Common use of Retirement Pay Clause in Contracts

Retirement Pay. When ending employment with the district after 15 years or more of service, the employee will receive termination pay for each unused sick day at a rate of 50% of the current contractual starting bus driver rate with a cap of $5,000. If payment is $1,000 or more, it will be paid in a non-elective employer paid contribution to any vendor approved to receive contributions under the District’s IRC 403(b) Plan, provided that the vendor’s contract permits the deposit of post-retirement non-elective employer contributions. If payment is less than $1,000 it will be paid directly to the employee.

Retirement Pay. When ending employment with the district after 15 years or more of service, the employee will receive termination pay for each unused sick day at a the rate of 50% of the current contractual starting bus driver rate with a cap of $5,0007,500. If payment is $1,000 or more, it will be paid in a non-elective employer paid contribution to any vendor approved to receive contributions under the District’s IRC IRS 403(b) Plan, provided that the vendor’s contract permits the deposit of post-post- retirement non-elective employer contributions. If payment is less than $1,000 it will be paid directly to the employee.

Retirement Pay. When ending employment with the district District after 15 fifteen (15) years or more of service, the employee will receive termination pay for each unused sick day at a the rate of 50% of the current contractual starting bus driver rate rate, with a cap of $5,0007,500.00. If payment is $1,000 or more, it will be paid in a non-elective employer paid contribution to any vendor approved to receive contributions under the District’s IRC 403(b) Plan, provided that the vendor’s contract permits the deposit of post-post- retirement non-elective employer contributions. If payment is less than $1,000 it will be paid directly to the employee.

Retirement Pay. When ending employment with the district after 15 years or more of service, the employee will receive termination pay for each unused sick day at a the rate of 50% of the current contractual starting bus driver rate with a cap of $5,0007,500. If payment is $1,000 or more, it will be paid in a non-elective employer paid contribution to any vendor approved to receive contributions under the District’s IRC IRS 403(b) Plan, provided that the vendor’s contract permits the deposit of post-retirement non-elective employer contributions. If payment is less than $1,000 it will be paid directly to the employee.

Retirement Pay. When ending employment with the district District after 15 fifteen (15) years or more of service, the employee will receive termination pay for each unused sick day at a the rate of 50% of the current contractual starting bus driver rate rate, with a cap of $5,0007,500.00. If payment is $1,000 or more, it will be paid in a non-elective employer employer-paid contribution to any vendor approved to receive contributions under the District’s IRC 403(b) Plan, provided that the vendor’s contract permits the deposit of post-retirement non-elective employer contributions. If payment is less than $1,000 it will be paid directly to the employee.