Sick Leave Buy Back. Employees, upon leaving the employ of the Board, shall not be entitled to compensation for accumulated sick leave; provided, however, that any employee who is eligible to retire in accordance with the State Retirement Act (regardless of whether such employee is enrolled in the retirement program under such Act or is enrolled in the Optional Retirement Program established under Chapter 15A, §40) and who, having given the President not less than three (3) months’ advance written notice thereof, does retire shall be paid twenty percent (20%) of the value of his/her unused accumulated sick leave at the time of his/her retirement, which value shall be calculated on the basis of such employee’s rate of pay as it is on the date immediately prior to the date on which his/her retirement has effect. The President, for reasons deemed satisfactory to him/her, may waive the notice required by the preceding proviso. In calculating the daily rate of pay of any member of the bargaining unit, the following formulas shall be used:
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