Severance Pay Benefit Calculation Sample Clauses

Severance Pay Benefit Calculation. A. Upon the certification of the Superintendent, the Board will grant to all qualifying employees at the time of their retirement, severance pay. The severance pay will be based on twenty-five percent (25%) of the member's accrued but unused sick leave not to exceed a total of 220 days for a maximum severance payment of 55 days’ pay. B. The product obtained in (A) shall be multiplied by the hourly rate of pay of the retiring employee times the hours worked per day at the time of retirement. C. Receipts of payment for accrued but unused sick leave shall eliminate all sick leave credit accrued by the employee. D. Employee must show proof of retirement.