The parties agree that teachers who provide written notice to the Board of their intention to retire or resign at the completion of a given school year shall be given an advance notice gratuity in accordance with the following schedule:
• $1,000.00 if written notice is provided and received no later than the last weekday, on which the Board Office is open, in April of the year in which the teacher is to resign or retire.
• $1,500.00 if written notice is provided and received no later than the last weekday, on which the Board Office is open, in March of the year in which the teacher is to resign or retire.
• $2,000.00 if written notice is provided and received no later than the last weekday, on which the Board Office is open, in February of the year in which the teacher is to resign or retire.
Payment of such resignation gratuity for teachers not retiring shall be made on June 30th.
Payment of such retirement gratuity shall be made, at the option of the teacher, on the effective date of his/her retirement, or the first pay in January of the year following his/her retirement.
A retiring teacher who wishes to have his/her retirement gratuity placed into an RRSP shall so notify the Board and complete any prescribed forms.