RETIREMENT SEVERANCE PAY. A member who has five (5) or more years of service with the Board may elect at the time of retirement from active service to be paid for thirty percent (30%) of the member’s accrued but unused sick leave credit to a maximum of ninety-eight (98) days. For example, a member with 200 days of accrued sick leave will receive 60 days retirement severance (200 x .30 = 60). The word “retirement” shall be limited exclusively to mean full permanent retirement with regard to age and years of service under the State Retirement System law. The rate paid will be the per diem rate of the member’s basic contract in effect at the time of retirement; however, members with ten (10) or more years shall have their per diem rate based on the highest of the last three (3) years. Except as provided in Section 17, supplemental contracts, extended service or other compensation will not be included in the calculation. Payment for sick leave on this basis shall be considered to eliminate all sick leave credit accrued by the member. Such payment shall be made only once to any member.
Appears in 4 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement
