Statement of Plan. The following Retirement Incentive Plan is intended to provide an incentive for early retirement. PARTICIPATION IN THIS PLAN IS VOLUNTARY. Each bargaining unit member will receive a one-time payment equal to forty percent (40%) of the member’s current regular salary as determined by actual placement on the base salary schedule (excluding supplemental and other compensation), provided the member meets the requirements set forth in Sections 2 and 3 of this Article.
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Sources: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement