RETIREMENT SEVERANCE PAY. Any employee who works regularly each week on a permanent part-time basis or on a full-time basis and who has ten or more years of service with the Shaker Heights Board of Education, may elect at the time of his/her retirement from active service (retirement from active service shall mean actual retirement under one of Ohio’s public employee retirement systems or eligibility for retirement under such retirement systems with retirement from the Shaker schools and election to withdraw retirement funds in a lump sum payment) to receive severance pay in an amount equal to: One-fourth (1/4) of his/her unused accumulation at the per diem rate of said employee’s basic contract salary in effect at the time of the last day of employment in Shaker Heights. Supplemental contracts, extended service, overtime or any other compensation will not be included in the calculation.
RETIREMENT SEVERANCE PAY. Bargaining unit members with ten (10) or more years of service with the District may elect at the time of retirement from active service under the State Teachers Retirement System Law to be paid in cash for part of the value of his/her accrued but unused sick leave credit to a maximum payment of one-fourth of three hundred sixty days (90); plus one-eighth of three hundred sixty one through four hundred sixty (361-460) days. A member of the bargaining unit who has ten years or more of service with the state or any political subdivision of the state, but less than ten (10) years with the District, may elect at the time of retirement from active service under the State Teachers Retirement System Law to be paid in cash for part of the value of his/her accrued but unused sick leave credit which shall not exceed one-fourth (1/4th) of the total number of accumulated but unused sick leave days not to exceed thirty (30) days. Such payment shall be based on the teacher’s rate of pay at the time of retirement. Payment for sick leave on this basis shall be considered to eliminate all sick leave credit accrued by the teacher at that time. Payment shall be made only once to any teacher. Payment will be made for any unused personal days at the teacher’s daily rate of pay at the time of retirement. Any teacher who dies prior to severing employment, who would otherwise have been eligible for retirement severance pay, shall be deemed to have severed employment the day preceding his/her death. The severance pay to which the employee would have been entitled shall be paid directly, in a lump sum, to person(s) designated by the deceased in writing to the employer. When no designation has been submitted, payment will be made to the estate of the deceased.
RETIREMENT SEVERANCE PAY. A member of the bargaining unit who has ten years or more of service with the Board may elect at the time of retirement from active service under the School Employees Retirement System to be paid in cash for part of the value of his/her accrued but unused sick leave credit. Such payment shall be based on the member’s rate of pay at the time of retirement. Payment for sick leave on this basis shall be considered to eliminate all sick leave credit accrued by the monitor at that time. Payment shall be made only once to any monitor. The maximum payment which may be made under this resolution shall be one-fourth of three hundred sixty days (90); plus one-eighth of three hundred forty-one through four hundred sixty days. Any monitor who dies prior to severing employment, who would otherwise have been eligible for retirement severance pay, shall be deemed to have severed employment the day preceding his/her death. The severance pay to which the employee would have been entitled shall be paid directly, in a lump sum, to person(s) designated by the deceased in writing to the employer. When no designation has been submitted, payment will be made to the estate of the deceased.
RETIREMENT SEVERANCE PAY. An employee, at the time of retirement from active service with the Board, and with ten (10) or more years of qualifying service, shall be paid in cash for his/her unused sick leave credit on the following basis: one-fourth (1/4) of the value of his/her accrued, but unused, sick leave to a maximum of 1/4 of 320 days (80 days) plus one-eighth (1/8) of three hundred twenty one days through four hundred (321-400) days. Such payment shall be based on the employee’s rate of pay at the time of retirement or if the employee was retirement eligible under SERS at the time of the employee’s death. In the event of a retirement eligible employee’s death, the beneficiary shall be entitled to the employee’s retirement severance pay at the rate specified above. An employee shall send a written statement to the Assistant Superintendent of Human Resources and Operations indicating the employee’s intent to retire and his/her desire to collect severance pay, if eligible.
