Common use of RETIREMENT AND SEVERANCE PAY Clause in Contracts

RETIREMENT AND SEVERANCE PAY. ‌ Upon retirement, as hereinafter defined, bargaining unit members shall be entitled to their accumulated and unused Sick Leave at the time of retirement, up to a maximum of one-fourth (1/4) of two hundred (200) days. Additionally, bargaining unit members shall be entitled to twenty percent (20%) of the total number of days of accumulated Sick Leave above and beyond the two hundred (200) days. Xxxxxxxxx pay is calculated strictly based upon the bargaining unit member’s per diem pay rate that is in effect at the time the employee retires, unless the bargaining unit member (1) is a long-term employee (i.e., an individual who has worked for the Board for at least ten (10) years at the time he/she elects to retire), (2) is employed at the time of retirement in a position with fewer hours than he/she worked in the District for the majority of his/her career for reasons solely controlled by the Board (e.g., the Board implemented a Reduction in Staff that resulted in the employee’s previous number of hours being involuntarily reduced), and (3) the reduced hour assignment has been in place for three (3) or fewer years at the time the bargaining unit member retires, in which case the employee’s severance pay will be calculated utilizing a per diem daily rate that is comparable to what the employee’s compensation would have been if he/she was serving in the same position to which he/she was assigned just prior to the involuntary reduction in hours.

RETIREMENT AND SEVERANCE PAY. ‌ Upon retirement, as hereinafter defined, bargaining unit members shall be entitled to their accumulated and unused Sick Leave at the time of retirement, up to a maximum of one-fourth (1/4) of two hundred (200) days. Additionally, bargaining unit members shall be entitled to twenty percent (20%) of the total number of days of accumulated Sick Leave above and beyond the two hundred (200) days. Xxxxxxxxx Severance pay is calculated strictly based upon the bargaining unit member’s per diem pay rate that is in effect at the time the employee retires, unless the bargaining unit member (1) is a long-term employee (i.e., an individual who has worked for the Board for at least ten (10) years at the time he/she elects to retire), (2) is employed at the time of retirement in a position with fewer hours than he/she worked in the District for the majority of his/her career for reasons solely controlled by the Board (e.g., the Board implemented a Reduction in Staff that resulted in the employee’s previous number of hours being involuntarily reduced), and (3) the reduced hour assignment has been in place for three (3) or fewer years at the time the bargaining unit member retires, in which case the employee’s severance pay will be calculated utilizing a per diem daily rate that is comparable to what the employee’s compensation would have been if he/she was serving in the same position to which he/she was assigned just prior to the involuntary reduction in hours.

RETIREMENT AND SEVERANCE PAY. ‌ Upon retirement, as hereinafter defined, bargaining unit members shall be entitled to their accumulated and unused Sick Leave at the time of retirement, up to a maximum of one-fourth (1/4) of two hundred (200) days. Additionally, bargaining unit members shall be entitled to twenty percent (20%) of the total number of days of accumulated Sick Leave above and beyond the two hundred (200) days. Xxxxxxxxx pay is calculated strictly based upon the bargaining unit member’s per diem pay rate that is in effect at the time the employee retires, unless the bargaining unit member (1) is a long-term employee (i.e., an individual who has worked for the Board for at least ten (10) years at the time he/she elects to retire), (2) is employed at the time of retirement in a position with fewer hours than he/she worked in the District for the majority of his/her career for reasons solely controlled by the Board (e.g., the Board implemented a Reduction in Staff that resulted in the employee’s previous number of hours being involuntarily reduced), and (3) the reduced hour assignment has been in place for three (3) or fewer years at the time the bargaining unit member retires, in which case the employee’s severance pay will be calculated utilizing a per diem daily rate that is comparable to what the employee’s compensation would have been if he/she was serving in the same position to which he/she was assigned just prior to the involuntary reduction in hours.