Terminal Pay Upon Retirement. At the time of retirement (only) the employee will be reimbursed for accumulative sick/business days as follows: for those with fifteen (15) or fewer years of service, 25% times the number of accumulative sick/business days times l/200th of annual salary of the employee during the last year of actual service to a maximum of fifty (50) days' pay; for those with more than fifteen (15) years of service, 30% times the total number of accumulative sick/business days times 1/200th of annual salary of the employee during the last year of actual service, to a maximum of sixty (60) days' pay. In order to be eligible for this payment, the employee must provide the District with irrevocable notice of his/her intent to retire by February 1, unless the Board subsequently adopts or grants a retirement incentive or the Board exercises its discretion and grants a waiver of the notice requirement. In the event of the death of an employee in service before retirement, money due the employee for unused accumulated sick/business days will be paid to the estate of the employee, in accordance with the foregoing fcrrmu/tasD
