SEVERANCE/RETIREMENT PAY. The employee shall receive one-quarter (1/4) accumulated days up to two hundred ninety-four (294) days of sick leave or not more than seventy-three and one-half (73 ½) days. The amount per day shall be calculated by dividing the number of contracted days into the base salary of the employee at the time of retirement. Retirement for purposes of this section shall mean retirement from either State Teachers Retirement System or School Employees Retirement System. The Treasurer of the Board of Education shall receive a copy of notice of approval from either retirement system. If an employee retires prior to the end of the school year, fifty percent (50%) of earned severance pay will be forfeited. The retirement funds being paid by the Brookville Local School District shall be paid within the calendar year of the last day employed in the Brookville Local School District. In the event of the death of an employee eligible for retirement by STRS standards, severance will be paid to the estate. In addition, in order to be eligible for this Severance/Retirement Pay, the employee must have retired or died while an employee of Brookville Local Schools.
SEVERANCE/RETIREMENT PAY. For employees hired prior to July 1, 1999
SEVERANCE/RETIREMENT PAY. When an employee in the bargaining unit retires from Otsego Local Schools, that employee shall be entitled to severance retirement pay. Severance pay shall be a one-time lump sum payment. Severance pay benefit shall be calculated according to the following:
SEVERANCE/RETIREMENT PAY. All teachers who present evidence of retirement from active service with the Board shall be granted severance pay for accrued but unused sick leave in accordance with this Article. The Board authorizes payment to a retiring teacher of one-fourth (1/4) of his/her unused sick leave days to a maximum of thirty (30) days under the conditions hereinafter specified.
SEVERANCE/RETIREMENT PAY. X. Xxxxxxxxx Pay
SEVERANCE/RETIREMENT PAY. Upon retirement, non-certificated employees of the Fayette School District will be paid a retirement severance pay. The amount of the severance pay will be determined by multiplying twenty-five percent (25%) times the total number of accumulated sick leave days. This total shall not exceed 62.50days and will be multiplied by the individual’s average daily rate of pay (during last year) to determine the amount due. One time offer of a severance incentive in addition to the contract language as follows:
SEVERANCE/RETIREMENT PAY. A. When an employee applies for retirement through SERS and leaves the District, the employee will receive severance pay for a portion of his/her accumulated unused sick leave.
SEVERANCE/RETIREMENT PAY. Members of the bargaining unit may become eligible for severance pay according to the following provisions: - The person must have applied and is receiving his/her retirement within four (4) years of his/her last official date of Northwood employment. - The last employer to pay into STRS was Northwood Local Schools. If the aforementioned provisions are not met, the person will not be eligible for severance pay by Northwood Local Schools. If the aforementioned are met, severance pay will be calculated accordingly: - Severance retirement shall be limited to seventy-five (75) days if the individual has accumulated two hundred thirty-five (235) sick days. If the person has less than two hundred thirty-five (235) accumulated sick days, severance pay shall be equal to one-fourth (1/4) of their accumulated sick days. Retirement service shall be defined as “service retirement” as specified in Section 3307.08 of the Ohio Revised Code. Payment of severance will eliminate all sick leave earned by the employee. No employee shall be eligible for severance pay unless he/she has completed five
SEVERANCE/RETIREMENT PAY. X. Xxxxxxxxx pay shall be paid to all employees of the District who have worked at least ten (10) years with the Osnaburg Local School District. Such employees must also have indicated an intent to retire, with the Treasurer having received applications for processing from a retirement system for retirement benefits for said employee.
SEVERANCE/RETIREMENT PAY. The employee shall receive one-quarter (¼) accumulated days up to two hundred and ninety- four (294) days of sick leave or not more than seventy-three and one half (73½) days. The amount per day shall be calculated by dividing the number of contracted days into the base salary of the employee at the time of retirement. Retirement for purposes of this section shall mean retirement from either State Teachers Retirement System or State Employees Retirement System. The Treasurer of the Board of Education shall receive a copy of notice of approval from either retirement system. The retirement funds being paid by the Brookville Local School District shall be paid within the calendar year of the last day employed in the Brookville Local School District. In the event of the death of an employee eligible for retirement by SERS standards, severance will be paid to the estate. Should an employee, in the year of retirement, be forced to take a position with reduced hours, the prior year’s daily rate shall be used if it is greater than the employee’s retirement year rate.
