Common use of SUPER SEVERANCE Clause in Contracts

SUPER SEVERANCE. In the event an employee resigns his/her employment with the Board for retirement purposes effective the end of the work year he/she first becomes eligible to retire with reduced benefits until the first time he/she is eligible to retire with unreduced benefits through STRS, which includes total years of service from any other public retirement system, he/she will receive a lump sum payment of $10,000 plus severance pay as provided in the contract, so long as that employee has been an employee of Miami Trace Local School District for the prior ten (10) years. The last time an employee is eligible to receive the super severance is the first year he/she becomes eligible for unreduced benefits. Eligibility to retire is defined by STRS. Payment pursuant to this provision shall be made in two (2) equal installments as follows: 1. The first payment shall be made on the first pay date after the resignation date. 2. The second payment shall be made the following January. In order to receive super severance, an eligible employee must submit his/her resignation of employment for retirement purposes by March 15 of the school year he/she is first eligible to retire and retire through STRS at the end of that school year.