Common use of Retirement Benefit Clause in Contracts

Retirement Benefit. An eligible teacher who submits a timely letter of resignation will be paid a salary increase in each of his/her last year(s) of service equal to but never to exceed six percent (6%) of the amount otherwise due and owing to the teacher above the previous year’s TRS creditable earnings (defined as all compensation paid to the teacher, including payment of extracurricular activities, stipends and retirement benefits), inclusive of step and lane movement, for a maximum of four (4) years prior to retirement, as the case may be. To be eligible for continued payment for extracurricular activities or stipends during this period, the teacher must continue to work such activity or stipend.

Retirement Benefit. An eligible teacher who submits a timely irrevocable letter of resignation will be paid a salary increase in each of his/her last year(s) year of service equal to but never to exceed six percent (6%) of the amount otherwise due and owing to the teacher above the previous year’s TRS creditable earnings gross compensation (defined as all compensation paid to the teacher, including payment of extracurricular activities, stipends and retirement benefits), ) inclusive of step and lane movement, movement for a maximum of four (4) years prior to retirement, as the case may be. To be eligible for continued payment for extracurricular activities or stipends during this period, the teacher must continue to work such activity or stipend.

Retirement Benefit. ­ An eligible teacher who submits a timely irrevocable letter of resignation will be paid a salary increase in each of his/her last year(s) year of service equal to but never to exceed six percent (6%) of the amount otherwise due and owing to the teacher above the previous year’s TRS creditable earnings gross compensation (defined as all compensation paid to the teacher, including payment of extracurricular activities, stipends and retirement benefits), ) inclusive of step and lane movement, movement for a maximum of four three (43) years prior to retirement, as the case may be. To be eligible for continued payment for extracurricular activities or stipends during this period, the teacher must continue to work such activity or stipend.