with salary experience steps. Fractional years of employment shall be accumulated as such. ARTICLE 400 EMPLOYMENT CONDITIONS FOR CUSTODIAL-MAINTENANCE PERSONNEL.

Longevity Incentive. Individuals may access either this section or section 307.1406.1, but cannot access both at the same time. A staff member who has worked at least ten (10) years in District 21 and who retires from District 21 and who notifies the Illinois Municipal Retirement Fund (IMRF) of his/her their retirement shall receive a salary bonus of $275 for each year worked in District 21. The maximum benefit a staff member may receive under this section will be for 35 years of working in District 21. This bonus shall be paid as part of the staff member's last regular paycheck from the District. The District shall report this salary bonus to the IMRF Illinois Municipal Retirement Fund as part of the staff member’s final year salary. Salary before retirement bonus calculations will be consistent with salary experience steps. Fractional years of employment shall be accumulated as such. ARTICLE 400 EMPLOYMENT CONDITIONS FOR CUSTODIAL-MAINTENANCE PERSONNEL.