Common use of SEVERANCE PAY UPON RETIREMENT Clause in Contracts

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.