Act Governing the Retirement, Bereavement Compensation, Discharge with Severance Pay Benefits for the Teaching and Other Staff of School Legal Persons and their Respective Private School(s) Article 12

The years of employment of a staff member before and after this Act took effect shall be calculated in aggregate.A staff member’s years of service after this Act took effect shall be limited to those years in which monthly contributions have been made to the Retirement and Compensation Fund. Years of service in which contributions have not been made to the Retirement and Compensation Fund, or years of service for which retirement pay, a resignation-related refund, or severance pay have previously been approved and paid, shall all be excluded from inclusion in the years to be counted.Except when other provisions in this Act apply, the retirement, bereavement compensation, resignation, and severance payments for a staff member for the years of service after this Act took effect are paid from the cumulative principal and interest paid into the staff member’s individual Retirement and Compensation Fund account by the Fund Management Committee out of the Retirement and Compensation Fund. The same applies for the years of past employment of public school principals (presidents) and teachers for whom contributions have been made into the Retirement and Compensation Fund referred to in this Act and for whom no retirement payment, severance pay, or resignation-related refund has yet been approved and paid, or applied for.The standards for calculating the aggregated years of service before this Act took effect, and the corresponding retirement pay, bereavement compensation, and severance payments basis points and the maximum basis points shall be handled in accordance with the provisions formerly governing the retirement, bereavement compensation, and severance payments for private school staff before this Act took effect. Retirement, bereavement compensation, and severance payments for years of service before this Act took effect shall be paid by the Fund Management Committee out of the former private school retirement fund.Any years during which a private school principal (president) or teacher was formerly employed as a paid qualified principal (president) or teacher within the establishment staffing of a public school, for which no retirement payment, resignation-related refund, or severance pay has yet been approved and paid and for which written verification has been provided by his or her former employing school, may be included in the person’s aggregate years of service, and retirement, bereavement compensation, or severance payments calculated using the approved rate for his or her years of service, shall be approved and made in accordance with the provisions below:1.Years of service at a public school before (and including) January 31, 1996: shall be paid by the competent authority of the school where the person was last employed.2.Years of service at a public school after (and including) February 1, 1996 shall be paid by the Public Service Pension Fund Management Board.