SEPARATION AND SEVERANCE PAY Clause Samples
The Separation and Severance Pay clause defines the compensation and benefits an employee is entitled to receive upon the termination of their employment. Typically, this clause outlines the amount of severance pay, the method of calculation (such as based on years of service or salary), and any conditions that must be met to qualify for these payments, such as signing a release of claims. Its core practical function is to provide financial support to employees after their employment ends and to clarify the employer’s obligations, thereby reducing potential disputes over post-termination compensation.
SEPARATION AND SEVERANCE PAY. 1.1 The Board will pay retiring employees who are eligible under the provisions of S.E.R.S. to retire using the following formula: Up to thirty (30) days of accumulated sick leave by the employee’s per diem rate at the time of retirement, plus where applicable, one-quarter (1/4) of the accumulated sick leave days in excess of 120 days by the same rate. Maximum allowable days total: 60 days.
1.2 In case of the death of a classified employee, such accrued and unused vacation leave and prorated portion for the current year shall be paid in accordance with Section 2213.04 of the ORC to his/her estate based on the employee’s per diem rate at the time of death.
1.3 Employees shall have the option to receive severance upon retirement or delay their severance payments until the first regularly scheduled payroll in January of the following year. The employee shall notify the Treasurer of his/her desire to defer the payment upon letter to the Board of Education of said retirement.
SEPARATION AND SEVERANCE PAY. A. Separation from the service of the Borough may result from voluntary resignation of the employee, or by the termination of his services after review and approval by the Borough Administrator.
B. Employees who resign will tender their resignation in writing, if possible, at least two weeks prior to the effective date of resignation, in order to provide sufficient time for appointing and breaking in the successor.
C. Termination of a full time employee's service can only be accomplished after such recommendation in writing has been referred to, reviewed, and approved by the Borough Administrator.
D. All employees will, when leaving the service of the Borough, complete and sign the "Termination Receipt" when receiving their final compensation. This receipt will be filed in the employee's personal History File, as evidence of the satisfaction of all claims against the Borough.
SEPARATION AND SEVERANCE PAY. Section 1. Separation from the service of the Employer may result from voluntary resignation of the Employee.
Section 2. Employees who resign will tender their resignation in writing, at least two (2) weeks prior to the effective date of the resignation. Employees separated in good standing who have no more than two (2) years permissible vacation leave to their credit at the time of separation shall be paid the salary equivalent to accrued vacation leave.
Section 3. Upon retirement or death, after ten (10) years of service, the Employee or his/her estate will receive full payment for any unused accumulated sick leave up to one hundred (100) days computed on the basis of final wages. For the purpose of this Section, retirement date shall be the date established by the Public Employees Retirement System. Deferred retirement benefits shall not count as retirement for purposes of this section. Any Employee who is eligible to retire shall give at least twelve (12) month’s notice to the Employer if they desire a lump sum payment for accumulated sick leave, otherwise payment will be made in twelve (12) equal monthly installments. The Employer shall have forty-five (45) days from receipt of the Employee's formal Notice of Retirement Approval to make final computations of amount due. No payment under this Section shall affect either by increasing or decreasing any pension or retirement benefit due the employee.
SEPARATION AND SEVERANCE PAY. A. Upon Involuntary Separation occurring during any term of the Agreement, the Employee shall be entitled to a lump-sum severance payment:
(1). An amount equal to but not to exceed (a) the remainder of the term of the two-year agreement calculated using Employee’s then-current base salary at the time of termination as set forth in SECTION 6 A. or as amended by the City Council, plus (b) any accrued but unused vacation days, computed on an hourly basis determined by dividing Employee’s then-current base salary by 2080 hours, plus (c) the sum of six (6) months premium payments for health insurance benefits under existing City plan at the date of termination. In addition to the severance payment set forth within this paragraph, Employee shall also receive any accrued but unpaid salary prorated from the date of his last payroll check; up to and including his date of termination; unless
(2). If terminated within the last six months of any contractual two-year term (a) an amount equal to the amount of six (6) months of Employee’s then-current base salary at the time of termination as set forth in SECTION 6 A. or as amended by the City Council. Plus (b) an additional one (1) month for each full year of service up to a maximum of twelve (12) months. Plus (c) any accrued but unused vacation days, computed on an hourly basis determined by dividing Employee’s then-current base salary by 2080 hours, plus (d) the sum of six (6) months premium payments for health insurance benefits under existing City plan at the date of termination. In addition to the severance payment set forth within this paragraph, Employee shall also receive any accrued but unpaid salary prorated from the date of his last payroll check; up to and including his date of termination.
(3). Such severance payment shall be the sole remedy of Employee and acceptance shall constitute a waiver of existing claims Employee may have which may arise by virtue of employment with or resignation or removal from the City, including, without limitation, any claims against the City, its officers and employees, agents, affiliates and subsidiaries including, but not limited to, breach of contract, tort, First and Fourteenth Amendment to the U.S. Constitution, 42 U.S.C. Section 1983, and any and all other claims which might arise under local, state, or federal fair employment practices or employment benefit laws, workers’ compensation law, rights and claims arising under the Age Discrimination in Employment Act, Texas P...
SEPARATION AND SEVERANCE PAY. 17 17 FULLY BARGAINED PROVISIONS . . . . . . . 18 18 TRANSFERS . . . . . . . . . . . . . . . 18
SEPARATION AND SEVERANCE PAY. Section 1. Separation from the service of the Employer may result from voluntary resignation of the employee, or by the termination of his services by the appropriate Department Head.
Section 2. Employees who resign will tender the resignation in writing, if possible, at least two (2) weeks prior to the effective date of the resignation, in order to provide sufficient time for appointing and breaking in a successor.
Section 3. Termination of full-time employees’ services can only be accomplished after such recommendation in writing has been referred to, reviewed, and approved by the Department Head in accordance to ordinance.
SEPARATION AND SEVERANCE PAY. SECTION 1. SECTION 2.