Severance Benefits Upon the Sample Clauses

Severance Benefits Upon the death, * retirement of a teacher who has served at least ten (10) years in the Tahquamenon Area School system and qualifies for regular, early or deferred retirement under MPSERS, or * layoff due to necessary reduction of personnel and having a minimum of ten (10) years in the Tahquamenon Area School system, an employee or his estate shall receive one-half (1/2) of the employee’s accumulated sick leave up to the maximum of two hundred (200) days, or two hundred fifty dollars ($250.00), whichever is the greater amount. The daily value of sick leave is to be calculated by dividing the annual salary by the days covered under the length of contract as indicated on the Teacher Tenure Contract of Employment for the year in which he/she dies, retires or is laid off. The maximum amount of sick pay benefits to be paid shall not exceed twenty thousand ($20,000) dollars. At the retiring teacher’s discretion, this sum may be spread in equal, yearly installments over a period of not more than three (3) years.