Covered Group and Benefits. A teacher member of the Retirement Benefit Buy-Out Program who is fifty (50) years of age or over, with twenty (20) years of experience, ten (10) of which are at the Lake Central School Corporation or who has twenty-five (25) years of experience in the Lake Central School Corporation, may elect to retire from the Corporation and receive a one-time supplemental retirement benefit of two thousand ($2000), plus fifty dollars ($50) for each unused sick leave day. Teachers in the Buy-Out Plan group will receive seventy dollars ($70) for each unused sick leave day that is accumulated above the total accumulated as of July 1, 2015. Example: Total # days accumulated as of June 30, 0000 000 x 00 = $10,000 Total # days accumulated at retirement 278 Less # days at June 30, 2015 -200 78 x 70 = $ 5,460 Total supplemental retirement benefit: $15,460 2. Method of Payment Retirement benefits shall be paid in the teacher’s last school year to a 401 (a) plan account.
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