Payment and Deferral of Severance Pay. 1. Notwithstanding anything in this Agreement or Board policy to the contrary, in accordance with the terms of this Section and any related provisions of a plan document adopted by the Board to comply with the requirements of Section 403(b) yees shall have or custodial account that is designed to meet the tax-qualification requirements of nt being made directly to the retired teacher; and such payment shall eliminate all sick leave credit of the retired teacher. For purposes of this Section, this arrangement is referred to as the 403(b) Plan. a. pursuant to Article 17F of this Agreement, and/or a. is employed on or after September 1, 2004, b. is entitled to Severance Pay, and c. is, or will be, age 55 years or older in the calendar year in which he/she retires, or, in the case of a retired/rehired teacher, resigns.
Appears in 2 contracts
Sources: Collective Bargaining Agreement, Collective Bargaining Agreement