Common use of Payment for Banked Personal Leave Days Clause in Contracts

Payment for Banked Personal Leave Days. In addition to the payment provided in Section 6, a teacher shall be eligible to receive as part of the employee match/retirement payout, an amount obtained by multiplying the number of accumulated personal leave days earned under the conditions outlined in Article IX, Section 3 at the teacher’s base salary rate at time of retirement. Eligible teachers include those who have completed at least 12 years of service to the School District and who are at least 55 years of age, or teachers less than 55 years of age and who have 30 years of total teaching service. Payment will be made in accordance with the Severance Allocation Plan. This payout will be deposited in accordance with the Severance Allocation Plan within three months following the teacher’s official retirement date.

Payment for Banked Personal Leave Days. In addition to the payment provided in Section 6, a teacher shall be eligible to receive as part of the employee match/retirement payout, an amount obtained by multiplying the number of accumulated personal leave days earned under the conditions outlined in Article IX, Section 3 at the teacher’s base salary rate at time of retirement. Eligible teachers include those who have completed at least 12 years of service to the School District and who are at least 55 years of age, or teachers less than 55 years of age and who have 30 years of total teaching service. Payment will be made in accordance with the Severance Allocation Plan. This payout will be deposited in accordance with Plan on or about January 1 of the Severance Allocation Plan within three months year following the teacher’s official retirement dateprovided such teacher submitted a written resignation accepted by the School Board by the previous April 1.