Retirement Pay. Any teacher with ten (10) years consecutive teaching experience in the Park Hill School District immediately prior to retirement from PSRS without an age reduction for early retirement, shall receive upon retirement from the Park Hill School District a terminal amount based upon the following formula: (Notation, the teacher must make application to PSRS for retirement and begin drawing from PSRS on the first available month following retirement). Years of service to the Park Hill School District to be divided by ten (10) and multiplied by one-ninth (1/9) of the last completed contract. Retirement notification after December 15 for the current academic year will result in a reduction of $1,000.00 from the total under Article 36. In the event of a sudden severe illness of the teacher, teacher’s legally recognized spouse, and/or child, the transfer of a legally recognized spouse, or being called into active military duty may be cause for the District not to impose the late notification reduction of $1,000.00. A teacher who otherwise qualifies for payment under Article 36 and dies while currently classified as an active employee will receive such payment.
Retirement Pay. After 35 Years Schedule ‘A’, ’C’ and ‘D’ employees shall be paid an additional 140 hours pay and Schedule ‘B’ employees an additional 144 hours pay upon retiring from the service of the Employer on completion of a minimum of thirty-five (35) years of full-time equivalent employment with the employer.
Retirement Pay. An Employee with at least eight (8) years of continuous service shall, upon retirement, termination due to medical reasons, or death while in the employ of the Board, be entitled to receive eight (8) weeks pay calculated at the current rate. For the purpose of this Section, retirement shall be deemed permissible at the age of fifty (50).
Retirement Pay. The anticipated amount of the Retirement Bridge shall be determined using the amount of annual benefit described in Subsection E of Article XV of the Prior Agreement. However, it is assumed that individuals do not retire until the later of: (i) the attainment of age 58 or (ii) satisfaction of the eligibility requirements of Subsection B of this new Article.
Retirement Pay. A terminal leave payment shall be paid to an employee upon retirement based upon the total accumulated sick leave accrued on the date of retirement provided written notice is given to the Superintendent of Schools or his/her designee a minimum of three (3) months (90 calendar days) in advance and subject to the following provisions:
Retirement Pay. A. Any employee at normal retirement or his/her beneficiary if service is terminated by death, shall be provided terminal pay if he/she meets the following provisions.
Retirement Pay. An Employee who retires from the service of the District shall receive a retirement sum of two (2) days pay at the Employee’s current rate of pay for each year or part year worked as an Employee. For the purpose of this retirement pay clause, “retire” means an Employee leaving the service of the District and receiving benefits under the Pension (Municipal) Plan or upon receipt of a disability allowance or upon resignation by the Regular Full-time Employee after twenty-five (25) years of full-time service with the District.
Retirement Pay. A. Any teacher within the Area 30 Career Center who has met one of the following criteria shall be eligible for retirement pay: (1) teacher has acquired a minimum of ten (10) years of service within the corporation, and qualifies under the Rule of 85 or (2) is age sixty (60) with fifteen (15) years of TRF creditable teaching experience and five years of service to the corporation.
Retirement Pay. When ending employment with the District after fifteen (15) years of service, the employee will receive termination pay for each unused sick day at the rate of 50% of the current contractual starting rate, with a cap of $7,500.00. If payment is $1,000 or more, it will be paid in a non-elective employer paid contribution to any vendor approved to receive contributions under the District’s IRC 403(b) Plan, provided that the vendor’s contract permits the deposit of post- retirement non-elective employer contributions. If payment is less than $1,000 it will be paid directly to the employee.
Retirement Pay. The anticipated amount of the Retirement Bridge for Social Security and Medicare shall be determined as follows:
