Buy Back of Sick Leave. Permanent teachers in the Xxxxxx-Xxxxx School District who leave at the end of the semester due to reduction in force and who are not entitled to retirement severance pay in Section A above are entitled to receive pay of thirty-five Dollars ($35.00) for each day of unused accumulated sick leave plus if the teacher complies with the following eligibility requirements:
a. Must submit written application to the Board 120 calendar days prior to the last day of active, full-time service to the Xxxxxx-Xxxxx School District; and
b. Has the twenty consecutive years of service with the Xxxxxx-Xxxxx School District at the time of leaving employment. A teacher who leaves the School District has the option to sell their sick leave accumulation back to the School District or transfer it to another school corporation if employed. If any sick leave days are sold back to the School District, that amount will be subtracted from the sick leave accumulation to be transferred.
(1) Social Security and Medicare Bridge Benefits Certified Staff who have taught ten (10) or more years in the Xxxxxx-Xxxxx School District and have reached the age of 55 in the calendar year in which they retire will be eligible for Social Security and Medicare Bridge Benefits. These benefits and additional qualification requirements will be as follow:
1. An eligible retired teacher shall receive an annual Social Security Bridge entitlement of $2,200.00 per year until the earlier of the following:
a. Seven annual payments; or
b. The teacher becomes eligible for partial Social Security benefits. (The teacher need only become eligible, not actually apply for such benefits.) These Social Security Bridge Benefit payments will be paid in two annual installments on July 1, and December 31, of the calendar year following the last year of service to the corporation until the earlier of the payment of seven annual payments or eligibility for partial Social Security. Should a teacher become eligible for partial Social Security between July 1, and 27 December 31, that teacher will receive only one biannual payment that calendar year.
2. On July 1st of the last year of service the School District shall contribute a lump sum up to $2,224.00 annually towards the health insurance plan of any eligible retired teacher if enrolled in the health insurance plan at the time of retirement until the earlier of (a) ten premium years, (b) until the time the retired teacher becomes eligible for Medicare coverage or (c) withdraw...
Buy Back of Sick Leave. Any employee who has been vested in the state Pension Plan, upon termination will be entitled to buy back 50% of the employee’s accumulated sick days, maximum bank of 55 days, at the employees regular rate of pay. The only exception is if the employee has been dismissed due to any type of disciplinary action. All employees who have accumulated and maintain 50 sick days shall be entitled to buy back annually those days not used in the calendar year at a rate of 50%. Employees have the option to buy all sick days in that calendar year, bank them, or any combination of both.
Buy Back of Sick Leave. Any employee who has been vested in the state Pension Plan, upon termination will be entitled to buy back 100% of the employee’s accumulated sick days, maximum bank of 75 days, at the employee’s regular rate of pay. The only exception is if the employee has been dismissed due to any type of disciplinary action. Annually, all employees who have accumulated and maintain 50 sick days shall be entitled to buy back annually those days not used in the calendar year at the following rates: 2007 60% 2008 70% 2009 80% 2010 100% Employees have the option to buy all sick days in that calendar year, bank them, or any combination of both. Because of budget restrictions and planning, the Borough will issue buy back checks after the adoption of the following year’s budget. The rate shall be for the year in which the days were credited for.
