Common use of Option One Clause in Contracts

Option One. Employees retiring from PERS service, who retire from the District after ten (10) consecutive years of regular employment with the District and meet the PERS requirements for receiving the system's regular retirement benefits (i.e., Tier One age 58, Tier Two age 60 or OPSRP age 65 or an earlier age with 30 years of PERS service), will receive a lump sum payment. The amount of the payment will be two thousand five hundred dollars ($2,500.00) for an employee with ten (10) consecutive years of regular District employment, three thousand dollars ($3,000.00) for an employee with fifteen (15) such years, three thousand five hundred dollars ($3,500.00) for an employee with twenty (20) such years, four thousand dollars ($4,00.00) for an employee with twenty-five (25) such years, and four thousand five hundred dollars ($4,500.00) for an employee with thirty (30) or more consecutive years of regular employment with the District.