The Board shall offer an early leaving incentive to all teachers with ten (10) or more years of continuous employment with the District to be paid according to the following schedule:
a. A teacher at age fifty-two (52) shall receive eighty percent (80%) of his/her annual salary payable in four (4) equal annual installments.
b. A teacher at age fifty-three (53) shall receive sixty-five (65%) of his/her annual salary payable in three (3) equal annual installments.
c. A teacher at age fifty-four (54) shall receive fifty percent (50%) of his/her annual salary payable in two ( 2) equal annual installments.
d. A teacher at age fifty-five (55) shall receive thirty percent (30%) of his/her annual salary payable in two (2) equal annual installments.
e. A teacher at age fifty-six (56) shall receive twenty percent (20%) of his/her annual salary payable in two (2) annual installments.
For a), b), c), d) and e) above, the teacher’s age on his/her last day of employment with the District shall be used.
In all cases the first annual payment shall commence the month immediately following termination of employment with the District. Subsequent payments where applicable shall be made on the anniversary date of the first payment.
In the event of the death of a teacher who is receiving benefits under this plan, payments shall continue to be made, according to the above schedule, to his/her estate.