SEVERANCE PAY UPON RETIREMENT. Upon a unit member's retirement, he/she shall receive thirty dollars ($30.00) for each unused day of sick leave accumulated up to two hundred and nine (209) days. Should the unit member die while in active service, the designated beneficiary shall receive thirty dollars ($30.00) for each unused day of sick leave accumulated up to two hundred and nine (209) days. At the option of the bargaining unit member, all or a portion of the stipend may be placed into a tax deferred or sheltered annuity plan. Note: Unused sick leave will also be converted to months of creditable service by the Maryland State Retirement and Pension System.
SEVERANCE PAY UPON RETIREMENT. A. A unit member with ten (10) or more years of service to the Board shall, at the time of retirement, be paid for twenty-seven (27%) of the value of his/her accrued sick leave credit, not to exceed fifty-six and seven-tenths (56.7) days. Such payment shall be made only once to any unit member.
SEVERANCE PAY UPON RETIREMENT. Upon retirement, an employee shall be paid, as severance pay, one (1) day of pay for each year of service or one (1) month of salary, whichever is the greater.
SEVERANCE PAY UPON RETIREMENT. Upon retirement and application for pension an employee will be paid a maximum of two (2) weeks' severance pay.
SEVERANCE PAY UPON RETIREMENT. Any unit member who has no less than ten (10) years of service in the District who actually retires and is eligible for retirement benefits under SERS upon the date of separation from their employment may use their unused, accumulated sick leave for severance pay in the following manner and under the following guidelines:
SEVERANCE PAY UPON RETIREMENT. Section 1 Employees who have been in the employ of the Olmsted Falls Board of Education for at least five (5) years who elect to retire from all positions held with the Board and meet the requirement of Ohio Revised Code 124.391, shall be paid a lump sum equal to one-fourth (¼) of the value of accrued but unused sick leave credit, up to a maximum of ninety (90) days. Days for purposes of this section is in reference to the hourly equivalent of a member’s work day.
SEVERANCE PAY UPON RETIREMENT. A. Employees of the Xxxx County Career Center School District may, at the time of their retirement from service from the Xxxx County Career Center School District, elect to be paid in cash for one-third (1/3) of the value of their unused accumulative sick leave earned in public service in Ohio. Only those employees whose effective date of retirement with the State Teachers Retirement System is no later than ninety (90) calendar days after the last paid day of service with the Xxxx County Career Center School District shall be eligible to be paid for unused cumulative sick leave. The maximum payment shall be for one-third (1/3) of the accumulative sick leave in the State of Ohio, not to exceed ninety- two (92) days.
SEVERANCE PAY UPON RETIREMENT. For the purpose of this provision, retirement shall be defined to include service or disability retirement pursuant to Chapter 3309 of the Ohio Revised Code. Upon death and/or retirement from the Xxxxxxx Xxxxx Local School District and the Board's receipt of the employee's written confirmation of eligibility for and pending payment of benefit from the State Employees Retirement Fund, the employee shall receive severance pay from the Board in an amount equal to 25% of his/her unused and accumulated sick leave to a maximum of 57 % days. Employees can accumulate 40 personal days and use 25% of those for severance bringing the total to 67% days. Personal day accumulation is not applicable to employees hired after June 30, 2002. Such payment shall be calculated on the employee's daily rate of pay at the time of retirement. The daily rate of pay shall not exceed eight (8) hours for anyone day. Severance pay at retirement must be requested by the employee following the employee's last day of employment with the district. Severance pay will be paid on the next payroll after the employee presents a copy of their first retirement check or proof of direct deposit of the first month of benefit(s) to the Treasurer's office. Payment of severance on this basis shall eliminate all sick leave credit accrued by the employee at the time of retirement. Such payment shall be made only once to any employee.
SEVERANCE PAY UPON RETIREMENT. Upon an employee’s retirement, she/he shall receive thirty dollars ($30.00) for each unused day of sick leave accumulated up to one hundred forty (140) maximum or thirty dollars ($30.00) for each year of service, whichever is greater. The Board shall pay the designated beneficiary (so identified to the teacher/employee’s retirement system or teacher/employee’s pension system) of an employee who dies while in active service a death benefit of thirty dollars ($30.00) for each day of her/his sick leave so earned and unused, but not in excess of one hundred forty (140) days, or thirty dollars ($30.00) for each year of service, whichever is greater.
SEVERANCE PAY UPON RETIREMENT. Employees with ten (10) years' service with the District may, at the time of retirement from the District, elect to receive partial payment for their unused accumulated sick leave. The request for payment must be submitted to the Board along with the declaration and request for retirement. Only those employees whose effective date of retirement is no later than ninety (90) calendar days after the last paid day of service shall be eligible. The maximum payment shall be for one-third (1/3) of total accumulated sick leave to a maximum of sixty (60) days. Such payment shall be based on the employee's rate of pay at the time of retirement. Payment shall eliminate all sick leave credit to the employee at the time. Such payment shall be made only once to any employee no later than sixty (60) days after the effective date of retirement or January 2nd of the following year, whichever is designated in writing to the Board Treasurer.
