Common use of SEVERANCE PAY PLAN Clause in Contracts

SEVERANCE PAY PLAN. If an employee notifies the Human Resource Department three (3) months in advance of the date of retirement and requests severance pay and if the employee meets the eligibility requirements set forth in 13.1 above, he or she will be granted a contribution to the District 403(b) Tax-Deferred Retirement Plan for Sheltering Severance Pay and Vacation Pay in an amount equal to $100 pay for every seven and one half (7.5) hours of accrued, unused sick leave, to a maximum of $18,500.