Accumulated Sick Leave Payment. Upon retiring or leaving the school district, whether on Plan A or Plan B, the school Administrator shall receive a lump sum accumulative sick leave payment equal to twenty percent (20%) of accumulated sick leave, based upon the daily rate of the last contract year. The school Administrator's actual letter of resignation must be received no later than April 1 of the calendar year the school Administrator terminates employment.
Accumulated Sick Leave Payment. Any covered employee who retires into TPAF or PERS or is riffed shall be eligible for payment for unused sick leave under the following circumstances:
Accumulated Sick Leave Payment. Upon retiring or leaving the District, teachers shall receive a lump sum for an accumulated sick leave payment equal to twenty percent (20%) of their accumulated sick leave, based upon the daily rate of last year’s contract, if the teacher meets the following eligibility criteria: The teacher has accrued fifteen (15) years of creditable service with the Belgrade School District and a minimum of twenty-five (25) years of creditable service under the Montana Teacher Retirement System (TRS), or the teacher has accrued at least twenty (20) years of creditable service under TRS with the Belgrade School District. The teacher’s actual letter of resignation must be received no later than April 1st of the calendar year the teacher terminates employment. Window of Opportunity: In order to receive the Plan B Severance Benefit, the teacher must submit a letter of resignation within a “window of opportunity”. The “window of opportunity” shall be no later than the school year that he/she has earned thirty-five (35) years of TRS creditable service. The written resignation must be effective for next contract year. Failure to resign shall result in the loss/waiver of this Plan B Severance Plan. At the discretion of the Board, the Board may approve an extension of the “window of opportunity” for a teacher. The Association has the right to exempt up to ten (11) teachers from the original group of teachers that qualified for Plan B (Old Plan) from the “window of opportunity” eligibility requirement. Acknowledge of Receipt: All notices, letters, and/or applications shall be mailed (postmarked) to the Superintendent’s Office or hand delivered to the Superintendent’s Office. Benefit Limitation: This section of the Agreement constitutes all monetary entitlements available to teachers on retirement or leaving the District that are not required by law. If a teacher elects to apply the amount received under Plan B (Old Plan) of this Section to TRS Option 1 to enhance their retirement benefits, the District shall not be required to pay any additional employer contribution to TRS greater than that required under Plan B (Old Plan) if any additional employer contribution required by Option 1 cannot be charged to the Retirement Fund.
Accumulated Sick Leave Payment. Any employee who retires into PERS or is riffed shall be eligible for payment for . unused sick leave under the following circumstances:
Accumulated Sick Leave Payment. 5. Payment of this benefit shall be made in either three equal payments or five equal payments, at the discretion of the employee. If the employee retires December 31 of the contract years and selects the three payment option, the first thirty-three and one third percent (33 1/3 %) of the total amount due shall be paid on or about July 15 of the year following retirement; thirty-three and one third percent (33 1/3 %) of the total amount due shall be paid on or before July 15 of the year following the first payment; and thirty-three and one third percent (33 1/3 %) of the total amount shall be paid on or before July 15 of the year following the second payment. If the employee selects the five payment option, twenty percent (20%) of the total amount due shall be paid on or about July 15 of the year following retirement; and twenty percent (20%) of the total amount due shall be paid on or before July 15 of each successive year following the first payment until the employee is paid one hundred percent (100%) of the amount. If the employee retires June 30 of the contract years and selects the three payment option, thirty-three and one third percent (33 1/3 %) of the total amount due shall be paid no later than ninety (90) days from the effective date of retirement, at such time subject to discretion of the Board of Education; thirty-three and one third percent (33 1/3 %) of the total amount due shall be paid on or before July 15 of the year following the first payment; and thirty-three and one third percent (33 1/3 %) of the total amount shall be paid on or before July 15 of the year following the second payment. If the employee retires June 30th and selects the five payment option, twenty percent (20%) of the total amount shall be paid no later that ninety (90) days from the effective date of retirement, at such time subject to discretion of the Board of Education; and twenty percent (20%) the total amount due shall be paid on or before July 15 of each successive year following the first payment until the employee is paid one hundred percent (100%) of the amount. CINNAMINSON TOWNSHIP BOARD OF EDUCATION Dated: By: CINNAMINSON EDUCATION ASSOCIATION, INC.
Accumulated Sick Leave Payment. A. Upon retirement, a professional employee with ten (10) or more years of service in the Middletown Area School District shall be reimbursed for unused and accumulated sick leave in the amount of $50 per unused sick day.
Accumulated Sick Leave Payment. Upon retiring or leaving the District, teachers shall receive a lump sum for an accumulated sick leave payment equal to twenty percent (20%) of their accumulated sick leave, based upon the daily rate of last year’s contract, if the teacher meets the following eligibility criteria:
Accumulated Sick Leave Payment. A. All employees covered by this Agreement shall be entitled, upon retirement, to receive a lump sum payment as supplemental compensation for each full day of earned and unused accumulated sick leave which is credited to him/her on the effective date of his/her retirement.
Accumulated Sick Leave Payment. An employee at the time of retirement under the Main Retirement Fund or the Deferred Compensation Savings Plan and Trust shall be entitled to a cash payment representing twenty percent (20%) of the value of the employee’s accumulated sick leave as of January 24, 2001. The value of the accumulated sick leave shall be computed on the basis of a retiring employee’s hourly rate of pay at the time of retirement.
Accumulated Sick Leave Payment
