Resignation/Termination Severance Pay. A member who has ten (10) or more years of service with the Board, who resigns or who is severed from employment for any reason, may elect to receive a lump sum cash payment for thirty percent (30%) of the value of the member’s accrued but unused sick leave credit to a maximum of forty (40) days during the remainder of the term of the Agreement. Such payment shall be calculated by multiplying the member’s daily rate of pay at the time of such severance of employment by the total number of days to which they are entitled. The rate paid will be the then effective per diem rate in effect at the time of resignation or severance of employment.
Appears in 4 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement
