B. Employees or their estate with at least fifteen (15) completed cumulative years of service in Falmouth and who have provided a written notice of intent to retire, shall receive $10,500.00 minus the total of longevity compensation during the last three (3) years of employment. For the 2017-18 school-year, the longevity compensation will be $11,000.00. For the 2018-19 school-year and beyond, the longevity compensation shall be $12,000.00.
Written notice shall be submitted to the Superintendent as follows:
a) For retirement effective at the end of a school year or during the days following the end of a school year in June or in July or August (i.e., the days between the end of one school year and the beginning of another), written notice shall be submitted to the Superintendent on or before December 1 of the school year at the end of which the employee will retire. Payment shall be made on or before the July 31, immediately following the date of retirement.
b) For a retirement with an effective date during a school year, written notice shall be submitted to the Superintendent on or before December 15 immediately preceding the school year in which the effective date of retirement shall occur. Payment of the buyback option shall be made on or before the July 31 of the fiscal year following the effective date of retirement.
c) In the event an abnormally high number of members elect this buyout in a specific year, members electing this buyout will be accepted in the order of seniority, with the most senior being paid during that fiscal year and the remainder being paid by the July 31 of the next fiscal year, as described in Sections a and b above.