Common use of SEVERANCE/RETIREMENT PAY Clause in Contracts

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.