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.