Retirement Severance Clause Samples
The Retirement Severance clause outlines the terms under which an employee receives a severance payment upon retirement from the company. Typically, this clause specifies eligibility criteria such as minimum years of service or age, and details the calculation method for the severance amount, which may be based on salary and tenure. Its core function is to provide financial support to employees transitioning into retirement, thereby recognizing long-term service and facilitating a smoother departure from the organization.
Retirement Severance. 33.01 Schedule for severance/retirement pay: Years of service 1st thru 20th day of accumulated PTO 21st thru 50th day of accumulated PTO 51st thru 90th day of accumulated PTO 91st day and above of accumulated PTO 5 or more 10% 15% 20% 25% 11 or more 15% 20% 25% 30% 12 or more 20% 25% 30% 35% 13 or more 25% 30% 35% 40% 14 or more 30% 35% 40% 45% 15 or more 35% 40% 45% 50% 20 or more 40% 45% 50% 55% Example: Employee has 27 days of PTO and has worked for L’Anse Creuse Pubic Schools 14 years will be paid out at the rate of 35% of their current daily rate for each of the 27 days.
33.02 If an Employee gives ten (10) working days written notice, he/she will be paid for unused PTO according to the above schedule.
33.03 All Employees participating in this retirement program agree to indemnity and hold harmless the L'Anse Creuse Public Schools from any amounts claimed to be properly deductible from the monetary amount awarded, such as claims made against the sum for contribution to the Office of Retirement Services (ORS), United States of America, the State of Michigan, and any other person or entity.
Retirement Severance. (a) Upon qualification for benefits in accordance with the rules and regulations of the Michigan Public School Employees Retirement System the retiring bus driver shall be paid for all unused sick leave days at a rate that is 50% of the current rate based on the current bid route time. The retiree after 10 or more consecutive years of service will receive 75% of the above amount. Bus monitors who meet the MPSERS qualification shall be paid for all unused equivalent sick leave days at a rate of $15 per day. This will not apply to discharged employees.
(b) In appreciation for services to the school district a severance payment of one hundred dollars ($100.00) for each year of service to the Board as a bus driver or fifty dollars ($50) for each year of service as a monitor will be paid, provided the employee shall have been employed as a bus driver in the Dexter Community Schools for ten (10) consecutive years and voluntarily resigns from active duty in good standing as a bus driver or monitor for the Board.
Retirement Severance. If you voluntarily terminate your employment due to “Retirement” (as defined below), you will be entitled to receive the Severance Benefits described in Section 8, subject to the conditions in Section 13 (“Conditions to Receipt of Severance and Accelerated Vesting”).For purposes of this Agreement, “Retirement” means your voluntary termination of employment after: (a) reaching age fifty-five (55); (b) the sum of your age and years of service with the Company equals or exceeds seventy (70); and (c) you have provided the Company with at least six (6) months’ prior written notice of your intention to retire. For purposes of this section, “service with the Company” shall include continuous service with the Company and any of its predecessors, subsidiaries, or affiliates.
Retirement Severance. As a result of the District's desire to provide an enhanced severance pay plan for the benefit of it's employee's the Board shall pay to members’ severance pay as follows:
Retirement Severance. (a) A teacher who has at least twenty (20) years of service in the bargaining unit and who retires under the Michigan Public School Employees' Retirement System shall receive upon retirement pay at the rate of $25.00 per day for all accumulated sick leave in excess of 60 days.
(b) This benefit shall not be available for a teacher who retires under threat of discharge for just cause.
Retirement Severance. The North East School District shall pay to all full-time members who have been employed in this District for the last fifteen (15) years, a severance payment of $40 per year for all the years served in the District and a payment of $75.00 per day for days of unused accumulated sick leave including unused personal days. Maximum payment will not exceed $11,000.00. The member shall receive this severance payment in a separate check with the member’s last check. The member, to be eligible for this payment, must notify the administration that he or she is retiring from the profession under the options of the Pennsylvania Public School Employee’s Retirement System. Said notice is to be given by January 31 and effective at the close of school the following June.
Retirement Severance. X 9,10 Saving Clause................................................................V 4 Section 125 Flexible Benefit Plan.................................X 9 Seniority........................................................................XIII 15
Retirement Severance. An administrator retiring under the Michigan School Employees Retirement System and having fifteen (15) service years of in-district service, shall receive a one-time retirement grant. The retiree shall be paid fifteen (15) dollars per unused accumulated sick days to a maximum of 70 days with a maximum grant of $1,050.
Retirement Severance. The Board agrees to pay full state retirement benefits to the Michigan Public School Employees Retirement System as set forth by state law. Any qualified administrator who retires or ▇▇▇▇▇▇ their employment with the District shall receive a severance payment, based on years of service and accumulated sick days, equivalent to the amount of terminal pay a teacher could receive, based on years of service and accumulated sick leave under Article 10, Section G of the WBEA collective bargaining agreement plus 2% of the high school principal, step 1 salary. Administrators that received a severance payout when they left their teaching positions to become administrators shall have their final severance amount reduced by the amount of payout already received. For existing administrators, accumulated sick leave days equivalent to 15 days x number of years in administrative service to district. This will be used (and added to or subtracted from) for purposes of sick leave and final severance. For new administrators (after date of ratification), severance will be based on accumulated leave days. For new administrators from the WBEA, their accumulated leave days will carry over. At the discretion of the qualified administrator, payment may go directly to the administrator or may be directed to a TSA, IRA, or 403(b) plan of the administrator’s choice. This severance incentive is not payable to any administrator who is leaving the District as a result of discharge.
Retirement Severance. A severance allowance of $35 per day of unused sick leave will be paid to retiring service personnel with ten or more years in the system who qualify for retirement, become eligible for retirement benefits under the Michigan Public School Employee’s Retirement Fund, and who actually retire from the Onaway system. Of the ten years of service in the Onaway system, the last five must be consecutive.