RETIREMENT SEVERANCE PAY. Any employee who works regularly each week on a permanent part-time basis or on a full-time basis and who has ten or more years of service with the Shaker Heights Board of Education, may elect at the time of his/her retirement from active service (retirement from active service shall mean actual retirement under one of Ohio’s public employee retirement systems or eligibility for retirement under such retirement systems with retirement from the Shaker schools and election to withdraw retirement funds in a lump sum payment) to receive severance pay in an amount equal to: One-fourth (1/4) of his/her unused accumulation of sick leave balance and 100% of any earned and unused vacation balance shall be paid at the per diem rate of said employee’s basic contract salary in effect at the time of the last day of employment in Shaker Heights. Supplemental contracts, extended service, overtime or any other compensation will not be included in the calculation.
RETIREMENT SEVERANCE PAY. 1. An employee, the of the Cleveland Heights-University Heights Board of Education may elect, at the time of retirement from active service under the School Employees Retirement System Law, and with ten (10) or more years of service with the Board of Education, to be paid in cash. Such payment shall be based on the employee’s rate of pay at the time of retirement, or if the employee was retirement eligible under S.E.R.S. at the time of the employee’s death. In the event of a retirement eligible employees’ death, the beneficiary shall be entitled to the employees’ retirement severance pay. Payment for sick leave on this basis shall be considered to eliminate all sick leave credit accrued by the employee at that time. Such payment shall be made only once to the employee or to his/her estate. The maximum payment which may be made under this resolution shall be one- fourth of three hundred (300) (75) days plus one-eighth of three hundred one days through four hundred (301-400) accumulated sick days.
2. An employee shall call the Human Resources Department to request a form indicating the employee’s intent to retire and his/her desire to collect severance pay, if eligible.
RETIREMENT SEVERANCE PAY. Retirement severance pay shall be granted to all eligible employees upon their retirement. Eligibility for retirement severance pay shall be defined by and include all of the following:
a. A minimum of ten (10) years of full-time continuous employment in the School City of Xxxxxxx.
b. At least fifty (50) years of age.
c. A written notification of intent to retire must be filed with the Employer at least one
(1) year prior to retirement. Such written notification can only be withdrawn by permission of the Superintendent.
d. In the event an employee is unable to give proper notice of retirement as required and is forced to retire as a result of ill health or accident, the required notice of retirement may be waived by the Employer on the recommendation of the Superintendent and upon receipt of such written request.
x. Xxxxxxxxx pay shall be computed as follows: After ten (10) years, 25.0% of accumulated sick leave After eleven (11) years, 27.5% of accumulated sick leave After twelve (12) years, 30.0% of accumulated sick leave After thirteen (13) years, 32.5% of accumulated sick leave After fourteen (14) years, 35.0% of accumulated sick leave After fifteen (15) years, 37.5% of accumulated sick leave. After forty (40) years, 100.0% of accumulated sick leave For retirement severance pay purposes, accumulated sick leave days shall not exceed fifty (50) days for Mechanics and three hundred (300) hours for Bus Drivers, and Technicians. Severance pay shall be based on the employee's rate of wages in the year of the employee's retirement. In addition, upon retirement, employees shall receive ten dollars ($10.00) per day, up to a maximum of two thousand dollars ($2,000.00), for each full day of unused accumulated sick leave in excess of fifty (50) days. For the purposes of this paragraph a "day" for bus drivers shall be defined as a five (5) hour day. For the purposes of this paragraph a “day” for technicians shall be defined as a eight (8) hour day. Upon the death of any employee fully eligible for retirement severance pay, said retirement severance pay such employee would have been entitled to receive had he/she survived shall be paid directly, in a lump sum, to the surviving spouse of the deceased, or to the dependent children, or other such dependents as may have been designated by the deceased in writing to the Employer. When no designation has been submitted (and in the absence of surviving spouse or dependent children), payment will be made to the estate of th...
