Common use of RETIREMENT/RESIGNATION Clause in Contracts

RETIREMENT/RESIGNATION. Section 6.1 - Retirement/Severance Pay A. Upon retirement of a member of the bargaining unit, the Board shall pay a sum equal to the employee's daily rate of pay excluding supplemental salary, times one-fourth (1/4) of the employee's accumulated but unused sick leave to a maximum of fifty-six (56) days beginning with the 2017-2018 school year. Those employees who retire under this section shall be required to serve no less than ten (10) years in the Bowling Green City School District to be eligible for such payment. Further, if a certificated/licensed employee informs the Superintendent in writing of the intent to retire at the end of a school year prior to March 1 of said year, that teacher will be entitled to an additional $1,500 in severance pay. B. For the purpose of Section A above, retirement shall mean disability or service retirement in the State Retirement Service. C. Prior to this payment, the Treasurer of the Board of Education must have evidence in his/her possession that the certificated employee is in fact in a status of retirement from the teaching profession in Ohio. This evidence shall be written notification supplied by the State Teacher's Retirement System of Ohio. D. Only those members of the Bowling Green City School District certificated/licensed staff whose effective date of retirement with the State Teacher's Retirement System of Ohio is no later than ninety (90) calendar days after the last paid day of service with the Bowling Green City Schools, shall be eligible to be paid for such accrued but unused sick leave credit. E. Payment under Subsection A shall be made only once to any employee and such payment shall be considered to eliminate all sick leave accrued by the employee at the time of payment. F. All teaching staff resignations or retirements shall have definite effective date of end of service. No last day of school or end of school year term will be accepted. G. Death of an employee of the Board does not deny said employee of his/her rights to severance benefits. H. Payment of retirement/severance pay will be made within sixty (60) calendar days of the employer's receipt of notification from STRS as set forth in (C) above.