RETIREMENT INCENTIVE PROGRAM BENEFIT. POST-RETIREMENT PAYMENT 1. Retirements Effective the entire length of contract: The amount of the retirement payment will be determined by multiplying two and one-half percent (2.5%) of the highest annual scheduled salary times years of service within the District, not to exceed thirty (30) years of service. The annual scheduled salary shall include base salary in addition to agreed-upon stipend or extra- duty payment. This amount will be paid (without interest) over three (3) fiscal years beginning in the fiscal year following retirement. Payment will be made on the current District payroll schedule. The amount will be paid as a non-elective employer contribution to the employee’s 403(b) account.
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Sources: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement