Common use of Retirement Payment Clause in Contracts

Retirement Payment. (1) Payment shall be made to a secretary by the Board for all of that employee's unused accumulated sick leave upon an official retirement, which has been approved by the New Jersey Division of Pensions. (2) Such payment shall be made at the rate of twenty percent (20%) of the retiree's daily rate of pay at date of retirement for each unused sick leave day. Daily rate of pay is defined as 1/200 of a ten-(10) month employee's annual salary and 1/240 of a twelve-(12) month employee's annual salary.

Retirement Payment. (1) Payment shall be made to a secretary certificated employee by the Board for all of that employee's unused accumulated sick leave upon an official retirement, which has been approved by the New Jersey Division of Pensions. (2) Such payment shall be made at the rate of twenty percent (20%) of the retiree's daily rate of pay at date of retirement for each unused sick leave day. Daily rate of pay is defined as 1/200 of a ten-(10ten- (10) month employee's annual salary and 1/240 of a twelve-(12twelve- (12) month employee's annual salary.