Common use of RETIREMENT SEVERANCE PAY Clause in Contracts

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 Such written notification can only be withdrawn by permission of the Superintendent.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 the deceased. In the event an employee is discharged for good cause, retirement severance pay shall not be paid.

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 22.01 All members of the following: a. A minimum bargaining unit who retire from the employment of the Urbana City School District Board of Education under the School Employees Retirement System with ten (10) years of full-time continuous employment service shall be eligible for Retirement Pay based upon their accumulated, unused sick leave. An eligible Employee must provide proof to the Board Treasurer of actual SERS retirement within ninety (90) days of their last date of service in the School City of Xxxxxxx. b. At least fifty (50) years of age. c. A written notification of intent District in order to retire must receive payment. Severance pay will be filed with figured on the Employer at least one basis that one (1) year prior to retirement. Such written notification can only be withdrawn by permission day 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 severance pay shall be computed as follows: After ten given to those eligible for each three (103) years, 25.0% days of accumulated sick leave After eleven that the Employee has accumulated not to exceed a seventy (1170) yearsday maximum. 22.02 In lieu of severance pay, 27.5% the Board will make a contribution to a 403b special pay plan in the same amount as would have been paid in severance. 22.03 All employees who turn 55 or older in the calendar year in which they retire will take part in an Accumulated Leave Plan that is offered by one of the following four companies: ING/Aetna Financial Services, Metlife Investor’s Group, Variable Annuity Life Insurance Co., or Xxxxxx Xxxx. 22.04 If a retiring member is a participant in an accumulated sick leave After twelve plan, an employer contribution shall be made on his/her behalf under the accumulated leave plan within seventy-five (1275) yearscalendar days of the participant’s last workday in an amount equal to the lesser of: A. The total amount of the Participant’s Severance Pay, 30.0% or B. The maximum contribution amount allowable under the terms of the accumulated sick leave After thirteen (13) years, 32.5% of plan. 22.05 To the extent that an 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 plan participant’s severance pay purposesexceeds the maximum amount allowable under the accumulated leave plan for a calendar year, accumulated sick leave days shall not exceed fifty (50) days for Mechanics and three hundred (300) hours for Bus Drivers, and Technicians. Severance pay the excess amount shall be based on payable to the employee's rate of wages accumulated leave plan in the year of the employee's retirement. In addition, upon retirement, employees shall receive ten dollars ($10.00) per dayfollowing January, up to a the maximum accumulated leave plan limits for that calendar year. If there is any remaining excess, it shall likewise be paid in subsequent calendar years; provided, however, that if any excess remains at the end of two thousand dollars ($2,000.00)the fifth calendar year following the calendar year of retirement, 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 remainder shall be paid directly, in a lump sum, cash 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 the deceased. In the event an employee is discharged for good cause, retirement severance pay shall not be paidretired employee.

RETIREMENT SEVERANCE PAY. (Payment for unused sick leave upon retirement) In accordance with the second paragraph of Section 143.291 of the Revised Code of Ohio, the Gibsonburg Exempted Village Board of Education shall, upon the retirement from active service of any full time, certificated/licensed teacher having served eight (8) years in the employment of the Gibsonburg Exempted Village Local Schools, grant payment for such teacher's accrued but unused sick leave on such terms and conditions as herein stated. The payment which shall be granted shall not exceed a maximum of sixty-three (63) days. Such payment shall be granted only upon the application thereof, and such application shall be made no less than ninety (90) days prior to the effective date of such retirement. Exceptions may be granted at the Superintendent’s discretion. Payment shall be made only once to any certificated/licensed teacher. Payment shall be made into a tax sheltered annuity within thirty (30) days from the date of retirement as certified by the appropriate retirement system and shall be based upon such employee's per diem rate of pay at the time of retirement. If an employee dies prior to the payment being made thirty (30) days after retirement, the amount shall be paid to the employee’s beneficiary under RC 3307.562. The bargaining unit member may request to have the payment deposited in an IRC Section 403(b) or 457 account. This account must be from one of the Board approved vendors. A list of Board approved vendors is maintained in the Treasurer’s office. The bargaining unit member must provide evidence to the Treasurer prior to receipt of the STRS verification that they have already established a proper IRC Section 403(b) or 457 account and a written statement that they wish to have the retirement payment deposited in their IRC Section 403(b) or 457 account. The bargaining unit member is not required to deposit the entire proceeds in the IRC Section 403(b) or 457 account. It will be the responsibility of the bargaining unit member to timely notify the Treasurer of the amount to be deposited. Any amounts that exceed statutory limits or that are not designated to be paid to an approved IRC Section 403(b) or 457 account will be paid to the bargaining unit member through payroll. Prior to this payment, the Treasurer of the Board of Education must have evidence in his/her possession that the certificated/licensed teacher is in fact in a status of retirement from the teaching profession in Ohio. This evidence shall be an affidavit or written notification supplied by the State Teachers Retirement System of Ohio. The Treasurer of the Board of Education shall determine the daily rate of payment by dividing the actual number of contract days included in the term of service under the employee's contract into the annual salary at the time of retirement. This per diem rate shall then be multiplied by twenty-five percent (25%) of the accrued, but unused, accumulated sick leave days. However, the total payment shall not exceed the payment for sixty-three (63) days at the calculated per diem rate. No teacher terminated for cause pursuant to ORC Sections 3319.16 and 3319.161 shall be eligible for such payment. If a bargaining unit member uses no sick leave days in a school year, he/she shall have credited to him/her, in a separate account maintained in the treasurer's office, one (1) day of bonus severance pay, not to exceed a maximum accumulation of thirty (30) bonus severance days, to be paid to him/her upon retirement. Such bonus severance pay shall be granted in addition to all eligible employees upon their retirement. Eligibility for retirement any severance pay earned under the severance pay provision of this contract and shall not be defined lost by and include all virtue of the following: a. A minimum any exhaustion 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 sick leave 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 the deceased. In the event an employee is discharged for good cause, retirement severance pay shall not be paid.