Common use of SEVERANCE/SEPARATION PAY Clause in Contracts

SEVERANCE/SEPARATION PAY. A. All classified personnel who elect to terminate their employment with the Board by retirement and who have been accepted for retirement by the School Employees Retirement System of Ohio shall be paid a lump sum equal to one-fourth (1/4) of accumulated but unused sick leave days up to a maximum of thirty (30) days, except that those employees who elect to retire within twelve (12) months of the earliest permissible retirement date shall be paid one-third (1/3) of accumulated but unused sick leave up to a maximum of sixty (60) days. Such payment shall be based upon the employee's hourly rate of pay at the time of retirement pursuant to the applicable wage schedule. Severance pay will be remitted upon receipt of certification of retirement from SERS. The following shall constitute a sliding scale of incentives for accumulated sick leave: 180 unused sick days $1,000 incentive 200 unused sick days $2,000 incentive 300 unused sick days $5,000 incentive 400 unused sick days $10,000 incentive