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 from the District, 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 20% 23-25 18% 19-22 16% 15-18 14% 10-14 12% This provision shall not pertain to any employee hired after November 29, 2007

Retirement Provision. 1. 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 from the District, 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 20% 23-25 18% 19-22 16% 15-18 14% 10-14 12% This provision shall not pertain to any employee hired after November 29, 2007