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.
Appears in 7 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement
