Common use of SEVERANCE PAY UPON RETIREMENT Clause in Contracts

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. A. Employees of the Xxxx Knox County Career Center School District may, at the time of their retirement from service from the Xxxx Knox 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 School Employees Retirement System is no later than ninety (90) calendar days after the last paid day of service with the Xxxx Knox 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 Knox 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 the Knox 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 paypay only, the accumulation of unused sick leave shall be limited to two hundred seventy-six (276) days.

SEVERANCE PAY UPON RETIREMENT. A. Employees of the Xxxx Knox County Career Center School District may, at the time of their retirement from service from the Xxxx Knox 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 Knox 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 Knox 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 Knox 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. 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 School Employees 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 the 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 paypay only, the accumulation of unused sick leave shall be limited to two hundred seventy-six (276) days.