SEVERANCE PAY & RETIREMENT. Retirement severance will be paid to each bargaining unit member retiring from the London City School System at a per diem rate of the annual salary at the time of retirement and after ten (10) continuous years of service in the district. “Continuous service” shall be defined as to include all time spent on approved leave, and all time spent out of employment of the district due to reduction in force. Eligible days for retirement severance shall be one-fourth (¼) of the bargaining unit member's accumulated unused sick leave. Payoff of severance shall occur in one lump sum. Benefits for all bargaining unit members retiring shall be discontinued as of the end of the month of retirement. To qualify for retirement severance a bargaining unit member shall:
Appears in 4 contracts
Samples: Negotiated Agreement, Negotiated Agreement, Negotiated Agreement
