Terminal Pay Benefits. An employee will be paid terminal pay for accumulated sick leave at retirement, participation in DROP, or to his/her beneficiary if service is terminated by death. Payment will be in month following effective retirement date unless (e) is selected or (f) is applicable. Investment plan participants will be eligible for terminal sick leave pay only if the participant meets the normal retirement age or years of service as defined in paragraph b.(1)(a) below. No payment for sick leave will be made to investment plan participants under the early retirement criteria for pension plan participants as listed in paragraph b.(2)(a) below except by specific School Board action for retirement incentives for all employees. a. Any employee entitled to terminal pay benefits shall have been under contract to render services for the period immediately preceding retirement or death and shall not be under suspension from duty except for reasons pertaining to health, or have any charges pending which could result in dismissal from employment.
Appears in 5 contracts
Samples: Master Contract, Master Contract, Master Contract
