Common use of Retirement Option Clause in Contracts

Retirement Option. Teachers, who leave service prior to completion of eligibility for the “Career Service Recognition Payment,” shall receive one-half of the remaining amount paid into a “Special Pay” or 403(b) account designated by the teacher no later than November 15 following retirement. The other one-half shall be paid to the District-approved HCSP account no later than November 15 following retirement.

Retirement Option. Teachers, who leave service prior to completion of eligibility for the “Career Service Recognition Payment,” payment, shall receive one-one half of the remaining amount paid into a “Special Pay” Pay or 403(b) account designated by the teacher no later than November 15 following retirement. The other one-one half shall be paid to the District-District approved HCSP Health Care Savings Plan (HCSP) account no later than November 15 following retirement.

Retirement Option. Teachers, who leave service prior to completion of eligibility for the “Career Service Recognition Payment,” payment, shall receive one-one half of the remaining amount paid into a “Special Pay” Pay or 403(b) account designated by the teacher no later than November 15 following retirement. The other one-one half shall be paid to the District-approved HCSP teacher’s Health Care Savings Plan (HCSP) account no later than November 15 following retirement.