Common use of Terminal Pay Clause in Contracts

Terminal Pay. Any employee at normal retirement or his/her beneficiary if service is terminated by death, shall be provided terminal pay. Such terminal pay shall not exceed an amount determined as follows: 1. During the first three (3) years of service: a. The affected employee’s daily rate of pay on July 1, 1994, multiplied by 35 percent multiplied by the number of unused sick leave days held on July 1, 1994. b. The affected employee’s daily rate of pay at the time sick leave is earned times 35 percent times the number of days of accumulated sick leave earned after July 1, 1994. 2. During the fourth (4th) through sixth (6th) years of service: a. The affected employee’s daily rate of pay on July 1, 1994, multiplied by 40 percent multiplied by the number of unused sick leave days held on July 1, 1994. b. The affected employee’s daily rate of pay at the time sick leave is earned times 40 percent times the number of days of accumulated sick leave earned after July 1, 1994. 3. During the seventh (7th) through ninth (9th) years of service: a. The affected employee’s daily rate of pay on July 1, 1994, multiplied by 45 percent multiplied by the number of unused sick leave days held on July 1, 1994. b. The affected employee’s daily rate of pay at the time sick leave is earned times 45 percent times the number of days of accumulated sick leave earned after July 1, 1994. 4. During the tenth (10th) through the twelfth (12th) year of service: a. The affected employee’s daily rate of pay on July 1, 1994, multiplied by 50 percent multiplied by the number of unused sick leave days held on July 1, 1994. b. The affected employee’s daily rate of pay at the time sick leave is earned times 50 percent times the number of days of accumulated sick leave earned after July 1, 1994. 5. During and after the thirteenth (13th) year of service: a. The affected employee’s daily rate of pay on July 1, 1994, multiplied by the number of unused sick leave days held on July 1, 1994. b. The affected employee’s daily rate of pay at the time sick leave is earned* multiplied by the number of days of accumulated sick leave earned. 6. No employee who meets the eligibility requirements listed above may receive any compensation for sick leave payments unless they sign and execute the Payment of Sick Leave Upon Retirement Agreement provided by the Superintendent. This Agreement requires the retiring Board employee to seek, accept, and cash the first retirement benefit check issued by the Florida Retirement System. The employee must qualify for “normal retirement” which under this policy shall mean retirement under plan A, B, C, D, E under the Florida Retirement System or any other plan established by the Legislature with either full or reduced benefits as provided by law. Normal retirement shall not be interpreted to include disability retirement. *Note: “At the time sick leave is earned” shall be interpreted to mean the value of sick leave at the end of each school year or at the time the affected employee retires, whichever comes first.

Terminal Pay. Any employee at normal retirement or his/her beneficiary if service is terminated by death, shall be provided terminal pay. 1. Such terminal pay shall not exceed an amount determined as follows: 1. a. During the first three (3) years of service: a. 1. The affected employee’s 's daily rate of pay on July 1, 1994, multiplied by 35 percent multiplied by the number of unused sick leave days held on July 1, 1994. b. 2. The affected employee’s 's daily rate of pay at the time sick leave is earned times 35 percent times the number of days of accumulated sick leave earned after July 1, 1994. 2. b. During the fourth (4th) through sixth (6th) years of service: a. 1. The affected employee’s 's daily rate of pay on July 1, 1994, multiplied by 40 percent multiplied by the number of unused sick leave days held on July 1, 1994. b. 2. The affected employee’s 's daily rate of pay at the time sick leave leave* is earned times multiplied by 40 percent times multiplied by the number of days of accumulated sick leave earned after July 1, 1994. 3. c. During the seventh (7th) through ninth (9th) years of service: a. 1. The affected employee’s 's daily rate of pay on July 1, 1994, multiplied by 45 percent multiplied by the number of unused sick leave days held on July 1, 1994. b. 2. The affected employee’s 's daily rate of pay at the time sick leave leave* is earned times multiplied by 45 percent times multiplied by the number of days of accumulated sick leave earned after July 1, 1994. 4. d. During the tenth (10th) through the twelfth (12th) year of service: a. 1. The affected employee’s 's daily rate of pay on July 1, 1994, multiplied by 50 percent multiplied by the number of unused sick leave days held on July 1, 1994. b. 2. The affected employee’s 's daily rate of pay at the time sick leave leave* is earned times multiplied by 50 percent times multiplied by the number of days of accumulated sick leave earned after July 1, 1994. 5. e. During and after the thirteenth (13th) 13th year of service: a. 1. The affected employee’s 's daily rate of pay on July 1, 1994, multiplied by the number of unused sick leave days held on July 1, 1994. b. 2. The affected employee’s 's daily rate of pay at the time sick leave is earned* multiplied by the number of days of accumulated sick leave earnedearned after July 1, 1994. 6. f. No employee who meets the eligibility requirements listed above may receive any compensation for sick leave payments unless they sign and execute the Payment of Sick Leave Upon Retirement Agreement provided by the Superintendent. This Agreement agreement requires the retiring Board employee to seek, accept, accept and cash the first retirement benefit check issued by the Florida Retirement System. The employee must qualify for “"normal retirement” " which under this policy shall mean retirement under plan A, B, C, D, E under the Florida Retirement System or any other plan established by the Legislature with either full or reduced benefits as provided by law. Normal retirement shall not be interpreted to include disability retirement. *Note: “At the time sick leave is earned” earned shall be interpreted to mean the value of sick leave at the end of each school year or at the time the affected employee retires, whichever comes first.

