SEVERANCE PAY & RETIREMENT. Retirement severance will be paid to each bargaining unit member retiring from the London City School System at a per diem rate of the annual salary at the time of retirement and after ten (10) continuous years of service in the district. “Continuous service” shall be defined as to include all time spent on approved leave, and all time spent out of employment of the district due to reduction in force. Eligible days for retirement severance shall be one-fourth (¼) of the bargaining unit member's accumulated unused sick leave. Payoff of severance shall occur in one lump sum. Benefits for all bargaining unit members retiring shall be discontinued as of the end of the month of retirement. To qualify for retirement severance a bargaining unit member shall:
A. Retire from the school system by submitting a written statement of retirement to the Board of Education. Employees are responsible for notifying the treasurer’s office of the number of years of employment in the district.
B. Provide the Treasurer of the Board of Education evidence from the State Teacher's Retirement System (STRS) that substantiates the bargaining unit member's eligibility for service or disability retirement as the last day of employment.
C. The district agrees that upon receipt of the first State Teacher Retirement System (STRS) pay stub of a retiree, the Board has 60 days to pay out the severance.
D. Payment on this basis shall be considered to eliminate all sick leave credit accrued by the bargaining unit member.
SEVERANCE PAY & RETIREMENT. Any unit member who is employed by the Board at the time of filing for retirement from the State Teachers' Retirement is eligible to apply to the Treasurer within thirty (30) days following said retirement for severance pay. Said payment shall be an amount determined by multiplying the daily rate of the unit member’s base pay, exclusive of supplemental pay, by twenty-five percent (25%) of the number of days unused accumulated sick leave, provided that in no event shall the number of days severance pay exceed sixty-two (62) days. The unit member shall inform the Treasurer that payment is to be made in a lump sum within sixty (60) days of the receipt of application. Payment shall eliminate all accumulated sick leave. For purpose of this Section, a unit member who has not retired, but is eligible for retirement under the State Teachers’ Retirement System, and who dies, shall be treated as having retired on the date of his/her death, and severance pay shall be paid to his/her estate. In addition to the above, each unit member who begins the school year with the maximum portion of sick leave in reserve under Article 10, Section 10.01 (A) and who thereafter does not use any sick leave for that school year, shall be awarded one (1) day of severance pay which shall be permanent regardless of the use of sick leave after that school year. The amount to be paid and the determination as to when it shall be paid shall follow the procedure for severance pay. The Severance Pay of any unit member age 55 years or older who is retiring after January 1, 2017 will roll-over into a designated 403(b) accumulated leave plan. This agreement is entered into under current IRS regulations. Any change in the regulations, or legal interpretation of the regulations contrary to this agreement will make this provision null and void. In the event that this provision becomes null and void the parties shall meet to negotiate appropriate changes.
SEVERANCE PAY & RETIREMENT. Section 15.1 Effective July 1, 2003, employees will be eligible for severance pay upon voluntary termination of employment if he/she has at least twelve (12) years of service in the District. These employees will be eligible for an additional one hundred dollars ($100.00) severance pay for each year of service in the District. This amount is capped at two thousand dollars ($2,000.00) per individual.
Section 15.2 There will be no mandatory retirement age.
Section 15.3 A member who retires, resigns after ten (10) years of service, or dies with at least ten
SEVERANCE PAY & RETIREMENT. The Board will pay to teachers retiring from the employment of the District or to the personal representative of teachers who die during the term of employment with the District which teachers have a minimum of twelve (12) years service to the District and its predecessor Districts (Macon and Blue Mound), a stipend of $15.00 times all unused sick days over one hundred eighty (180) and through two hundred twenty (220) days. Payment shall be made thirty (30) days after the effective date of retirement or the date of death and after the teacher’s last day of service to the District and after the employee has received his or her final paycheck for services rendered.
SEVERANCE PAY & RETIREMENT. Section 15.1 Effective July 1, 2003, employees will be eligible for severance pay upon voluntary termination of employment if he/she has at least twelve (12) years of service in the District. These employees will be eligible for an additional one hundred dollars ($100.00) severance pay for each year of service in the District. This amount is capped at two thousand dollars ($2,000.00) per individual.
