Retirement Payment. 26.01 Retirement pay shall be a one-time, lump-sum payment to eligible employees in accordance with the following provisions: 26.02 An employee's eligibility for retirement pay shall be determined as of the final date of employment. The criteria are as follows: 1. The employee retires from the District. 2. The employee must, within one-hundred eighty (180) days of the last date of employment with the Board, prove acceptance into the retirement system by having received and cashed his/her retirement check. 3. The employee must have not less than ten (10) years of service with the District, the State, or its political subdivisions. 4. The employee must sign a form provided by the Board when he/she receives the District's check certifying that all the eligibility criteria have been met. 5. The employee must make application to the Treasurer no later than ninety (90) days from the last paid day of service with the Board. 26.03 Retirement pay benefits shall be calculated as set forth below: 1. Multiply the employee's accrued, but unused, sick leave by one-fourth. 2. Multiply the product times the regular per diem rate of pay earned by the employee at the time of retirement. 3. The amount of the benefit calculated in Steps 1 and 2 above, shall not exceed the value of 63.75 days of accrued, but unused, sick leave. 4. Receipt of payment for accrued, but unused sick leave, shall eliminate all sick leave credit accrued by the employee. Such payment shall be made only once by the Board to any employee. 5. If a bargaining unit member eligible for a retirement payment under Article 26 retires with fifteen (15) or more years of continuous service with the District and two hundred fifty-five (255) days of accumulated sick leave, the employee’s retirement payment will include Two Thousand Dollars ($2,000.00), less applicable payroll deductions, in addition to the payment otherwise due under the terms of Article 26. 26.04 Notwithstanding the eligibility criteria appearing above, if an employee with not less than ten
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Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement
