Common use of Retirement Terminal Pay Clause in Contracts

Retirement Terminal Pay. A. Upon official retirement date/DROP exit date of January 1, 2006, or later, an employee will receive terminal pay for unused sick leave hours multiplied by 50 percent of the employee’s hourly rate of pay up to 100 days; 75 percent of the employee’s hourly rate for days over 100 and 13 years of service in SCPS; 80 percent of the employee’s hourly rate for days over 100 and 14-19 years of service in SCPS; 90 percent of the employee’s hourly rate for days over 100 and 20-24 years of service in SCPS; and 100 percent of the employee’s hourly rate for days over 100 and 25 plus years of service in SCPS. B. Upon the death of an employee, his/her beneficiary will receive terminal pay for unused sick leave hours in an amount determined as follows: 1. During the first 3 years of service in Seminole County, the hourly rate of pay multiplied by 35 percent times the number of hours of accumulated sick leave. 2. During the next 3 years of service in Seminole County, the hourly rate of pay multiplied by 40 percent times the number of hours of accumulated sick leave. 3. During the next 3 years of service in Seminole County, the hourly are of pay multiplied by 45 percent times the number of hours of accumulated sick leave. 4. During the next 3 years of service in Seminole County, the hourly rate of pay multiplied by 50 percent times the number of hours of accumulated sick leave. 5. During the 13th year of service in Seminole County, the hourly rate of pay multiplied by 50 percent times the number of hours of accumulated sick leave up to 100 days or hours equivalent thereof and 75 percent times the number of hours of accumulated sick leave in excess of 100 days or hours equivalent thereof. 6. During the 14th-19th years of service in Seminole County, the hourly rate of pay multiplied by 50 percent times the number of hours of accumulated sick leave up to 100 days or hours equivalent thereof and 80 percent times the number of hours of accumulated sick leave in excess of 100 days or hours equivalent thereof. 7. During the 20th-24th years of service in Seminole County, the hourly rate of pay multiplied by 50 percent times the number of hours of accumulated sick leave up to 100 days or hours equivalent thereof and 90 percent times the number of hours of accumulated sick leave in excess of 100 days or hours equivalent thereof. 8. During and after the 25th year of service in Seminole County, the hourly rate of pay multiplied by 50 percent times the number of hours of accumulated sick leave up to 100 days or hours equivalent thereof and 100 percent times the number of hours of accumulated sick leave in excess of 100 days or hours equivalent thereof. C. Official retirement will mean the filing of an application to the Department of Administration, Division of Retirement for full or reduced benefits under the Florida Retirement System Pension Plan or the Florida Retirement System Investment Plan. This applies to employees who are older than forty-two (42) years of age and have a minimum of six (6) years of service with the District, who terminate their employment, and who concurrently file for benefits from their retirement plan in either a lump sum or monthly benefit. D. To be eligible for the benefit, the staff member must have been employed by the School Board of Seminole County at the time of the retirement or death. E. The Deferred Retirement Option Program (D.R.O.P) will be made available to those employees who meet the criteria as established by action of the 1997 State Legislature. D.R.O.P. will operate as prescribed by law. Payout for unused sick leave will be made upon termination. For those employees who are eligible to receive annual vacation leave, said leave will be paid up to the Board’s maximum to D.R.O.P. participants when they enter the program. F. A 401(A) Plan is required for all bargaining unit members. The program will place the employee’s terminal leave payout at the time of retirement (for sick and/or annual leave) into a 401(A) IRS approved plan subject to applicable restrictions. Monies placed into the plan can be withdrawn at age 55 without penalty. If an employee under age 55 requests his/her funds within 45 days of actual termination of his/her employment, the School Board will authorize a payment necessary to hold harmless said employee from the penalty imposed for early withdrawal. Any other deductions such as federal income taxes will be borne by the employee at the time of withdrawal of funds.

