Common use of Payment for Sick Days Clause in Contracts

Payment for Sick Days. All retiring administrative and instructional personnel who have attained the age of fifty- five (55) by June 30 of the retirement year, have fifteen (15) years or more of credit experience in the Kankakee Valley School Corporation, and have acquired retirement status as recognized by the Teacher's Retirement Fund Board of the State of Indiana shall be eligible for additional compensation at the time of retirement on the following basis: A. Announcement of retirement and a letter of resignation effective on the retirement date shall be presented to the Superintendent prior to May 1 of the current calendar year preceding the retirement date. B. Such eligible personnel shall receive a severance pay equal to the sum of the following: $35.00 times the number of accumulated sick leave days, up to seventy- five (75), remaining at the time of retirement.

Payment for Sick Days. All retiring administrative and instructional personnel who have attained the age of fifty- five (55) by June 30 of the retirement year, have fifteen (15) years or more of credit experience in the Kankakee Valley School Corporation, and have acquired retirement status as recognized by the Teacher's Retirement Fund Board of the State of Indiana shall be eligible for additional compensation at the time of retirement on the following basis: A. Announcement of retirement and a letter of resignation effective on the retirement date shall be presented to the Superintendent prior to May 1 of the current calendar year preceding the retirement date. B. Such eligible personnel shall receive a severance pay equal to the sum of the following: Thirty-five dollars ($35.00 35.00) times the number of accumulated sick leave days, up to seventy- seventy-five (75), remaining at the time of retirement.