Retirement Compensation/Transfer of Sick Leave. Each employee serving in a regular assignment under contract with the Clyde-Green Springs Board of Education may elect to receive a cash payment at retirement for accrued but unused sick leave. 1. To be eligible, the employee must meet all the following criteria: a. Be a regular employee under contract with the Clyde-Green Springs Board of Education; b. Have performed for a minimum of ten (10) years in one or more of the political subdivisions of Ohio which participates in the STRS, SERS or the PERS Retirement Systems; c. Be qualified for retirement benefits under one or more of the above systems; d. Have entered a retirement-in-fact status for which the Board has received an application for processing from the retirement system for retirement benefits for such employee and this application has been accepted by the retirement system. 2. Persons with less than ten (10) years of service in the Clyde-Green Springs School District will be paid based on twenty-six percent (26%) of the accrued but unused days of sick leave up to one hundred fifty (150) days or maximum of thirty-nine (39) days. 3. Persons with ten (10) or more years of service in the Clyde-Green Springs School District will be paid based on twenty-six percent (26%) of the accrued but unused days of sick leave up to two hundred and fifty (250) days or maximum of sixty- five (65) days. At the time an individual becomes eligible for severance pay, he/she shall have the option of deferring the payment of his/her severance pay until after the start of the next calendar year. 4. Should an employee with at least ten (10) years of service die prior to retirement, the amount of severance pay to which he/she would have been entitled, as calculated in accordance with the above stated provisions, shall be paid to the beneficiary designated on his/her Board provided life insurance. 5. Each employee at the time of retirement shall be eligible for an additional retirement bonus equal to three hundred dollars ($300) per diem contractual hours.
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Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement
