Common use of RETIREMENT SEVERANCE PAY Clause in Contracts

RETIREMENT SEVERANCE PAY. 12.01 Retirement severance pay will be granted to each teacher who actually retires from the District and who applies and qualifies for retirement under STRS. Payment for retirement severance will be based upon one fourth (¼) of two hundred forty (240) days or less of sick leave days accumulated at the time of retirement times the daily rate of pay on the teacher’s last full day of work. Employees who have reached, at retirement, two hundred forty (240) days will be awarded an additional eight (8) days which will yield two (2) additional days of severance pay.

RETIREMENT SEVERANCE PAY. 12.01 Retirement severance pay will be granted to each teacher who actually retires from the District and who applies and qualifies for retirement under STRS. Payment for retirement severance will be based upon one fourth (¼1/4) of two hundred forty twenty eight (240228) days or less of sick leave days accumulated at the time of retirement times the daily rate of pay on the teacher’s last full day of work. Employees who have reached, at retirement, two hundred forty (240) twenty-eight 228 sick days will be awarded an additional eight (8) days which will yield two (2) additional days of severance pay. Payment will be made within sixty (60) days after the actual retirement date. Consistent with applicable tax regulations and the written request of the employee, which request must be received by the Board’s Treasurer prior to or promptly upon retirement, such payment may be allocated to a tax sheltered annuity.