Common use of Retirement Severance Clause in Contracts

Retirement Severance. A. The North East School District shall pay to all full-time members who have been employed in this District for the last fifteen (15) years, a severance payment of $40 per year for all the years served in the District and a payment of $75.00 per day for days of unused accumulated sick leave including unused personal days. Maximum payment will not exceed $11,000.00. The member shall receive this severance payment in a separate check with the member’s last check. The member, to be eligible for this payment, must notify the administration that he or she is retiring from the profession under the options of the Pennsylvania Public School Employee’s Retirement System. Said notice is to be given by January 31 and effective at the close of school the following June.

Retirement Severance. A. The North East School District shall pay to all full-time members who have been employed in this District for the last fifteen (15) years, a severance payment of $40 per year for all the years served in the District and a payment of $75.00 per day for days of unused accumulated sick leave including unused personal days. Maximum payment will not exceed $11,000.0010,000.00. The member shall receive this severance payment in a separate check with the member’s last check. The member, to be eligible for this payment, must notify the administration that he or she is retiring from the profession under the options of the Pennsylvania Public School Employee’s Retirement System. Said notice is to be given by January 31 and effective at the close of school the following June.