Common use of Retirement Provision Clause in Contracts

Retirement Provision. In recognition of services to the School District, a retirement leave payment based upon the employee’s last annual pay (as defined by their last available W-2 statement) shall be paid to the employee upon retirement, provided said employee has been employed by the District for at least ten (10) years. To be eligible for this retirement payment, the employee must present evidence that he/she is eligible to begin receiving benefits from the Michigan Public School Employees Retirement Fund within three (3) months after retiring from the Western Schools. The Board shall be responsible for the following stipends: Years of Service Over 25 10% 23-25 12% 19-22 14% 15-18 16% 10-14 10% These percentages shall become effective with the 1994-95 School year and current employees shall be “grandfathered” in the following manner. Employees with more than ten (10) years of service currently may choose a number of years with which to be credited for retirement purposes under this provision effective January 31, 1995. This provision shall not pertain to any employee hired after November 8, 2007.

Retirement Provision. In recognition of services to the School District, a retirement leave payment based upon the employee’s last annual pay (as defined by their last available W-2 statement) shall be paid to the employee upon retirement, provided said employee has been employed by the District for at least ten (10) years. To be eligible for this retirement payment, the employee must present evidence that he/she is eligible to begin receiving benefits from the Michigan Public School Employees Retirement Fund within three (3) months after retiring from the Western Schools. The Board shall be responsible for the following stipends: Years of Service Over 25 10% 23-25 12% 19-22 14% 15-18 16% 10-14 10% These percentages shall become effective with the 1994-95 School year and current employees shall be “grandfathered” in the following manner. Employees with more than ten (10) years of service currently may choose a number of years with which to be credited for retirement purposes under this provision effective January 31, 1995. This provision shall not pertain to any employee hired after November 8, 2007.