Base Severance Benefits. On the last day of employment, the benefits due the employee from Article VII; H (2): Sick Leave, if any, shall be added to the pooled benefit amount. The employee’s total creditable earnings will be increased from the creditable earnings derived using proper placement on the salary schedule up to an amount equal to a 106% increase over the total creditable earnings for the prior year paid in one lump sum on the last payroll check. The amount that it takes to increase the creditable earnings derived from proper placement on the salary schedule to the amount that is 106% above the creditable earnings from the prior year shall be deducted from the pooled benefit amount. The actual amount of increase will be determined by the actual dollar amount of the pooled benefit on the final day. If retirement occurs prior to expending the pooled benefit, the remaining balance shall be paid to the employee in one lump sum. The benefits anticipated in this paragraph will be paid on or after the thirty-first day following the employee's retirement, but shall be paid prior to sixty days following the date of retirement. In calculation of the six percent (6%) increases, the amount each year may be rounded down to the nearest $5.00 to avoid TRS penalties.
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