Common use of Bonus Severance Payment Clause in Contracts

Bonus Severance Payment. 1. After a teacher has accumulated his/her maximum of two hundred twenty (220) days of sick leave, any additional sick leave which is accrued will be recorded for the purpose of increasing the severance pay calculation. Upon retirement (as defined in Section A. above) from the District, a teacher shall receive one-third (1/3) of his/her accumulated sick leave days over two hundred twenty (220) as part of his/her severance pay. The maximum number of additional days which may be earned under this Section shall be thirty (30) days, and the amount will be added to the amount entitled to in Section A. above.

Bonus Severance Payment. 1. After a teacher has accumulated his/her maximum of two one hundred twenty eighty-five (220185) days of sick leave, any additional sick leave which is accrued will be recorded for the purpose of increasing the severance pay calculation. Upon retirement (as defined in Section A. above) from the District, a teacher shall receive one-third (1/3) of his/her accumulated sick leave days over two one hundred twenty eighty- five (220185) as part of his/her severance pay. The maximum number of additional days which may be earned under this Section shall be thirty (30) days, and the amount will be added to the amount entitled to in Section A. above.