Xxxxxxxxx Pay. Xxxxxxxxx pay shall be granted to any teacher who has completed at least ten (10) years of service in the Northwest Indiana Special Education Cooperative. The amount of severance shall be computed on the following basis: 10 through 14 years of service ...25% of the last daily rate of the teacher times the number of accumulated sick days of the teacher. 15 through 19 years of service ...30% of the last daily rate of the teacher times the number of accumulated sick days of the teacher. 20 through 29 years of service ...35% of the last daily rate of the teacher times the number of accumulated sick days of the teacher. 30 or more years of service ...40% of the last daily rate of the teacher times the number of accumulated sick days of the teacher. Daily rate shall be defined as a teacher's regular school year salary divided by 185 days solely for the purpose of determining daily rate under this article. For purposes of calculating a teacher’s Severance Pay, a teacher’s accumulated sick leave is capped at one hundred thirteen (113) days.
Appears in 10 contracts
Samples: Master Contract, Master Contract, Master Contract
