Common use of RETIREMENT SEVERANCE PAY Clause in Contracts

RETIREMENT SEVERANCE PAY. 1. An employee, the of the Cleveland Heights-University Heights Board of Education may elect, at the time of retirement from active service under the School Employees Retirement System Law, and with ten (10) or more years of service with the Board of Education, to be paid in cash. Such payment shall be based on the employee’s rate of pay at the time of retirement, or if the employee was retirement eligible under S.E.R.S. at the time of the employee’s death. In the event of a retirement eligible employees’ death, the beneficiary shall be entitled to the employees’ retirement severance pay. Payment for sick leave on this basis shall be considered to eliminate all sick leave credit accrued by the employee at that time. Such payment shall be made only once to the employee or to his/her estate. The maximum payment which may be made under this resolution shall be one- fourth of three hundred (300) (75) days plus one-eighth of three hundred one days through four hundred (301-400) accumulated sick days.

RETIREMENT SEVERANCE PAY. 1. An employee, the of the Cleveland Heights-University Heights Board of Education may elect, at the time of retirement from active service under the School Employees Retirement System Law, and with ten (10) or more years of service with the Board of Education, to be paid in cash. Such payment shall be based on the employee’s rate of pay at the time of retirement, or if the employee was retirement eligible under S.E.R.S. at the time of the employee’s death. In the event of a retirement eligible employees’ death, the beneficiary shall be entitled to the employees’ retirement severance pay. Payment for sick leave on this basis shall be considered to eliminate all sick leave credit accrued by the employee at that time. Such payment shall be made only once to the employee or to his/her estate. The maximum payment which may be made under this resolution shall be one- fourth of three hundred sixty (300) (7590) days plus one-eighth of three hundred sixty one days through four hundred (301361-400) accumulated sick days.

RETIREMENT SEVERANCE PAY. 1. An employee, the of the Cleveland Heights-University Heights Board of Education may elect, at the time of retirement from active service under the School Employees Retirement System Law, and with ten (10) or more years of service with the Board of Education, to be paid in cash. Such payment shall be based on the employee’s rate of pay at the time of retirement, or if the employee was retirement eligible under S.E.R.S. at the time of the employee’s death. In the event of a retirement eligible employees’ death, the beneficiary shall be entitled to the employees’ retirement severance pay. Payment for sick leave on this basis shall be considered to eliminate all sick leave credit accrued by the employee at that time. Such payment shall be made only once to the employee or to his/her estate. The maximum payment which may be made under this resolution shall be one- one-fourth of three hundred (300) (75) days plus one-eighth of three hundred one days through four hundred (301-400) accumulated sick days.