Common use of RETIREMENT AND SEVERANCE PAY Clause in Contracts

RETIREMENT AND SEVERANCE PAY. A. It is understood that all employees shall be included in the definition of "public school employees" as provided by Act 136 of the Public Acts of 1945, as amended, and thereby qualified to participate in the Public School Employees Retirement System. It is agreed that the benefits an employee can receive and all other conditions are governed solely by the laws of the State of Michigan. B. The Board shall be responsible for the Basic Retirement contributions in accordance with the rates established by law. C. It is agreed that a unit employee shall receive payment for up to five hundred (500) hours of unused accumulated Excused Leave upon termination of employment provided the employee qualifies for retirement under the Michigan Public School Employees Retirement System, according to the following schedule: 1. After five (5) years of continuous employment - twenty percent (20%) of the unused hours at current hourly rate of pay. 2. After ten (10) years of continuous employment - forty percent (40%) of the unused hours at current hourly rate of pay. 3. After fifteen (15) years of continuous employment sixty percent (60%) of the unused hours at current hourly rate of pay. 4. After twenty (20) years of continuous employment - eighty percent (80%) of the unused hours at current hourly rate of pay. D. In case of death of the employee, the payment shall be made to the survivor/beneficiary named by the employee.

RETIREMENT AND SEVERANCE PAY. A. It is understood that all employees shall be included in the definition of "public school employees" as provided by Act 136 of the Public Acts of 1945, as amended, and thereby qualified to participate in the Michigan Public School Employees Retirement System. It is agreed that the benefits an employee can receive and all other conditions are governed solely by the laws of the State of Michigan. B. The Board shall be responsible for the Basic Retirement contributions required of the Employer in accordance with the rates established by law. C. It is agreed that a unit employee shall receive payment for up to five hundred (500) hours of unused accumulated Excused Leave upon termination of employment provided the employee qualifies for retirement under the Michigan Public School Employees Retirement System, according to the following schedule: 1. After five (5) years of continuous employment - twenty percent (20%) of the unused hours at current hourly rate of pay. 2. After ten (10) years of continuous employment - forty percent (40%) of the unused hours at current hourly rate of pay. 3. After fifteen (15) years of continuous employment sixty percent (60%) of the unused hours at current hourly rate of pay. 4. After twenty (20) years of continuous employment - eighty percent (80%) of the unused hours at current hourly rate of pay. D. In case of death of the employee, the payment shall be made to the survivor/beneficiary named by the employee.