For Separation from Employment. At the time of separation from school district employment an eligible employee or the employee's estate shall receive remuneration at a rate equal to one day's current monetary compensation of the employee for each four full-days accrued leave for illness or injury. Eligible employee means:
(a) Employees who separate from employment due to retirement or death; or
(b) Employees who separate from employment and are at least age 55 and have at least 10 years of service under the teachers' retirement system plan 3; or
(c) Employees who separate from employment and are at least age 55 and have at least 15 years of service under the teachers' retirement system plan 2. In lieu of remuneration for unused leave for illness or injury as provided above, by an annual vote conducted by the Association, it may be determined that equivalent funds may be contributed to a benefit plan (VEBA) that provides reimbursement for medical expenses.
