Common use of Severance Pay or Termination Pay Clause in Contracts

Severance Pay or Termination Pay. Any full-time certificated employee shall, upon severance due to retirement or death, receive pay for one-half of the days accumulated in his/her sick leave bank. Any full-time certificated employee shall, upon severance for any reason other than retirement or death, receive pay for one-forth of the days accumulated in his/her sick leave bank except in the following situation: Non-tenured teachers who resign their position without giving two (2) weeks’ advance notice will forfeit 100% of their sick leave severance pay. The rate of pay shall be computed at the daily rate of the fiscal year in which the employee was last employed. Payment in the case of a deceased’s employee will be made to the beneficiary or to the estate of the deceased.

Severance Pay or Termination Pay. Any full-time certificated employee shall, upon severance due to retirement or death, receive pay for one-half of the days accumulated in his/her sick leave bank. Any full-time certificated employee shall, upon severance for any reason other than retirement or death, receive pay for one-forth fourth of the days accumulated in his/her sick leave bank except in the following situation: Non-tenured teachers who resign their position without giving two (2) weeks’ advance notice will forfeit 100% of their sick leave severance pay. The rate of pay shall be computed at the daily rate of the fiscal year in which the employee was last employed. Payment in the case of a deceased’s employee will be made to the beneficiary or to the estate of the deceased.

Severance Pay or Termination Pay. Any full-time certificated employee shall, upon severance due to retirement or death, receive pay for one-half 60% of the days accumulated in his/her sick leave bank. Any full-time certificated employee shall, upon severance for any reason other than retirement or death, receive pay for one-forth fourth of the days accumulated in his/her sick leave bank except in the following situation: Non-tenured teachers who resign their position without giving two (2) weeks’ advance notice will forfeit 100% of their sick leave severance pay. The rate of pay shall be computed at the daily rate of the fiscal year in which the employee was last employed. Payment in the case of a deceased’s employee will be made to the beneficiary or to the estate of the deceased.