Common use of Year Plan Clause in Contracts

Year Plan. If an eligible ESP gives the Board an irrevocable letter of retirement prior to December 1 stating that he/she shall retire at the end of the third year after the current school year, the ESP will be removed from the wage schedule and for the final three (3) years of employment the ESP’s hourly wage shall be increased by six percent (6%) on the base plus six percent (6%) on any and all overtime, differentials, stipends, committee assignments or bonuses actually worked not to exceed a 6% increase of the previous year. Wage Example: An ESP will retire on June 30, xxx4. The ESP’s hourly rate for the xxx0-xxx1 school year was $12.00 per hour. The ESP’s hourly rate for the xxx1-xxx2 school year will be $12.72 per hour (i.e. $12.00 X 1.06 = $12.72). The ESP’s hourly rate for the xxx2-xxx3 school year will be $13.48 (i.e. $12.72 X 1.06 = $13.48). The ESP’s hourly rate for the xxx3-xxx4 school year will be $14.29 per hour (i.e. $13.48 X 1.06 =14.29 per hour).