SEVERANCE PAY UPON RETIREMENT. Upon a unit member's retirement, he/she shall receive thirty dollars ($30.00) for each unused day of sick leave accumulated up to two hundred and nine (209) days. Should the unit member die while in active service, the designated beneficiary shall receive thirty dollars ($30.00) for each unused day of sick leave accumulated up to two hundred and nine (209) days. At the option of the bargaining unit member, all or a portion of the stipend may be placed into a tax deferred or sheltered annuity plan. Note: Unused sick leave will also be converted to months of creditable service by the Maryland State Retirement and Pension System.
SEVERANCE PAY UPON RETIREMENT. A. A unit member with ten (10) or more years of service to the Board shall, at the time of retirement, be paid for twenty-seven (27%) of the value of his/her accrued sick leave credit, not to exceed fifty-six and seven-tenths (56.7) days. Such payment shall be made only once to any unit member.
B. In addition, if a unit member qualifies for severance pay and submits written notice of retirement by March 1st of their final school year, the unit member shall qualify for a merit service retirement award. Such award shall be paid in addition to the severance payment referenced above. The award shall be calculated based upon twenty-seven (27%) of the unit member’s remaining unused sick leave day balance beyond those days paid as a retirement severance payment.
C. Payments under this Article shall be based on the unit member’s regular daily rate of pay at the time of retirement. Such payment shall eliminate all sick leave credit accrued but unused by the unit member at the time payment is made.
D. For purposes of this Article, the term “retire” or “retirement” shall mean that the unit member has been approved for service retirement by the Board of the State Teachers Retirement System (STRS).
SEVERANCE PAY UPON RETIREMENT. Upon retirement, an employee shall be paid, as severance pay, one (1) day of pay for each year of service or one (1) month of salary, whichever is the greater.
SEVERANCE PAY UPON RETIREMENT. Upon retirement and application for pension an employee will be paid a maximum of two (2) weeks' severance pay.
SEVERANCE PAY UPON RETIREMENT. A. Employees of the Xxxx County Career Center School District may, at the time of their retirement from service from the Xxxx County Career Center School District, elect to be paid in cash for one-third (1/3) of the value of their unused accumulative sick leave earned in public service in Ohio. Only those employees whose effective date of retirement with the State Teachers Retirement System is no later than ninety (90) calendar days after the last paid day of service with the Xxxx County Career Center School District shall be eligible to be paid for unused cumulative sick leave. The maximum payment shall be for one-third (1/3) of the accumulative sick leave in the State of Ohio, not to exceed ninety- two (92) days.
B. In addition, an employee must be employed by the Xxxx County Career Center School District for a minimum of seven (7) years to be eligible for severance pay.
C. Such payment shall be based on the employee's rate of pay at the time of retirement. Payment for sick leave on this basis shall be considered to eliminate all sick leave accumulated in the state of Ohio by the employee at that time. Severance pay shall be made only once to any employee. Thus, if an employee has received severance pay from another political subdivision of the state of Ohio, the employee is not eligible for additional severance pay by this Xxxx County Career Center School Board of Education. Such payment shall be made no later than sixty (60) calendar days after the effective date of retirement with the State Teachers Retirement System or the School Employees Retirement System.
D. For the purpose of calculating severance pay, the accumulation of unused sick leave shall be limited to two hundred seventy-six (276) days.
SEVERANCE PAY UPON RETIREMENT. Any unit member who has no less than ten (10) years of service in the District who actually retires and is eligible for retirement benefits under SERS upon the date of separation from their employment may use their unused, accumulated sick leave for severance pay in the following manner and under the following guidelines:
A. Calculation for the severance benefit for employees hired prior to July 1, 2021 shall be one-fourth of the unused accumulated sick leave up to 248 days, not to exceed 62 days. Calculation for the severance benefit for employees hired on or after July 1, 2021 shall be one-fourth of the unused accumulated sick leave up to 228 days, not to exceed 57 days.
X. Xxxxxxxxx pay shall be made based on the unit member’s rate of pay at the time of actual retirement.
C. Payment of severance pay shall be in a lump sum made in the first regular pay in September after receiving their last regular paycheck, as long as the unit member has provided the Employer with notice and written substantiation that he/she has actually retired and is receiving retirement benefits from SERS. Such written substantiations must be made to the Board Treasurer within one hundred twenty (120) days after the unit member actually retires.
