Sick Leave Pay Out. In addition to the benefits provided in Section 2 and Section 4 of this Article, a director who qualifies for retirement under the terms of TRA or PERA shall be eligible to receive as severance pay upon his/her retirement the amount obtained by multiplying 50% of his/her unused number of sick leave hours times the director’s hourly rate of pay. One-half of that amount shall be paid to a District-approved Special Pay Deferral Plan or 403(b) account designated by the director, no later than sixty (60) days following retirement. The other one-half of that amount shall be paid as direct salary payment to the director no later than sixty (60) days following retirement.
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