Upon official notice of retirement, pursuant to NYSTRS and Sample Clauses

Upon official notice of retirement, pursuant to NYSTRS and a minimum often years of employment with the District, accumulative leave will be converted into a retirement benefit. A maximum of 280 days may be used. A dollar value of $250 per day will be assigned for each day of paid leave. The maximum retirement benefit will be $70,000. The retirement benefit will be used by the District to pay any health insurance, life insurance, or comparable benefit premiums, until such time as the benefit amount is exhausted. In any fiscal year, no more than $20,000 will be drawn from the retiree's account. In the event the employee predeceases his/her spouse, the spouse will be allowed to continue the benefit until the bank is exhausted or death, whichever comes first.
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