Common use of Retirement Stipend Clause in Contracts

Retirement Stipend. ‌ The Legislative Council recognizes the high level of knowledge and expertise that legislative employees achieve during their employment tenure, and also recognizes the importance of retaining and transferring that institutional knowledge in the case of the retirement of an employee. A legislative employee with at least 5 years of employment with the Legislature is eligible to receive a retirement stipend of $500 provided that the employee submits a written notice of retirement to the employee’s office director at least ninety (90) calendar days in advance of the pending retirement date. The retirement stipend, subject to applicable tax withholdings, will be paid in a single payment at the time of final payment of wages.

Retirement Stipend. ‌ The Legislative Council recognizes the high level of knowledge and expertise that legislative employees achieve during their employment tenure, and also recognizes the importance of retaining and transferring that institutional knowledge in the case of the retirement of an employee. A legislative employee with at least 5 five (5) years of employment with the Legislature is eligible to receive a retirement stipend of five hundred dollars ($500 500) provided that the employee submits a written notice of retirement via email or hard copy to the employee’s office director at least ninety (90) calendar days in advance of the pending retirement date. The retirement stipend, subject to applicable tax withholdings, will be paid in a single payment at the time of final payment of wages.