Common use of RETIREMENT SEVERANCE PAY Clause in Contracts

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. 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 '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.