Sick Leave Pay Out. In addition to the benefits provided in Sections 2 and 3 of this Article, a principal who qualifies for retirement under the terms of the Teacher Retirement Association shall be eligible to receive severance as pay upon his/her retirement the amount obtained by multiplying 50% of his/her unused number of sick leave hours times the principal’s hourly rate of pay up to 960 hours of accumulated sick leave. One-half of that amount shall be paid to a district-approved 401(a) or 403(b) account designated by the principal, no later than November 15 following retirement. The other one-half of that amount shall be paid to the principal’s Health Care Savings Plan (HCSP) account no later than November 15 following retirement.
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