RETIREMENT CLAUSE 2011-12 SCHOOL YEAR Sample Clauses

RETIREMENT CLAUSE 2011-12 SCHOOL YEAR. Refer to Article I.A. Unit for a definition of District Employees covered by this Article. 1. Subject to the following, an employee shall be paid upon retirement for accumulated unused sick leave at the rate of: • $40 for each accumulated unused day up to 100 days. • $45 for each accumulated unused day between 101 and 200 days. • $50 for each accumulated unused day above 200 days. 2. To qualify for accumulated sick leave reimbursement an employee must: • Terminate employment with the District and be eligible to actually retire and immediately receive pension payments pursuant to the rules and regulations of the retirement system. • Submit an irrevocable written notice of resignation/retirement to the Board by March 1, 2012, immediately preceding the effective date of resignation/retirement. • Terminate employment with an effective date during the students' summer recess period. 3. Payment shall be made within forty-five (45) days after the effective date of resignation/retirement. *Employees who are not eligible to retire and to start receiving a monthly pension payment immediately following their terminating employment with the District shall not be eligible for payment for accumulated unused sick leave.
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