Retirement Issues. Section 1. Upon retirement from the Keystone Local School District, a teacher shall be eligible for severance pay according to the following conditions: A. Payment shall be for ¼ of the teacher’s accumulated sick leave days but not to exceed seventy-five (75) days, at the employee’s daily rate of pay. B. Additional days for severance pay shall be granted upon meeting the following criteria: 1. One (1) additional day of severance pay for each year the teacher has accumulated three hundred (300) sick days as of the second pay in October of each year during the last five (5) years of employment. 2. A teacher meeting the requirements specified in Section 6.C. of this article. C. No payment shall be made until the teacher has been accepted into the retirement of a state employment retirement system. Section 2. The employee must have at least ten (10) years of service with the state of Ohio, a political subdivision, or a combination thereof. Section 3. The severance pay benefit may be used only once. Section 4. The severance pay policy will be in accordance with state statutes. Section 5. In the event of the death of an employee, his/her severance pay to which he/she would have been entitled, as calculated in accordance with Sections 1 through 4, shall be paid to the beneficiary designated on his/her Board-provided life insurance.
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Sources: Professional Negotiations Agreement, Professional Negotiations Agreement, Professional Negotiations Agreement