Benefit Calculation. For retirement system purposes the member’s retirement benefit is calculated on the date of retirement prior to participation in the DROP. The COLA component of the frozen benefit, calculated as of March 31, 2012, will accrue during participation in the DROP.
Benefit Calculation. The amount of severance pay due a member shall be calculated as follows:
1. Multiply the unit member's accrued but unused sick leave by one-fourth (¼).
2. Multiply the product times the per diem rate of pay appropriate for that individual's placement on the base salary schedule.
3. The amount of benefit calculated in steps 1 and 2 shall not exceed the value of eighty (80) days of accrued but unused sick leave.
Benefit Calculation. The retirement pay benefit shall be calculated according to the following:
1. Multiply the bargaining unit member's accrued, but unused sick leave, by one-fourth (1/4).
2. Multiply the product times the per diem rate of pay appropriate for the bargaining unit member's placement on the base salary schedule. Unit members who move from full-time to part-time (or part- time to full-time) during their career in Xxxxxxxx City Schools shall have their retirement severance payment calculated as follows:
a. Multiply the bargaining unit members full-time accrued, but unused sick leave by one-fourth (1/4) from those days accumulated during the time of the unit members full-time employment; and multiply the bargaining unit members part-time accrued, but unused sick leave by one-fourth (1/4) for those days accumulated during the time of the unit members part-time employment. Such calculation shall be made at the rate of pay for full and part-time employment at the time of retirement.
3. The amount of the benefit calculated in Steps 1 and 2 above shall not exceed the value of sixty (60) days of accrued but unused sick leave.
4. Receipt of payment for accrued but unused sick leave shall eliminate all sick leave credit accrued by the bargaining unit member.
Benefit Calculation. The amount of the benefit due a Member shall be calculated by:
a. Multiplying the Member's accrued but unused sick leave by twenty-five percent (25%).
b. Multiplying the product times the base per diem rate of pay appropriate for that Member's placement on the salary schedule.
c. The amount of the benefit calculated in steps (2.a.) and (2.b.) directly above shall not exceed seventy-five (75) days of accrued but unused sick leave.
d. During the Member's final two (2) years prior to severance, he/she shall earn an additional one-quarter (1/4) day of additional severance pay for each unused sick day in the final two (2) years. The additional severance shall not exceed the value of seven and one-half (7½) days.
Benefit Calculation. The amount of the benefit due an employee shall be calculated by:
a. Multiplying the employee’s accrued but unused sick leave by one-fourth.
b. Multiplying the product times the per diem rate of pay appropriate for that individual’s placement on the base salary schedule.
c. The amount of the benefit calculated in steps one and two shall not exceed the value of 62 days of accrued but unused sick leave.
d. In the event of death of a member of the bargaining unit who is eligible for an actuarially reduced or unreduced SERS retirement benefit, their severance accumulated to that point will be paid to the established beneficiary. Receipt of payment for accrued but unused sick leave shall eliminate all sick leave credit accrued by the employee. No employee who terminates employment or whose employment is terminated for reasons other than retirement as defined in this policy shall be eligible for payments described.
Benefit Calculation. For purposes of calculating the supplemental retirement benefits, the following assumptions shall be utilized.
Benefit Calculation. The applicable number of weeks multiplied by the employee’s basic weekly wage rate, prorated for part-time employees, shall equal the total amount payable to the employee hereunder, but shall in no event exceed $26,500.00.
Benefit Calculation. The retirement pay benefit will be calculated according to the following method:
1. Four (4) days per year are granted for each of the last ten (10) years of Perrysburg service
2. The Treasurer’s office will look at the ending sick leave balance of the Member for the last six (6) years before retirement. The Member will receive eleven (11) days of severance for each year, up to three (3) years (max of 33 days granted), that the Member ends the year with two hundred and ten (210) days of accumulated but unused sick leave.
3. In addition, if the Member completes all six (6) years with two hundred and ten (210) days of accumulated but unused sick leave they will receive an additional six (6) days of severance. Members will receive retirement pay based on one-fourth of their accrued but unused sick leave or the retirement pay benefit explained above, whichever is greater. Retirement pay shall be calculated using the Member’s current per diem rate. In the event of death of an employee eligible for receipt of service retirement benefits under Ohio law, one-quarter (1/4) of the severance pay which the employee would have received shall be paid in accordance with Ohio Revised Code 2113.04 to the estate of the employee.
Benefit Calculation. 8.3.1 Payment shall be made for the unit member's accrued but unused sick leave days at the time of retirement or death based on 29 percent of the value of his/her accrued sick leave days.
8.3.1.1 If the unit member submits to the Superintendent’s Office a letter of resignation for purposes of retirement effective at the end of the unit member’s current contract year on or before February 1, the unit member shall receive an additional seven (7) retirement benefit days of pay regardless of his/her eligibility under Article 8.3.
8.3.1.2 If the unit member submits to the Superintendent’s Office a letter of resignation for purposes of retirement effective anytime during the unit member’s following contract year on or before May 1, the unit member shall receive an additional seven (7) retirement benefit days of pay regardless of his/her eligibility under Article 8.3.1.
8.3.2 Payment shall be based upon the unit member’s daily rate at the time of retirement or death. Daily Rate shall be determined by dividing base pay by the number of days in the contract. Base pay is determined by placement on the salary schedule plus shift differential, longevity, and extra teaching minutes. Extended service and supplemental contracts are not included in the calculation of base pay.
8.3.3 Number of accrued unused sick leave days x .29 x Daily Rate = Retirement Rate Benefit
8.3.4 Receipt of payment for accrued, unused sick leave shall eliminate all accrued, unused sick leave of the unit member.
8.3.5 Retirement pay shall be paid by “provided method” and shall be paid only once to the unit member or other payee, as authorized by the unit member, or to the beneficiary, in the case of death. The pay shall be subject to all legal deductions. For retirement pay, if the payee is other than the unit member, the unit member will be responsible for providing all external documentation necessary for issuance of pay (for annuity payments, leave buy-back payments, etc.)
Benefit Calculation. The amount of severance pay check due an employee shall be computed as follows:
X. Xxxxxxxxx pay shall be computed upon retirement of a bargaining unit member by multiplying 25% times the total days accumulated unused sick leave to a maximum of sixty-two (62) days.
B. The product obtained in item A shall be multiplied by the hourly rate of pay (appropriate for that individual’s placement on the salary schedule) times the hours worked per day.
C. Receipt of the payment for the accrued but unused sick leave as outlined above when an employee retires under the designation of retirement shall eliminate all sick leave credit accrued by the employee.
