Common use of Severance Policy Clause in Contracts

Severance Policy. A. An employee of the Colonel ▇▇▇▇▇▇▇▇ Local School District who elects to retire from active service after thirty (30) or more years of teaching in any public educational setting is to be paid for thirty percent (30%) of accrued but unused sick leave which shall not exceed eighty-one and one-half (81.5) days (i.e., 30% of 272 = 81.5) as of June 30, 2007 B. An employee of the Colonel ▇▇▇▇▇▇▇▇ Local School District who elects to retire from active service after twenty-five (25) or more years of teaching in any public educational setting is to be paid for twenty-five percent (25%) of accrued but unused sick leave which shall not exceed eighty-one and one-half (81.5) days (i.e., 25% of 326 = 81.5) as of June 30, 2007. C. Payment of severance shall occur upon employees submitting proof of retirement compensation from STRS (i.e., photocopies of payroll check and/or stubs). Such payment shall be based upon the employee’s rate of pay at the time of retirement. Payment shall be made within sixty (60) days after verification of the first payment from either the State Teachers Retirement System or the State Employees Retirement System. Payment for sick leave on this basis shall be considered to eliminate all sick leave accumulated by the employee at the time. Such payment shall be made only one time to an employee.