RETIREMENT OR SEPARATION. Retirement will be in accordance with the Michigan Public School Retirement Act. Upon termination of employment of a bargaining unit employee with ten (10) years of seniority in this school district at the time of termination, three-quarters (3/4) of the accumulated sick leave days or $400, or $20 times years of service, whichever is greater, will be paid to the employee on a separation bonus. In the event of death before such termination, but after the minimum ten (10) year period, the employee's beneficiary is entitled to receive the bonus. Separation bonus days are paid on the basis of the daily pay rate.
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Samples: Auxiliary Contract, Auxiliary Contract, www.mackinac.org
