Sick Leave Award for Retirement. In order to be eligible for sick leave award upon retirement teachers must apply for benefit in writing no later than 90 days prior to the expected date of retirement. If benefit is to be used for purchase of PSRS service credit, written notice must be received in Human Resources by January 15th.
a.) Have a minimum of 10 days accumulated sick leave.
b.) Be continuously employed by Rockwood School District in a certified position for 5 or more years (exception if separation doesn’t exceed 6 months).
c.) Must be full-time in final year of retirement, prorated for certified employees working part-time in their final year of employment must be eligible for a retirement benefit as defined by the PSRS (full, modified or disability). Personnel in full-time certified positions, upon retirement from the District, with verification of PSRS retirement eligibility, will receive the following Sick Leave Award: Index Base FY 04-05 ($31,500) FY 16-17 ($41,124) First 100 days $100 per day First 100 days $130.55 per day 101-150 days $150 per day 101-150 days $195.83 per day 151+ days $200 per day 151+ days $261.10 per day Index Base FY 04-05 ($31,500) FY 17-18 ($41,276) First 100 days $100 per day First 100 days $131.03 per day 101-150 days $150 per day 101-150 days $196.55 per day 151+ days $200 per day 151+ days $262.07 per day Index Base FY 04-05 ($31,500) FY 18-19 ($41,429) First 100 days $100 per day First 100 days $131.52 per day 101-150 days $150 per day 101-150 days $197.28 per day 151+ days $200 per day 151+ days $263.04 per day There continues to be no cap on the total number of sick-leave days which can be accumulated. In subsequent years, pay out amounts will be calculated by using an index. The index will be determined by dividing the base reimbursement amounts ($100, $150, $200) by the starting salary for 2004-05 which is $31,500. This index (.0031746 for days 1- 100, .0047619 for days 101-150, and .0063492 for days 151+) will then be multiplied by that year’s starting salary. This formula may not be altered for five years or before the end of the 2021-22 school year. The IRS considers the sick-leave retirement award to be earnings. It requires the payment of the sick-leave retirement award to be subject to withholding taxes and FICA or Med FICA (where applicable). The IRS considers the full amount of the sick-leave award taxable during the first year of retirement. The employee will receive a W-2 form for 20XX that includes the full amount of your award, unl...
Sick Leave Award for Retirement. Under Regulation 4573, eligible nurses may receive a sick leave award upon retirement. The payout amounts will be calculated yearly by using an index number multiplied by the BSN step one (1) salary for that year. This formula may not be altered for two years or before the end of the 2022-2023 school year. 2021-22 BSN Step One Amount Per Day First 100 days $42,197 $133.96 101-150 days $42,197 $200.94 151+ days $42,197 $267.92 2022-23 BSN Step One Amount Per Day First 100 days $42,487 $134.88 101-150 days $42,487 $202.32 151+ days $42,487 $269.76
Sick Leave Award for Retirement. Under Board of Education Regulation 4573, eligible RAECP members may receive a sick leave award upon retirement. The payout amounts will be calculated yearly by using an index number multiplied by the TBD step one (1) salary for that year.
