Benefits Payable – Sick Leave. Employees will be paid terminal pay or accumulated sick leave at retirement, or, if service is terminated by death, to his or her beneficiary. Upon election to participate in DROP, and based upon the employee established deferred termination date, previously accumulated sick leave shall be paid the employee according to the salary established at the time of entry into the DROP Program at the rate of 10% per year during the time the person is in drop with final payout upon termination of DROP.
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Samples: Term of Agreement, www.hdsb.org, Term of Agreement
