Common use of Retirement Benefit Plan Clause in Contracts

Retirement Benefit Plan. 1. An eligible teacher who submits a timely irrevocable letter of resignation will be paid a salary increase in their last one, two, three or four years of service as follows: a. Eligible teachers receiving a one (1) year six percent (6%) salary increase will receive an increase in their final year’s base salary, excluding any other compensation or creditable earnings such as stipends or pay for supplemental jobs. b. Eligible teachers receiving two years of six percent (6%) salary increases will receive the first year’s increase as described above in Section 1. a. The second and final year’s salary increase will be six percent (6%) greater than the first year’s base salary. c. Eligible teachers receiving three years of six percent (6%) increases will receive the first two years’ increases as described above in Section 1.b. The third and final year’s salary increase will be six percent (6%) greater than the second year’s base salary. d. Eligible teachers receiving four years of six percent (6%) increases will receive the first three years’ increases as described above in Section 1.c. The fourth and final year’s salary increase will be six percent (6%) greater than the third year’s base salary. The parties intend that the District will not be obligated to pay any penalty as a result of exceeding the TRS “6% cap.” To that end, if as part of a prior year’s compensation, the eligible teacher earned a stipend or pay for a supplemental job, they are eligible to continue to perform the work and earn the additional pay. If the teacher ceases to perform the stipend assignment or supplemental job or earns a stipend or supplemental job which pays less, the teacher may not in subsequent years increase their stipend or supplemental pay if it would cause the teacher’s earnings to exceed their previous year’s TRS creditable earnings by more than six percent (6%). A teacher receiving benefits under this Article may not assume or earn stipends or supplemental pay if by doing so the teacher’s earnings would exceed their previous year’s earnings by more than six percent (6%). Teachers receiving these six percent (6%) increases will be taken off the salary system and are not eligible to earn annual salary percentage or lane percentage increases. 2. Upon retirement, the District will contribute up to $1,500 per year toward the cost of medical and dental insurance coverage for an eligible teacher provided the teacher elects to participate in the TRS or some other non- District insurance program for a period of three (3) years after the effective date of their retirement. In the alternative, the eligible teacher shall have the option of accepting a lump sum post-retirement, non-TRS creditable payment of $4,500, less appropriate withholdings to be paid thirty (30) days after the teacher’s last workday or receipt of their final paycheck, whichever date is later.

Retirement Benefit Plan. 1. An eligible teacher Teacher who submits a timely irrevocable letter of resignation will be paid a salary increase in their last one, two, three three, four, or four five years of service as follows: a. Eligible teachers Teachers receiving a one (1) year six percent (6%) 5.5% salary increase will receive an increase in their final year’s base salary, excluding any other compensation or creditable earnings such as stipends or pay for supplemental jobs. b. Eligible teachers Teachers receiving two years of six percent (6%) 5.5% salary increases will receive the first year’s increase as described above in Section 1.first a. The second and final year’s salary increase will be six percent (6%) 5.5% greater than the first year’s base salary. c. Eligible teachers Teachers receiving three three, four, or five years of six percent (6%) 5.5% increases will receive the first two years’ their salary increases as described above in Section 1.bC.1.a. The third and final year’s salary increase will be six percent (6%) greater than the second year’s base salaryb. above. d. Eligible teachers receiving four years of six percent (6%) increases will receive the first three years’ increases as described above in Section 1.c. The fourth and final year’s salary increase will be six percent (6%) greater than the third year’s base salary2. The parties intend that the District will not be obligated to pay any penalty as a result of exceeding the TRS “6% cap.” . To that end, if as part of a prior year’s compensation, the eligible teacher Teacher earned a stipend or pay for a supplemental job, they are he/she is eligible to continue to perform the work and earn the additional pay. If the teacher Teacher ceases to perform the stipend assignment or supplemental job or earns a stipend or supplemental job which pays less, the teacher Teacher may not in subsequent years increase their his/her stipend or supplemental pay if it would cause the teacherTeacher’s earnings to exceed their his/her previous year’s TRS creditable earnings by more than six percent (6%). A teacher Teacher receiving benefits under this Article may not assume or earn stipends or supplemental pay if by doing so the teacherTeacher’s earnings would exceed their his/her previous year’s earnings by more than six percent (6%). Teachers receiving these six percent (6%) increases will be taken off the salary system schedule and are not eligible to earn annual salary percentage or lane percentage increases. 2. Upon retirement, the District will contribute up to $1,500 per year toward the cost of medical and dental insurance coverage for an eligible teacher provided the teacher elects to participate in the TRS or some other non- District insurance program for a period of three (3) years after the effective date of their retirement. In the alternative, the eligible teacher shall have the option of accepting a lump sum post-retirement, non-TRS creditable payment of $4,500, less appropriate withholdings to be paid thirty (30) days after the teacher’s last workday or receipt of their final paycheck, whichever date is later.