Act Governing Retirement, Severance, and Bereavement Compensation for the Teaching and Other Staff Members of Public Schools Article 29

Pension payable for a staff member's years of service in employment before the implementation of the New Pension System shall be calculated and paid, based on the pension calculation basis and base unit content set out in the preceding article, in accordance with the following standards1. Lump-sum pension payment for 5 full years of employment, 9 base units will be awarded; for each additional year thereafter, 2 additional base units will be awarded; after 15 full years of employment is reached, a one-time extra award of 2 base units will be given; the maximum total number of base units awardable shall be 61. In the calculation of the years of service at retirement, base units for any number of months less than 1 year shall be awarded pro-rata to the number of months relative to 1 year; any period of less than 1 month shall be calculated as 1 month.2. Monthly pension for each year of employment, 5 percent of the base unit content will be awarded; for employment of less than 1 year, for each month of employment, one-twelfth of 5 percent of the base unit content will be awarded; after 15 full years of employment is reached, 1 percent will be awarded for each additional year of employment; the maximum shall be 90 percent. In the calculation of the years of service at retirement, base units for any number of months less than 1 year shall be awarded pro-rata to the number of months relative to 1 year; any period of less than 1 month shall be calculated as 1 month.If a teacher or a principal satisfies the provisions of Article 15, paragraph 2, additional pension base units shall be awarded for the lump-sum pension payment, as set out in subparagraph 1 of the preceding paragraph, but not to exceed a maximum total of 81 base units; for a monthly pension payment, the additional award shall not exceed a maximum of 95%.