RETIREMENT SEVERANCE PAY. 16.01 Any employee who works regularly each week on a permanent part-time basis or on a full-time basis and who has ten (10) or more years of service with the Board, may elect at the time of the employee’s retirement from active service (retirement from active service shall mean actual retirement under one of Ohio’s public employee retirement systems or eligibility for retirement under such retirement systems with retirement from the Shaker schools and election to withdraw retirement funds in a lump sum payment) to receive severance pay in an amount equal to: One-fourth (1/4) of his/her unused accumulation of sick leave at the per diem rate of said employee’s basic contract salary in effect at the time of last day of employment in Shaker Heights. Supplemental contracts, extended service, overtime or any other compensation will not be included in the calculation.
RETIREMENT SEVERANCE PAY. X. Xxxxxxxxx Pay-Accumulated Sick Leave
1. This Section A applies to all teachers beginning in the 2004/2005 school year.
2. Teachers will receive thirty-five dollars ($35.00) per day of accumulated sick leave days up to two hundred and fifteen (215) days. This amount shall be paid as follows:
a. Two thousand dollars ($2000.00) will be paid to the teacher within thirty (30) days following the last day of the teacher's employment.
b. The remainder of the severance pay (if any) will be paid in two (2) equal payments to the teacher's 403(b) account on January 1 and July 1 beginning on the first calendar year of the teacher's retirement.
3. To be eligible for the accumulated sick leave severance pay, retiring professional employees must meet the following conditions:
a. Normally must submit in writing to the Superintendent their intention to retire by May 1 prior to retirement;
b. Must meet the State of Indiana standards for retirement (the earlier of (i) attainment of age 55 plus age and years of TRF service equal to 85, (ii) attainment of age 60 plus 15 years of TRF service, or (iii) attainment of age 65 plus 10 years of TRF service); and
c. Must retire from the East Xxxxxx School Corporation.
X. Xxxxxxxxx Pay - Buy-Out of Years of Service
1. This Section B applies only to teachers employed or on an approved leave for the 2003/2004 school year who continue their employment for the 2004/2005 school year. Individuals who retired prior to or at the end of the 2003/2004 school year will receive any benefits due to them under the Master Contract in effect at the time of their retirement.
2. The net present value of each eligible teacher's buy-out of years will be calculated using the following:
a. One hundred and sixty dollars ($160.00) per year for each actual year of service to the East Xxxxxx School Corporation as of July 31, 2004.
b. Assuming continued employment with East Xxxxxx.
c. School Corporation and retirement at age 59, but in no event earlier than attainment of eligibility for unreduced TRF benefits, one hundred and sixty dollars ($160.00) per year for each projected additional year of service.
d. A discount rate of 4% for the first 2 years, 5% for the second 2 years, and 7% thereafter.
e. From the gross present value, amount subtract 7.65% (FICA discount).
3. The net present value amount will be deposited into a 401(a)-plan account for that teacher as soon as reasonably administratively feasible after receipt of the SB 199 bond proceeds.
4. The 401(...
RETIREMENT SEVERANCE PAY. A member who has five (5) or more years of service with the Board may elect at the time of retirement from active service to be paid for thirty percent (30%) of the member’s accrued but unused sick leave credit to a maximum of ninety-eight (98) days. For example, a member with 200 days of accrued sick leave will receive 60 days retirement severance (200 x .30 = 60). The word “retirement” shall be limited exclusively to mean full permanent retirement with regard to age and years of service under the State Retirement System law. The rate paid will be the per diem rate of the member’s basic contract in effect at the time of retirement; however, members with ten (10) or more years shall have their per diem rate based on the highest of the last three (3) years. Except as provided in Section 17, supplemental contracts, extended service or other compensation will not be included in the calculation. Payment for sick leave on this basis shall be considered to eliminate all sick leave credit accrued by the member. Such payment shall be made only once to any member.
