Retirement Package. Employees who can retire under the Montana Teachers Retirement System after reaching a total of 25 years of qualifying credit or have reached the age of 60, and who have taught in the District for at least 15 years, qualify for a retirement package. The qualified staff member as outlined above must provide evidence of the execution of TRS retirement during the year retired and notify the Board of Trustees by the April School Board meeting. This formula applies only to teachers employed during the 2020-2021 school year. The dollar amount shall be 40% times the base salary of the school year retired plus $100 times the number of sick leave days or .83 times the Base Salary whichever is greater. This shall be paid at the option of the District either during the last school year employed or shortly after July 1 of the first year of retirement. The staff member is not eligible for the sick leave payoff option incentive (Article 15, Section G) if Article 15 (H) is used by the retiree. Those staff employed during the 2005-06 school year would be grand-fathered under the Association Contract of 2005-06 for Article 15 (H) in regards to the required consecutive years. They would only need 10 consecutive years. Teachers initially employed as of the 2021-2022 school year and beyond who have taught in the district for at least 20 years, qualify for a retirement package at the following rates: the multipliers for the retirement package will be the dollar amount shall be 30% times the base salary of the school year retired plus $100 times the number of sick leave days or .70 times the Base Salary whichever is greater.
Appears in 3 contracts
Sources: Master Agreement, Master Agreement, Master Agreement