XXXXXXXXX CALCULATION. 1. Severance benefits shall be calculated by multiplying the retiree's daily rate of contracted for pay at the time of retirement by Forty Percent (40%) of the total number of accumulated, unused sick leave days. 2. Severance benefits for school bus operators and bus assistants shall be calculated by multiplying the retiree’s daily rate by the average hours worked during the last year of employment, not to exceed eight hours and shall be paid Forty Percent (40%) of the total number of accumulated, unused sick leave days. The sick leave/severance payment shall eliminate all sick leave credit accrued by the employee. Payment may be made only once and then only upon notification by the School Employees Retirement System that the employee is eligible for retirement. Should an employee die while in the service of the Board, the estate of the deceased employee shall be paid the severance benefit calculated as is specified in this Section C.
Appears in 4 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement
