Common use of RETIREMENT SEVERANCE PAY Clause in Contracts

RETIREMENT SEVERANCE PAY. Any employee who was employed by the District prior to September 30, 1986, who xxxxxx his/her employment from the District shall be entitled to receive one-half (1/2) of his/her accumulated sick days, not to exceed 100 days, paid at his/her current daily rate. Any employee employed by the District after September 30, 1986, who xxxxxx his/her employment prior to retirement from the District, shall be entitled to receive one-half (1/2) of his/her unused accumulated sick days, not to exceed 100 days, paid at a rate of sixty dollars ($60.00) per day. If that employee should retire from the District, he/she shall be entitled to receive one-half (1/2) of his/her unused accumulated sick days, not to exceed 100 days, paid at his/her current daily rate. (Retirement is defined as an individual who is eligible for and received a pension from the Michigan Public School Employees Retirement Fund.) Current daily rate per diem shall be based on a 184-day work year. This provision is a grandfathering for the length of this contract only. Any employee employed after October 1, 1994, shall not be entitled to any benefits under this Article. The severance pay shall be paid through the District’s special pay plan up to the maximum allowed by law.

RETIREMENT SEVERANCE PAY. Any employee teacher who was employed by the District prior to September 30, 1986, who xxxxxx his/her employment from the District shall be entitled to receive one-half (1/2) of his/her accumulated sick days, not to exceed 100 days, paid at his/her current daily rate. Any employee teacher employed by the District after September 30, 1986, who xxxxxx his/her employment prior to retirement from the District, shall be entitled to receive one-half (1/2) of his/her unused accumulated sick days, not to exceed 100 days, paid at a rate of sixty dollars ($60.00) per day. If that employee teacher should retire from the District, he/she shall be entitled to receive one-half (1/2) of his/her unused accumulated sick days, not to exceed 100 days, paid at his/her current daily rate. (Retirement is defined as an individual who is eligible for and received a pension from the Michigan Public School Employees Retirement Fund.) Current daily rate per diem shall be based on a 184-day work year. This provision is a grandfathering for the length of this contract only. Any employee teacher employed after October 1, 1994, shall not be entitled to any benefits under this Article. The severance pay shall be paid through the District’s special pay plan up to the maximum allowed by law.