Common use of RETIREMENT BENEFIT PROGRAM Clause in Contracts

RETIREMENT BENEFIT PROGRAM. A. All full time employees who have accumulated a minimum of forty (40) unused sick days at the time of retirement from the District and who are collecting pension benefits pursuant to Title 18A:66-1 et. seq. “Teacher Pension and Annuity Fund” or “Public Employee Retirement System” are eligible. B. No employee shall be entitled to the Retirement Benefit Program upon returning from a leave of absence, other than sick leave, until said employee has completed a minimum of ten ( 10) months work. C. Each eligible employee shall receive a retirement benefit of one (1) day’s salary (a benefit day) for each three (3) days accumulated unused sick leave, but not to exceed fifty-five (55) benefit days. The method of calculating the daily rate shall be at 1/240 of the retiree’s annual salary. D. Retirement benefit payments shall be made in a lump sum on the first payroll date of the month following the date of retirement or, at the employee’s option, on the first payroll date in January following the unit member’s retirement. E. July 1, 1988, shall serve as the effective starting date of accumulating unused sick leave days which will qualify for compensation in accordance with the provisions outlined in A through D above. F. A stipend of five hundred dollars ($500) shall be given to a full-time employee who has acquired seventy (70) unused accumulated sick days at the close of the work year in which said employee has accumulated seventy (70) days. The stipend shall be given to any particular employee only once. G. A stipend of five hundred dollars ($500) shall be given to a full-time employee who has acquired one hundred and ten (110) unused accumulated sick days at the close of the school year in which said employee has accumulated one hundred and ten (110) days. The stipend shall be given to any particular employee only once. H. Employees may accumulate personal days from year to year. Upon retirement, each eligible employee shall receive one day’s salary (a benefit day) for each three days accumulated unused personal leave. The method of calculating the daily rate will be the same as for accumulated sick leave. These benefit days will be paid in addition to the sick leave benefit day limit in Section C. Staff members who have accumulated personal days in the retirement bank prior to July 1, 2007 will have those benefit days multiplied by 3 and added to their accumulated personal day bank. I. All benefits identified in Article XVII, which are accrued to the deceased employee at the time of death, shall be paid to the employee’s estate and/or employees designated survivors. This benefit only applies to employees with 10 or more years service to the district.

RETIREMENT BENEFIT PROGRAM. A. All full time employees who have accumulated a minimum of forty (40) unused sick days at the time of retirement from the District and who are collecting pension benefits pursuant to Title 18A:66-1 et. seq. “Teacher Pension and Annuity Fund” or “Public Employee Retirement System” are eligible. B. No employee shall be entitled to the Retirement Benefit Program upon returning from a leave of absence, other than sick leave, until said employee has completed a minimum of ten ( 10) months work. C. Each eligible employee shall receive a retirement benefit of one (1) day’s salary (a benefit day) for each three (3) days accumulated unused sick leave, but not to exceed fifty-five (55) benefit days. The method of calculating the daily rate shall be at 1/240 the hourly rate paid at the time of the retiree’s annual salaryretirement. D. Retirement benefit payments shall be made in a lump sum on by January 30 or June 30 following the first payroll effective date of the month following the retirement. Such payment date of retirement or, shall be at the option of the employee’s option, on the first payroll date in January following the unit member’s retirement. E. July 1, 1988, shall serve as the effective starting date of accumulating unused sick leave days which will qualify for compensation in accordance with the provisions outlined in A through D above. F. A stipend of five hundred dollars ($500) shall be given to a full-time employee who has acquired seventy (70) unused accumulated sick days at the close of the work year in which said employee has accumulated seventy (70) days. The stipend shall be given to any particular employee only once. G. A stipend of five hundred dollars ($500) shall be given to a full-time employee who has acquired one hundred and ten (110) unused accumulated sick days at the close of the school year in which said employee has accumulated one hundred and ten (110) days. The stipend shall be given to any particular employee only once. H. Employees may accumulate personal days from year to year. Upon retirement, each eligible employee shall receive one day’s salary (a benefit day) for each three days accumulated unused personal leave. The method of calculating the daily rate will be the same as for accumulated sick leave. These benefit days will be paid in addition to the sick leave benefit day limit in Section C. Staff members who have accumulated personal days in the retirement bank prior to July 1, 2007 will have those benefit days multiplied by 3 and added to their accumulated personal day bank. I. All benefits identified in Article XVII, which are accrued to the deceased employee at the time of death, shall be paid to the employee’s estate and/or employees designated survivors. This benefit only applies to employees with 10 or more years service to the district.