D. Such payment shall be made only once to any unit member and shall extinguish all accumulated sick leave to the credit of such unit member.
E. Unit members who are retiring must participate in an exit conference with the Treasurer or his/her designee, or must sign a waiver indicating their refusal to meet.
SEVERANCE PAY UPON RETIREMENT. Section 1 Employees who have been in the employ of the Olmsted Falls Board of Education for at least five (5) years who elect to retire from all positions held with the Board and meet the requirement of Ohio Revised Code 124.391, shall be paid a lump sum equal to one-fourth (¼) of the value of accrued but unused sick leave credit, up to a maximum of ninety (90) days. Days for purposes of this section is in reference to the hourly equivalent of a member’s work day.
Section 2 The employee must present satisfactory evidence to the Treasurer that he/she has been accepted for retirement benefits by the School Employees Retirement System (SERS). After approval of the evidence, the Treasurer will cause a lump sum paycheck to be issued to the retiree within a period of thirty (30) days. Such a payment will be made only once to any employee.
Section 3 Such a payment shall be based upon the employee’s daily rate of pay at the time of retirement, exclusive of overtime or supplementary pay.
Section 4 Such a payment shall be considered to eliminate all sick leave credit accrued by the employee.
Section 5 In addition to the above, any employee who at the time of retirement has accumulated more than three hundred sixty (360) days of unused sick leave days will be paid an additional lump sum at the rate of $40.00 per day for full-time employees (1086 or more hours per year) and $20.00 per day for part-time employees (less than 1086 hours per year) for each unused sick leave day accumulated beyond the three hundred sixty (360) days, as certified by the Treasurer.
SEVERANCE PAY UPON RETIREMENT. Employees with ten (10) years' service with the District may, at the time of retirement from the District, elect to receive partial payment for their unused accumulated sick leave. The request for payment must be submitted to the Board along with the declaration and request for retirement. Only those employees whose effective date of retirement is no later than ninety (90) calendar days after the last paid day of service shall be eligible. The maximum payment shall be for one-third (1/3) of total accumulated sick leave to a maximum of sixty (60) days. Such payment shall be based on the employee's rate of pay at the time of retirement. Payment shall eliminate all sick leave credit to the employee at the time. Such payment shall be made only once to any employee no later than sixty (60) days after the effective date of retirement or January 2nd of the following year, whichever is designated in writing to the Board Treasurer.
SEVERANCE PAY UPON RETIREMENT. Upon an employee’s retirement, she/he shall receive thirty dollars ($30.00) for each unused day of sick leave accumulated up to one hundred forty (140) maximum or thirty dollars ($30.00) for each year of service, whichever is greater. The Board shall pay the designated beneficiary (so identified to the teacher/employee’s retirement system or teacher/employee’s pension system) of an employee who dies while in active service a death benefit of thirty dollars ($30.00) for each day of her/his sick leave so earned and unused, but not in excess of one hundred forty (140) days, or thirty dollars ($30.00) for each year of service, whichever is greater.
SEVERANCE PAY UPON RETIREMENT. For the purpose of this provision, retirement shall be defined to include service or disability retirement pursuant to Chapter 3309 of the Ohio Revised Code. Upon death and/or retirement from the Xxxxxxx Xxxxx Local School District and the Board's receipt of the employee's written confirmation of eligibility for and pending payment of benefit from the State Employees Retirement Fund, the employee shall receive severance pay from the Board in an amount equal to 25% of his/her unused and accumulated sick leave to a maximum of 57 % days. Employees can accumulate 40 personal days and use 25% of those for severance bringing the total to 67% days. Personal day accumulation is not applicable to employees hired after June 30, 2002. Such payment shall be calculated on the employee's daily rate of pay at the time of retirement. The daily rate of pay shall not exceed eight (8) hours for anyone day. Severance pay at retirement must be requested by the employee following the employee's last day of employment with the district. Severance pay will be paid on the next payroll after the employee presents a copy of their first retirement check or proof of direct deposit of the first month of benefit(s) to the Treasurer's office. Payment of severance on this basis shall eliminate all sick leave credit accrued by the employee at the time of retirement. Such payment shall be made only once to any employee.
