Common use of SEVERANCE PAY UPON RETIREMENT Clause in Contracts

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. 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, 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).