Severance Pay/Separation Pay Sample Clauses

Severance Pay/Separation Pay a. An Employee of the Portage Lakes Joint Vocational School District, upon retirement from active service under the provisions of the State Teachers Retirement System/School Employees Retirement System, or by death, shall receive severance pay equal to one fourth (25%) of up to two hundred sixty (260) days accumulated sick leave plus 10% of accumulated sick leave between two hundred sixty one (261) days and maximum sick leave referred to in section 5.01 e. of this agreement. Such payment shall be based on the daily rate of pay of the employee at the time of retirement or death. Receipt of the first retirement check constitutes evidence that retirement has occurred. The member must have been employed in the district a minimum of ten (10) years if hired after July 1, 2005. b. An employee upon separation (voluntary or otherwise) from employment with the District shall receive separation pay equal to thirty-three and one-third percent (33.33%) of up to ninety (90) days accumulated sick leave, for a maximum of thirty (30) days. Such pay shall be based on the daily rate of pay of the employee at the time of leaving the District, and payment shall be requested within one year of departure. Employees hired after September 1, 1982, are not eligible for separation pay. c. An employee cannot collect both severance and separation pay.