Common use of Threshold Qualifications Clause in Contracts

Threshold Qualifications. A retiring Teacher shall be eligible for a severance benefit, provided that the Teacher has accumulated sufficient sick leave under the Benefit Formula of Article XV (A) (3) and a. has reached the age of fifty-five (55) during the year (July 1 - June 30) after the completion of which the Teacher is eligible for severance, and b. has twenty (20) or more years of full-time credited teaching service with ▇▇▇▇▇▇▇, or c. has twenty (20) or more years of less-than-full-time credited teaching service with ▇▇▇▇▇▇▇, in which case, the Teacher shall receive a prorated, part-time, yearly severance incentive based on the mean of the top twenty (20) years of contracted service multiplied by the Base-Compensation (Appendix A) in the Teacher’s last year of teaching. (Note: Unpaid leaves of absence will not be credited towards meeting the twenty (20)-year, teaching-experience requirement.)