City Severance. All bargaining unit members shall be granted severance pay upon retirement. "Retirement," as used in this section, is defined as: a break in service with the Employer; the employee has met the criteria of the PFPDF for retirement; and, the employee is eligible to receive retirement benefits at the time of the break in service. The amount of allowable days of severance pay shall be computed as follows: one and eight tenths (1.8) days per completed year of service with the City of Barberton shall be granted, plus the employee's accumulated sick leave maximum at the time of retirement. Employees shall not receive credit for more than hundred (100) days of accumulated sick time and may be credited an additional fifty (50) Sick Leave days as described in Article 28

City Severance. All Bargaining Unit members shall be granted severance pay upon retirement. “Retirement,” as used in this section, is defined as a break in service with the Employer; the employee has met the criteria of the PFPDF for retirement; and, the employee is eligible to receive retirement benefits at the time of the break in service. The amount of allowable days of severance pay shall be computed as follows: seventeen and three tenths (17.30) hours pay per completed year of service with the City of Barberton shall be granted, plus the employee's accumulated sick leave maximum at the time of retirement. In no event shall more than nine hundred (900) hours of accumulated sick leave be allowed in computed severance pay of an employee. The total of these two (2) figures shall represent the total amount of hours that an employee is entitled to for the purpose of computing severance pay. The maximum number of hours that may be granted to an employee as severance pay shall not exceed fourteen hundred and six (1406) hours. The total dollar amount of severance pay shall be computed by using the following equation: Firefighters Severance Hours + Sick Leave Hours* Total Hours Payable x Step 9 Firefighter Hourly Rate (2496) Total Severance Payable

Related to City Severance

Severance Pay 4.4.2(a) Severance pay - other than employees of a small employer An employee, other than an employee of a small employer, whose employment is terminated by reason of redundancy is entitled to the following amount of severance pay in respect of a period of continuous service: Period of continuous service Severance pay Less than 1 year Nil 1 year and less than 2 years 4 weeks’ pay* 2 years and less than 3 years 6 weeks’ pay 3 years and less than 4 years 7 weeks’ pay 4 years and less than 5 yeas 8 weeks’ pay 5 years and less than 6 years 10 weeks’ pay 6 years and less than 7 years 11 weeks’ pay 7 years and less than 8 years 13 weeks’ pay 8 years and less than 9 years 14 weeks’ pay 9 years and less than 10 years 16 weeks’ pay 10 years and over 12 weeks’ pay * Week’s pay is defined in 4.4.1.
Retirement Severance (a) Upon qualification for benefits in accordance with the rules and regulations of the Michigan Public School Employees Retirement System the retiring bus driver shall be paid for all unused sick leave days at a rate that is 50% of the current rate based on the current bid route time. The retiree after 10 or more consecutive years of service will receive 75% of the above amount. Bus monitors who meet the MPSERS qualification shall be paid for all unused equivalent sick leave days at a rate of $15 per day. This will not apply to discharged employees.

City Severance Sample Clauses