Payment for Sick Time Severance Pay Shall be in a Lump Sum. Payments shall be made in a lump sum and/or deposit to a qualified retirement plan in accordance with IRS limits at the option of the bargaining unit member. However, no payments shall be made until the presentation to the Treasurer of the Board of a copy of the retiree’s first retirement check and verification of years. No severance pay will be made while the retiree is still receiving regular paychecks.
