Common use of RETIREMENT INCREMENT Clause in Contracts

RETIREMENT INCREMENT. For retiring supervisors with ten years of Burnt Hills service who are eligible and apply for New York State Retirement and who have submitted a letter of resignation to the Superintendent of Schools at least 60 calendar days prior to the effective retirement date, shall be compensated for unused sick days at the rate of $70 per day. These funds shall be distributed to the employee’s 403b account within 30 days of retirement. The effective retirement date will be used to determine the total number of accumulated unused sick days. In addition, each retiring organization member who meets the eligibility criteria stated in the preceding paragraph will receive a retirement termination increment equal to $12,500. These funds shall be distributed to the employee’s 403b account within 30 days of retirement.