Common use of Retirement Fund Clause in Contracts

Retirement Fund. An administrator who has been employed by the School District of the City of Wyandotte for ten (10) years and retires because of eligibility or medical reasons, shall receive a lump sum payment of ten percent (10%) of the administrator’s current salary provided the administrator is eligible to receive and has made application to receive monthly pension payments from the Michigan Public School Employee's Retirement System (MPSERS). An administrator, who has been employed twenty (20) years or more and retires because of eligibility or medical reasons, shall receive a lump sum payment of (15% in 2021-2022, 16% in 2022-2023 and 17% in 2023-2024) of the administrator’s current salary provided the administrator is eligible to receive and has made application to receive monthly pension payments from the Michigan Public School Employee’s Retirement System (MPSERS). The foregoing payment shall be made even in the event of the death of an employee if he/she had already announced his/her retirement. Any administrator who retires and received the benefit provided in this section and is subsequently reemployed in the School District of the City of Wyandotte, shall not be eligible to again receive such benefits upon his/her later retirement. The Board may offer unit members the opportunity to retire and be rehired through a contractual arrangement for a one (1) to two (2) year contract (as provided by law). Xxxxxx paid to the contracted administrator would be approximately three fourths (3/4) of current salary with no fringe benefits. XXX would maintain the member as part of the unit. Further, this arrangement is for unit members only, who have worked in the District for at least five (5) years. Other details will be discussed and mutually agreed upon by the Union and the Board.

Retirement Fund. An administrator who has been employed by the School District of the City of Wyandotte for ten (10) years and retires because of eligibility or medical reasons, shall receive a lump sum payment of ten percent (10%) of the administrator’s current salary provided the administrator is eligible to receive and has made application to receive monthly pension payments from the Michigan Public School Employee's Retirement System (MPSERS). An administrator, who has been employed twenty (20) years or more and retires because of eligibility or medical reasons, shall receive a lump sum payment of (15% in 2021-2022, 16% in 2022-2023 and 17% in 2023-2024) of the administrator’s current salary provided the administrator is eligible to receive and has made application to receive monthly pension payments from the Michigan Public School Employee’s Retirement System (MPSERS). The foregoing payment shall be made even in the event of the death of an employee if he/she had already announced his/her retirement. Any administrator who retires and received the benefit provided in this section and is subsequently reemployed in the School District of the City of Wyandotte, shall not be eligible to again receive such benefits upon his/her later retirement. The Board may offer unit members the opportunity to retire and be rehired through a contractual arrangement for a one (1) to two (2) year contract (as provided by law). Xxxxxx Salary paid to the contracted administrator would be approximately three fourths (3/4) of current salary with no fringe benefits. XXX WAA would maintain the member as part of the unit. Further, this arrangement is for unit members only, who have worked in the District for at least five (5) years. Other details will be discussed and mutually agreed upon by the Union and the Board.