Retirement Terminal Pay. A. Upon official retirement date/DROP exit date of January 1, 2006, or later, an employee will receive terminal pay for unused sick leave hours multiplied by 50 percent of the employee’s hourly rate of pay up to 100 days; 75 percent of the employee’s hourly rate for days over 100 and 13 years of service in SCPS; 80 percent of the employee’s hourly rate for days over 100 and 14-19 years of service in SCPS; 90 percent of the employee’s hourly rate for days over 100 and 20-24 years of service in SCPS; and 100 percent of the employee’s hourly rate for days over 100 and 25 plus years of service in SCPS. B. Upon the death of an employee, his/her beneficiary will receive terminal pay for unused sick leave hours in an amount determined as follows: 1. During the first 3 years of service in Seminole County, the hourly rate of pay multiplied by 35 percent times the number of hours of accumulated sick leave. 2. During the next 3 years of service in Seminole County, the hourly rate of pay multiplied by 40 percent times the number of hours of accumulated sick leave. 3. During the next 3 years of service in Seminole County, the hourly are rate of pay multiplied by 45 percent times the number of hours of accumulated sick leave. 4. During the next 3 years of service in Seminole County, the hourly rate of pay multiplied by 50 percent times the number of hours of accumulated sick leave. 5. During the 13th year of service in Seminole County, the hourly rate of pay multiplied by 50 percent times the number of hours of accumulated sick leave up to 100 days or hours equivalent thereof and 75 percent times the number of hours of accumulated sick leave in excess of 100 days or hours equivalent thereof. 6. During the 14th-19th years of service in Seminole County, the hourly rate of pay multiplied by 50 percent times the number of hours of accumulated sick leave up to 100 days or hours equivalent thereof and 80 percent times the number of hours of accumulated sick leave in excess of 100 days or hours equivalent thereof. 7. During the 20th-24th years of service in Seminole County, the hourly rate of pay multiplied by 50 percent times the number of hours of accumulated sick leave up to 100 days or hours equivalent thereof and 90 percent times the number of hours of accumulated sick leave in excess of 100 days or hours equivalent thereof. 8. During and after the 25th year of service in Seminole County, the hourly rate of pay multiplied by 50 percent times the number of hours of accumulated sick leave up to 100 days or hours equivalent thereof and 100 percent times the number of hours of accumulated sick leave in excess of 100 days or hours equivalent thereof. C. Official retirement will mean the filing of an application to the Department of Administration, Division of Retirement for full or reduced benefits under the Florida Retirement System Pension Plan or the Florida Retirement System Investment Plan. This applies to employees who are older than forty-two (42) years of age and have a minimum of six (6) years of service with the District, who terminate their employment, and who concurrently file for benefits from their retirement plan in either a lump sum or monthly benefit. D. To be eligible for the benefit, the staff member must have been employed by the School Board of Seminole County at the time of the retirement or death. E. The Deferred Retirement Option Program (D.R.O.P) will be made available to those employees who meet the criteria as established by action of the 1997 State Legislature. D.R.O.P. will operate as prescribed by law. Payout for unused sick leave will be made upon termination. For those employees who are eligible to receive annual vacation leave, said leave will be paid up to the Board’s maximum to D.R.O.P. participants when they enter the program. F. A 401(A) Plan is required for all bargaining unit members. The program will place the employee’s terminal leave payout at the time of retirement (for sick and/or annual leave) into a 401(A) IRS approved plan subject to applicable restrictions. Monies placed into the plan can be withdrawn at age 55 without penalty. If an employee under age 55 requests his/her funds within 45 days of actual termination of his/her employment, the School Board will authorize a payment necessary to hold harmless said employee from the penalty imposed for early withdrawal. Any other deductions such as federal income taxes will be borne by the employee at the time of withdrawal of funds.

Retirement Terminal Pay. A. Upon official retirement date/DROP exit date of January 1, 2006, or later, an employee will receive terminal pay for unused sick leave hours multiplied by 50 percent of the employee’s hourly rate of pay up to 100 days; 75 percent of the employee’s hourly rate for days over 100 and 13 years of service in SCPS; 80 percent of the employee’s hourly rate for days over 100 and 14-19 years of service in SCPS; 90 percent of the employee’s hourly rate for days over 100 and 20-24 years of service in SCPS; and 100 percent of the employee’s hourly rate for days over 100 and 25 plus years of service in SCPS. B. Upon the death of an employee, his/her beneficiary will receive terminal pay for unused sick leave hours in an amount determined as follows: 1. During the first 3 years of service in Seminole County, the hourly rate of pay multiplied by 35 percent times the number of hours of accumulated sick leave. 2. During the next 3 years of service in Seminole County, the hourly rate of pay multiplied by 40 percent times the number of hours of accumulated sick leave. 3. During the next 3 years of service in Seminole County, the hourly are rate of pay multiplied by 45 percent times the number of hours of accumulated sick leave. 4. During the next 3 years of service in Seminole County, the hourly rate of pay multiplied by 50 percent times the number of hours of accumulated sick leave. 5. During the 13th year of service in Seminole County, the hourly rate of pay multiplied by 50 percent times the number of hours of accumulated sick leave up to 100 days or hours equivalent thereof and 75 percent times the number of hours of accumulated sick leave in excess of 100 days or hours equivalent thereof. 6. During the 14th-19th years of service in Seminole County, the hourly rate of pay multiplied by 50 percent times the number of hours of accumulated sick leave up to 100 days or hours equivalent thereof and 80 percent times the number of hours of accumulated sick leave in excess of 100 days or hours equivalent thereof. 7. During the 20th-24th years of service in Seminole County, the hourly rate of pay multiplied by 50 percent times the number of hours of accumulated sick leave up to 100 days or hours equivalent thereof and 90 percent times the number of hours of accumulated sick leave in excess of 100 days or hours equivalent thereof. 8. During and after the 25th year of service in Seminole County, the hourly rate of pay multiplied by 50 percent times the number of hours of accumulated sick leave up to 100 days or hours equivalent thereof and 100 percent times the number of hours of accumulated sick leave in excess of 100 days or hours equivalent thereof. C. Official retirement will mean the filing of an application to the Department of Administration, Division of Retirement for full or reduced benefits under the Florida Retirement System Pension Plan or the Florida Retirement System Investment Plan. This applies to employees who are older than forty-two (42) years of age and have a minimum of six (6) years of service with the District, who terminate their employment, and who concurrently file for benefits from their retirement plan in either a lump sum or monthly benefit. D. To X. Xx be eligible for the benefit, the staff member must have been employed by the School Board of Seminole County at the time of the retirement or death. E. The Deferred Retirement Option Program (D.R.O.P) will be made available to those employees who meet the criteria as established by action of the 1997 State Legislature. D.R.O.P. will operate as prescribed by law. Payout for unused sick leave will be made upon termination. For those employees who are eligible to receive annual vacation leave, said leave will be paid up to the Board’s maximum to D.R.O.P. participants when they enter the program. F. A 401(A) Plan is required for all bargaining unit members. The program will place the employee’s terminal leave payout at the time of retirement (for sick and/or annual leave) into a 401(A) IRS approved plan subject to applicable restrictions. Monies placed into the plan can be withdrawn at age 55 without penalty. If an employee under age 55 requests his/her funds within 45 days of actual termination of his/her employment, the School Board will authorize a payment necessary to hold harmless said employee from the penalty imposed for early withdrawal. Any other deductions such as federal income taxes will be borne by the employee at the time of withdrawal of funds.