SEVERANCE/RETIREMENT PAY. The employee shall receive one-quarter (1/4) accumulated days up to two hundred ninety-four (294) days of sick leave or not more than seventy-three and one-half (73 ½) days. The amount per day shall be calculated by dividing the number of contracted days into the base salary of the employee at the time of retirement. Retirement for purposes of this section shall mean retirement from either State Teachers Retirement System or School Employees Retirement System. The Treasurer of the Board of Education shall receive a copy of notice of approval from either retirement system. If an employee retires prior to the end of the school year, fifty percent (50%) of earned severance pay will be forfeited. The retirement funds being paid by the Brookville Local School District shall be paid within the calendar year of the last day employed in the Brookville Local School District. In the event of the death of an employee eligible for retirement by STRS standards, severance will be paid to the estate. In addition, in order to be eligible for this Severance/Retirement Pay, the employee must have retired or died while an employee of Brookville Local Schools.
SEVERANCE/RETIREMENT PAY. For employees hired prior to July 1, 1999
A. The school district shall provide one pro rata day of severance/retirement pay for each full year of employment as a full-time EPSS employee in the Eden Prairie school district. Calculations for accumulating severance/retirement pay under this paragraph shall not be retroactive and shall start as of July 1, 1989. An EPSS employee is eligible for severance/retirement pay when he/she discontinues employment with the school district for any reason other than dismissal for cause. In case of death, the benefits from this paragraph shall be paid to the employee's beneficiary as designated on the Designation of Beneficiary card for life insurance. The rate of pay shall be calculated at the rate of the last day of employment. The divisor for the daily rate of pay will be 240 days (or pro- rata thereof for reduced contracts).
B. Full-time employees who have completed at least eighteen (18) years of continuous service with the school district and who are at least fifty-five (55) years of age shall be eligible for severance pay pursuant to the provisions of this paragraph upon submission of a written resignation accepted by the school district. Eligible employees shall receive as severance pay an amount representing thirty (30) days' pay or the amount in paragraph A, whichever is more, but not both. In case of death, an employee who otherwise qualifies for benefits under the provisions of this paragraph shall have such benefits paid to the employee's beneficiary as designated on the employee's Designation of Beneficiary card for life insurance. An employee qualifying for severance pay provided for in Section VII, A. of this article will receive that severance pay as follows. The first 50% of the severance shall be contributed to the employee’s account under the VEBA Trust for Eden Prairie Schools (the health reimbursement arrangement (HRA) sponsored by the school district that is funded with a VEBA authorized under Section 501(c)(9) of the Internal Revenue Code). The remaining 50% shall be contributed to the employee’s account under a 403(b) plan (i.e., TSA account) sponsored by the school district that is funded solely with accumulated sick leave, vacation, and/or severance.
C. EPSS employees shall also receive as severance pay 50% of unused accumulated sick leave, not to exceed the maximum limitations set forth in Article IV, Section A. Total severance pay to any EPSS employees shall not exceed one year's salary or any o...
SEVERANCE/RETIREMENT PAY. When an employee in the bargaining unit retires from Otsego Local Schools, that employee shall be entitled to severance retirement pay. Severance pay shall be a one-time lump sum payment. Severance pay benefit shall be calculated according to the following:
X. Xxxxxxxxx pay number of accumulated and unused sick leave days x 1/4 x per diem rate of regular salary on the last day of board employment and shall not include any supplemental contract. Payment for sick leave on this basis shall be considered to eliminate all sick leave credit earned by the employee.
X. Xxxxxxxxx pay benefits shall be limited to a maximum of 80 days. No employee shall be eligible for severance pay prior to completion of five (5) years full time, continuous service with the Otsego School System. Five (5) years of continuous service shall be calculated from the employee's first day of service with the Board until the last day of service. Payment shall be made within thirty (30) calendar days of notification of retirement from the employee's retirement board.
SEVERANCE/RETIREMENT PAY. A. When an employee applies for retirement through SERS and leaves the District, the employee will receive severance pay for a portion of his/her accumulated unused sick leave.
B. A maximum of eighty-five (85) days shall be paid. The number of days of severance pay shall be determined by taking one-fourth (1/4) of the days of accumulated sick leave. Example: 300 days of accumulated sick leave 1/4 x 300 = 75 days C. The rate of pay shall be based on the employee's regular daily rate of pay at the time of retirement.
SEVERANCE/RETIREMENT PAY. All teachers who present evidence of retirement from active service with the Board shall be granted severance pay for accrued but unused sick leave in accordance with this Article. The Board authorizes payment to a retiring teacher of one-fourth (1/4) of his/her unused sick leave days to a maximum of thirty (30) days under the conditions hereinafter specified.