Section 15.2 There will be no mandatory retirement age.
Section 15.3 A member who retires, resigns after ten (10) years of service, or dies with at least ten (10) years of service will be compensated for all unused sick leave days in excess of forty (40) at the rate of twenty dollars ($20.00) per day to the maximum amount of one hundred (100) days. This payment will be paid on the last regular paycheck the member receives.
SEVERANCE PAY & RETIREMENT. A. An employee who qualifies for retirement and elects to retire shall receive severance pay in the amount of one-third (1/3) of all accumulated sick leave, to a maximum of seventy-eight (78) days. Such payment shall be based on the daily rate of pay at the time of retirement.
B. Payment of sick leave shall be made only once to any employee. Payments shall be made no later than sixty (60) days after the effective date of retirement.
C. Should an employee die during the time between retirement and the receipt of severance pay, the Board will provide the severance pay as calculated above to the employee’s designated beneficiary.
SEVERANCE PAY & RETIREMENT. An employee, upon voluntary termination of employment, after at least ten (10) years of continuous service in the bargaining unit will be eligible for severance pay of three quarters of a percent (.75%) of salary times the years of service or portion thereof up to and including thirty (30) years of completed service, i.e.: 20 years x .75% = 15% of current annual salary 13 years x .75% = 9.75% of current annual salary Employees hired in the bargaining unit after December 31, 1994 will be eligible for severance pay upon voluntary termination of employment if he/she has at least fifteen
SEVERANCE PAY & RETIREMENT. Section 15.1 An employee, upon voluntary termination of employment, after at least ten (10) years of continuous service in the bargaining unit will be eligible for severance pay of three quarters of a percent (.75%) of salary times the years of service or portion thereof up to and including thirty (30) years of completed service, i.e.: 20 years x .75% = 15% of current annual salary 13 years x .75% = 9.75% of current annual salary Employees hired in the bargaining unit after December 31, 1994 will be eligible for severance pay upon voluntary termination of employment if he/she has at least fifteen (15) years of continuous service or is eligible for retirement under the Michigan Public School Employees Retirement System
Section 15.2 An employee electing severance in lieu of layoff will be eligible for benefits under 15.1 as conditions warrant.
Section 15.3 The benefits paid under this Article will be reduced by any unemployment benefit.
Section 15.4 An employee who changes work status, that is, 52 weeks to forty-four (44) weeks or full time to part time during the three (3) years immediately preceding his/her resignation will be entitled to a prorated severance allowance based on the weighted average of the change in status using the salary rates in effect for the last year worked.
Section 15.5 Employees who terminate will be paid for all accumulated vacation days including prorated vacation for the year of termination.
SEVERANCE PAY & RETIREMENT. Any teacher who is employed by the Board at the time of filing for retirement from the State Teachers' Retirement is eligible to apply to the Treasurer within thirty (30) days following said retirement for severance pay. Said payment shall be an amount determined by multiplying the daily rate of the teacher's base pay, exclusive of supplemental pay, by twenty-five percent (25%) of the number of days unused accumulated sick leave, provided that in no event shall the number of days severance pay exceed sixty-two (62) days. The teacher shall inform the Treasurer that payment is to be made in a lump sum within sixty (60) days of the receipt of application. Payment shall eliminate all accumulated sick leave. For purpose of this Section, a teacher who has not retired, but is eligible for retirement under the State Teachers’ Retirement System, and who dies, shall be treated as having retired on the date of his/her death, and severance pay shall be paid to his/her estate. In addition to the above, each teacher who begins the school year with the maximum portion of sick leave in reserve under Article 10, Section 10.01 (A) and who thereafter does not use any sick leave for that school year, shall be awarded one (1) day of severance pay which shall be permanent regardless of the use of sick leave after that school year. The amount to be paid and the determination as to when it shall be paid shall follow the procedure for severance pay.
SEVERANCE PAY & RETIREMENT. Upon retirement and application for benefits payable under the Plan at age sixty (60) or over, an employee with twenty (20) years of continuous service with an Employer will be paid from the Employer a maximum of two (2) weeks’ severance pay.
