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.
Appears in 4 contracts
Samples: Negotiated Agreement, Negotiated Agreement, Negotiated Agreement
