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.
Appears in 9 contracts
