Method of Payment For Unused Sick Leave. The daily rate of pay (base salary + longevity + education credit + performance pay) is calculated by dividing by 260 days. The compensation for accrued, unused sick leave shall be paid in the following manner. One hundred percent (100%) shall be paid in the principal’s/assistant principal’s name to the District’s designated Health Care Savings Plan (HCSP). Payments shall be paid by the District in equal installments over a period of time not to exceed twenty-four (24) months. Payments shall be made of one-third (1/3) by June 30 of the year of retirement, one- third (1/3) on the following January 1st and the final one-third (1/3) on the next January 1st. Zero (0%) shall be paid in the principal’s/assistant principal’s name to a 403b plan. Zero (0%) shall be paid to the principal/assistant principal in cash. If a principal/assistant principal dies with a portion of his/her compensation for accrued unused sick leave unpaid, the full balance then due shall be paid to the principal’s/assistant principal’s named beneficiary, if any, otherwise to the principal’s/assistant principal’s estate.
Appears in 4 contracts
Samples: Master Agreement, Master Agreement, Master Agreement
