Common use of SEVERANCE/SEPARATION PAY Clause in Contracts

SEVERANCE/SEPARATION PAY. A. Pursuant to Section 124.39, Ohio Revised Code, the Urbana City Board of Education shall xxxxx xxxxxxxxx pay to all full-time and half-time employees as described below. B. Upon an employee’s indicated intent to retire and upon receipt by the Board of an application for processing retirement benefits from a retirement system the Board shall grant one day’s pay for each 3 days of accumulated sick leave up to a maximum of 300 days of accumulated sick leave (maximum severance days of 100). C. In lieu of severance under paragraph B, the Board shall, at the request of any employee who is leaving the district and who has accumulated a total of twenty-five (25) years’ service defined by the State Teachers Retirement System with at least fifteen (15) of those years being in Urbana City Schools, grant a separation pay equal to one-half (1/2) the amount that would be granted in the case of retirement (up to a maximum of 150 days of accumulated sick leave for a maximum separation pay equal to 50 days). Employees terminated for Just Cause are excluded from this provision and are ineligible to receive any severance pay. D. Payment in accordance with either paragraph B or C above or paragraph H below shall be considered to eliminate all sick leave credit. Separation payments will be issued in January following separation from employment from the district. For employees who are not eligible for the accumulated leave plan set forth in paragraph H below, the severance payment will be issued in January following retirement. X. Xxxxxxxxx payment shall be made only one (1) time to any employee. F. The days of accumulated sick leave on which severance pay is based can be a combination of that accumulated in Urbana City Schools and that which is properly transferred from another governmental agency, department or political subdivision. G. In the event of the death of an employee, the severance or separation pay due such employee shall be paid to the life insurance beneficiary of the employee or the estate of the deceased as though that teacher had actually retired from or left the district on the date of death.