Common use of Sick Leave Payout Upon Retirement Clause in Contracts

Sick Leave Payout Upon Retirement. In addition to the benefits provided in “Sections 1.” and “2.” of this article a teacher with at least twelve (12) years of continuous service in the District and who qualifies for retirement under the terms of the Teachers Retirement Association (TRA) shall be eligible to receive as severance pay upon his/her retirement the amount obtained by multiplying fifty percent (50%) of his/her unused number of sick leave hours times the teacher’s hourly rate of pay. One-half of that amount shall be paid to a District-approved special deferral plan or 403(b) account designated by the teacher no later than November 15 following retirement. The other one-half of that amount shall be paid to the teacher’s “Health Care Savings Plan” (HCSP) account no later than November 15 following retirement. The District must receive all required paperwork for this provision no later than November 1 to receive payment no later than November 15.

Sick Leave Payout Upon Retirement. In addition to the benefits provided in “Sections 1.” and “2.” of this article and in “ARTICLE XVI,” a teacher with at least twelve (12) years of continuous service in the District and who qualifies for retirement under the terms of the Teachers Retirement Association (TRA) shall be eligible to receive as severance pay upon his/her retirement the amount obtained by multiplying fifty percent (50%) of his/her unused number of sick leave hours times the teacher’s hourly rate of pay. One-One- half of that amount shall be paid to a District-approved special deferral plan or 403(b) account designated by the teacher no later than November 15 following retirement. The other one-half of that amount shall be paid to the teacher’s “Health Care Savings Plan” (HCSP) account no later than November 15 following retirement. The District must receive all required paperwork for this provision no later than November 1 to receive payment no later than November 15.