Common use of SEVERANCE PAY & RETIREMENT Clause in Contracts

SEVERANCE PAY & RETIREMENT. Any unit member who is employed by the Board at the time of filing for retirement from the State Teachers' Retirement is eligible to apply to the Treasurer within thirty (30) days following said retirement for severance pay. Said payment shall be an amount determined by multiplying the daily rate of the unit member’s base pay, exclusive of supplemental pay, by twenty-five percent (25%) of the number of days unused accumulated sick leave, provided that in no event shall the number of days severance pay exceed sixty-two (62) days. The unit member shall inform the Treasurer that payment is to be made in a lump sum within sixty (60) days of the receipt of application. Payment shall eliminate all accumulated sick leave. For purpose of this Section, a unit member who has not retired, but is eligible for retirement under the State Teachers’ Retirement System, and who dies, shall be treated as having retired on the date of his/her death, and severance pay shall be paid to his/her estate. In addition to the above, each unit member who begins the school year with the maximum portion of sick leave in reserve under Article 10, Section 10.01 (A) and who thereafter does not use any sick leave for that school year, shall be awarded one (1) day of severance pay which shall be permanent regardless of the use of sick leave after that school year. The amount to be paid and the determination as to when it shall be paid shall follow the procedure for severance pay. Severance Rollover to 403B Account The Severance Pay of any unit member age 55 years or older who is retiring after January 1, 2017 will roll-over into a designated 403(b) accumulated leave plan. This agreement is entered into under current IRS regulations. Any change in the regulations, or legal interpretation of the regulations contrary to this agreement will make this provision null and void. In the event that this provision becomes null and void the parties shall meet to negotiate appropriate changes.

SEVERANCE PAY & RETIREMENT. Any unit member who is employed by the Board at the time of filing for retirement from the State Teachers' Retirement is eligible to apply to the Treasurer within thirty (30) days following said retirement for severance pay. Said payment shall be an amount determined by multiplying the daily rate of the unit member’s base pay, exclusive of supplemental pay, by twenty-five percent (25%) of the number of days unused accumulated sick leave, provided that in no event shall the number of days severance pay exceed sixty-two (62) days. The unit member shall inform the Treasurer that payment is to be made in a lump sum within sixty (60) days of the receipt of application. Payment shall eliminate all accumulated sick leave. For purpose of this Section, a unit member who has not retired, but is eligible for retirement under the State Teachers’ Retirement System, and who dies, shall be treated as having retired on the date of his/her death, and severance pay shall be paid to his/her estate. In addition to the above, each unit member who begins the school year with the maximum portion of sick leave in reserve under Article 10, Section 10.01 (A) and who thereafter does not use any sick leave for that school year, shall be awarded one (1) day of severance pay which shall be permanent regardless of the use of sick leave after that school year. The amount to be paid and the determination as to when it shall be paid shall follow the procedure for severance pay. Severance Rollover to 403B Account The Severance Pay of any unit member age 55 years or older who is retiring after January 1, 2017 will roll-over into a designated 403(b) accumulated leave plan. This agreement is entered into under current IRS regulations. Any change in the regulations, or legal interpretation of the regulations contrary to this agreement will make this provision null and void. In the event that this provision becomes null and void the parties shall meet to negotiate appropriate changes.