SEVERANCE/RETIREMENT PAY. Members of the bargaining unit may become eligible for severance pay according to the following provisions: - The person must have applied and is receiving his/her retirement within four (4) years of his/her last official date of Northwood employment. - The last employer to pay into STRS was Northwood Local Schools. If the aforementioned provisions are not met, the person will not be eligible for severance pay by Northwood Local Schools. If the aforementioned are met, severance pay will be calculated accordingly: - Severance retirement shall be limited to seventy-five (75) days if the individual has accumulated two hundred thirty-five (235) sick days. If the person has less than two hundred thirty-five (235) accumulated sick days, severance pay shall be equal to one-fourth (1/4) of their accumulated sick days. Retirement service shall be defined as “service retirement” as specified in Section 3307.08 of the Ohio Revised Code. Payment of severance will eliminate all sick leave earned by the employee. No employee shall be eligible for severance pay unless he/she has completed five
SEVERANCE/RETIREMENT PAY. The employee shall receive one-quarter (¼) accumulated days up to two hundred and ninety- four (294) days of sick leave or not more than seventy-three and one half (73½) days. The amount per day shall be calculated by dividing the number of contracted days into the base salary of the employee at the time of retirement. Retirement for purposes of this section shall mean retirement from either State Teachers Retirement System or State Employees Retirement System. The Treasurer of the Board of Education shall receive a copy of notice of approval from either retirement system. The retirement funds being paid by the Brookville Local School District shall be paid within the calendar year of the last day employed in the Brookville Local School District. In the event of the death of an employee eligible for retirement by SERS standards, severance will be paid to the estate. Should an employee, in the year of retirement, be forced to take a position with reduced hours, the prior year’s daily rate shall be used if it is greater than the employee’s retirement year rate.
SEVERANCE/RETIREMENT PAY. Upon retirement, non-certificated employees of the Fayette School District will be paid a retirement severance pay. The amount of the severance pay will be determined by multiplying twenty-five percent (25%) times the total number of accumulated sick leave days. This total shall not exceed 62.50days and will be multiplied by the individual’s average daily rate of pay (during last year) to determine the amount due. One time offer of a severance incentive in addition to the contract language as follows:
1. $3250.00 incentive pay with an effective date of retirement by December 30, 2020
2. $2100.00 incentive pay with an effective date of retirement by December 30, 2021
3. $1000.00 incentive pay with an effective date of retirement by December 30, 2022 Payment as provided herein shall be made in one (1) lump sum to the person entitled thereto and such payment shall be made within two (2) weeks after the employee provides proof that he/she has received his/her first retirement check from the retirement system. A retiree must have five years of service within the Fayette system to qualify.
SEVERANCE/RETIREMENT PAY. X. Xxxxxxxxx Pay
1. All personnel employed for more than ten (10) years of continuous employment with Ashland City Schools who retire from regular employment, shall receive one
(1) single severance payment which shall be considered a retirement stipend and shall equal twenty-five percent (25%) of accumulated sick leave days, for the first 100 days of accumulation, thirty-five percent (35%) for days 101-250, and fifty percent (50%) for days 251-300, but not to exceed twenty-five (25) days for the first 100 days of accumulated leave, fifty-two (52) days of 101-250 days of accumulated leave and twenty-five (32.5) days of 251-315 days of accumulated leave. These calculations will be based upon the employee’s daily rate of pay during his/her final year of service. As a condition of this payment, the employee must make application and must be accepted for retirement from the appropriate retirement system and receiving benefits there from, and further conditioned upon the fact that the employee accepts this stipend in lieu of all accumulated sick leave benefits.
2. Personnel employed prior to January 1, 1999, shall earn 35% of the first 150 days, after which (after day 150) these employees shall earn severance in accordance with the above provision.
SEVERANCE/RETIREMENT PAY. X. Xxxxxxxxx pay shall be paid to all employees of the District who have worked at least ten (10) years with the Osnaburg Local School District. Such employees must also have indicated an intent to retire, with the Treasurer having received applications for processing from a retirement system for retirement benefits for said employee.
B. Said employees shall at the time of their retirement receive a one sum payment amounting to twenty-five percent (25%) of their accumulated sick leave days up to a maximum of seventy (70) days.
C. A retirement incentive will be paid to any employee under the following guidelines:
1. The incentive shall follow SERS guidelines for age and years of service.
2. Purchased years of service are included when determining first-time eligible in #1 above. Any employee who was first time eligible prior to July 1, 2010, may elect the retirement incentive if it is effective July 1, 2010.
