Terminal Leave Pay. A terminal leave payment of one hundred dollars ($100.00) per year of service will be made to employees who retire (under MPSERS) or die with ten (10) years or more of service.
Terminal Leave Pay. A. In recognition of service to the school district, when a teacher retires from the school system after reaching minimum retirement age as defined by the Michigan Public School Employees' Retirement Board, a terminal leave payment will be allowed in the amount of 25% of accumulated sick leave at the time of retirement, to a maximum of $2,700.00.
B. Retirement shall mean permanent discontinuance of teaching and shall not apply if the teacher is moving to accept another teaching position in another school district.
C. The retiring teacher shall have been employed by the Frankfort-Elberta Area School District for at least ten (10) years.
Terminal Leave Pay. In recognition of service to the District, each employee upon termination shall be paid a terminal leave payment of Forty-five Dollars ($45.00) per year for each year of service to the District, provided the employee has been employed by the District for at least ten (10) consecutive years. For each year in which the employee uses fifty percent (50%) or less of earned sick leave, an additional Forty-five Dollars ($45.00) per year shall be paid to the employee.
Terminal Leave Pay. In recognition of service to the Board, in any capacity a terminal leave payment of one hundred fifty-five dollars ($155.00) per year will be paid to the retiring member upon his/her retirement provided the member will have been employed by the Board for at least ten (10) complete years.
Terminal Leave Pay. Severance pay for all administrators hired on or after July 1, 1999 shall be compensated at the rate of $100.00 per day for one hundred percent (100%) of accumulated unused sick leave payable upon retirement. For these administrators these expenses shall be capped at $12,000.
Terminal Leave Pay. Upon termination of employment with the District, Administrator shall receive a lump sum payment equal to 1.35% of Administrator’s final salary multiplied by the number of years of service (or portion thereof) he or she worked for the District on or before June 30, 2003. Service to the District after June 30, 2003 is expressly excluded from the calculation of an Administrator’s terminal leave pay benefit.
Terminal Leave Pay. In recognition of services to the School District, a terminal leave payment of Two Hundred Fifty ($250.00) Dollars per year will be paid to the retiring administrator who notifies the District by August 31st for the first semester, or by the end of the first semester of his/her intent to retire at the end of the school year. This payment shall be added to the administrator's salary and paid out evenly over the remaining pay periods of the school year. If the administrator retires within the school year, he/she shall receive the payment in a lump sum.
Terminal Leave Pay. A. Any employee having been employed by the Board for ten (10) or more years shall be eligible for terminal leave pay upon retirement provided he/she submits written certification of retirement to the Su- perintendent of Schools on the appropriate form no less than one hun- dred-twenty (120) days prior to the desired date of retirement.
B. Approval of such retirement shall be made by the Board of Education at its regular public meeting next following January 1st and shall be binding upon the employee with the Board of Education save harm- less to continue employment beyond the designated effective date of retirement. (Nothing in this provision shall prohibit the Board of Edu- cation from approving an earlier effective date of retirement upon request of the employee providing it is in the school year next follow- ing the school year in which certification of intent to retire is made as designated in “A”).
C. The terminal leave pay upon retirement shall be computed as follows: AFTER: 15 years 1 day for 3 10 years 1 day for 4 5 years 1 day for 5 to be paid in a lump sum at the time of retirement.
D. The daily rate of pay for computation of the terminal leave pay upon retirement shall be based on 1/200 of the annual salary being received for ten-month employees and 1/223 of the annual salary being re- ceived for twelve-month employees at the time of written certification to the Superintendent of Schools of intent to retire.
E. If the employee uses any of the accumulated sick leave designated in “C” above during the next to last and/or final school year of employ- ment, his terminal leave pay upon retirement shall be prorated accord- ingly.
F. The sick leave to which the employee is entitled during the final school year of employment shall not be credited in computing the terminal leave pay upon retirement and shall be used first in charging sick leave during the final school year of employment.
G. The terminal leave pay upon retirement benefit shall be paid in equal monthly installments, by separate check during the last year of em- ployment if elected by the employee.
Terminal Leave Pay. 1. In appreciation for services to the school district, teachers will receive terminal leave pay. In the event of death, terminal leave pay will be paid to the teacher's estate in accordance with Article XXXIV, Section L.
2. To qualify for terminal leave pay, the teacher shall have been employed in the school district for at least ten (10) consecutive years, shall be holding a full-time teaching assignment in the Livonia Public Schools, and shall be eligible for Michigan School Employees Retirement Fund benefits. In the event of extenuating circumstances, the BOARD may, by special action, waive any or all of the preceding qualifications. If an employee qualifies for terminal leave pay, the employee shall receive $200.00 per year for each year of full-time teaching service.
3. Terminal leave pay shall be granted upon retirement. As allowed by the IRS, the terminal leave pay and payoff for unused sick days for all retirees who are age 55 and over at the time of retirement will be paid into a tax-sheltered annuity under Section 403(b) of the Internal Revenue Code. The School District will contribute this money within 30 days of the teacher’s retirement. Retiring teachers who are under age 55 will have their terminal leave pay and unused sick day payout paid in a check with applicable deductions. If laws change or the 403(b) carrier’s policy changes and the changes will have a significant impact on the provisions of this paragraph, either party may, at its option, reopen this paragraph for negotiations.
Terminal Leave Pay. The Board will provide terminal leave pay in the event of death or retirement under a retirement system administered by the State of Florida. Such terminal leave pay starting with the tenth year shall equal the daily rate of pay (as defined in Article 5.10, Section F) of the Faculty member at the time of retirement or death multiplied by 50% of the total number of accumulated sick leave days accredited to the employee at the time of retirement or death. During the next twenty years of service, the daily rate of pay of the Faculty member at the time of retirement or death shall be multiplied by 50% plus an additional 2.5% per year for each year of service beyond 10 years, times the total number of accumulated sick leave days accredited to the employee at the time of retirement or death. If the employee is terminated by death during the first 9 years of service, the terms expressed in Policy 6Hx2-3.25 will govern such terminal leave pay. If termination is by death of the employee, any terminal leave pay to which the employee may have been entitled shall be made to his designated beneficiary or estate. If an employee retires and receives terminal leave pay based on unused sick leave credit, all unused sick leave credit shall become invalid. If the employee retires without receiving terminal leave pay benefits and interrupts retirement to return to employment, the employee's sick leave credit shall be reinstated.