Terminal Pay. Any employee at normal retirement or his/her beneficiary if service is terminated by death, shall be provided terminal pay. 1. Such terminal pay shall not exceed an amount determined as follows: 1. a. During the first three (3) years of service: a. 1. The affected employee’s 's daily rate of pay on July 1, 1994, multiplied by 35 percent multiplied by the number of unused sick leave days held on July 1, 1994. b. 2. The affected employee’s 's daily rate of pay at the time sick leave is earned times 35 percent times the number of days of accumulated sick leave earned after July 1, 1994. 2. b. During the fourth (4th) through sixth (6th) years of service: a. 1. The affected employee’s 's daily rate of pay on July 1, 1994, multiplied by 40 percent multiplied by the number of unused sick leave days held on July 1, 1994. b. 2. The affected employee’s 's daily rate of pay at the time sick leave leave* is earned times multiplied by 40 percent times multiplied by the number of days of accumulated sick leave earned after July 1, 1994. 3. c. During the seventh (7th) through ninth (9th) years of service: a. 1. The affected employee’s 's daily rate of pay on July 1, 1994, multiplied by 45 percent multiplied by the number of unused sick leave days held on July 1, 1994. b. 2. The affected employee’s 's daily rate of pay at the time sick leave leave* is earned times multiplied by 45 percent times multiplied by the number of days of accumulated sick leave earned after July 1, 1994. 4. d. During the tenth (10th) through the twelfth (12th) year of service: a. 1. The affected employee’s 's daily rate of pay on July 1, 1994, multiplied by 50 percent multiplied by the number of unused sick leave days held on July 1, 1994. b. 2. The affected employee’s 's daily rate of pay at the time sick leave leave* is earned times multiplied by 50 percent times multiplied by the number of days of accumulated sick leave earned after July 1, 1994. 5. e. During and after the thirteenth (13th) year of service: a. 1. The affected employee’s 's daily rate of pay on July 1, 1994, multiplied by the number of unused sick leave days held on July 1, 1994. b. 2. The affected employee’s 's daily rate of pay at the time sick leave is earned* multiplied by the number of days of accumulated sick leave earnedearned after July 1, 1994. 6. f. No employee who meets the eligibility requirements listed above may receive any compensation for sick leave payments unless they sign and execute the Payment of Sick Leave Upon Retirement Agreement provided by the Superintendent. This Agreement requires the retiring Board employee to seek, accept, accept and cash the first retirement benefit check issued by the Florida Retirement System. The employee must qualify for “"normal retirement” " which under this policy shall mean retirement under plan A, B, C, D, E under the Florida Retirement System or any other plan established by the Legislature with either full or reduced benefits as provided by law. Normal retirement shall not be interpreted to include disability retirement. *Note: “At the time sick leave is earned” earned shall be interpreted to mean the value of sick leave at the end of each school year or at the time the affected employee retires, whichever comes first.

Terminal Pay. Any employee at normal retirement or his/her beneficiary if service is terminated by death, shall be provided terminal pay. Such terminal pay shall not exceed an amount determined as follows: 1. (a) During the first three (3) years of service: a. 1. The affected employee’s 's daily rate of pay on July 1, 1994, multiplied by 35 percent multiplied by the number of unused sick leave days held on July 1, 1994. b. 2. The affected employee’s 's daily rate of pay at the time sick leave is earned times 35 percent times the number of days of accumulated sick leave earned after July 1, 1994. 2. (b) During the fourth (4th) through sixth (6th) years of service: a. 1. The affected employee’s 's daily rate of pay on July 1, 1994, multiplied by 40 percent multiplied by the number of unused sick leave days held on July 1, 1994. b. 2. The affected employee’s 's daily rate of pay at the time sick leave leave* is earned times multiplied by 40 percent times multiplied by the number of days of accumulated sick leave earned after July 1, 1994. 3. (c) During the seventh (7th) through ninth (9th) years of service: a. 1. The affected employee’s 's daily rate of pay on July 1, 1994, multiplied by 45 percent multiplied by the number of unused sick leave days held on July 1, 1994. b. 2. The affected employee’s 's daily rate of pay at the time sick leave leave* is earned times multiplied by 45 percent times multiplied by the number of days of accumulated sick leave earned after July 1, 1994. 4. (d) During the tenth (10th) through the twelfth (12th) year of service: a. 1. The affected employee’s 's daily rate of pay on July 1, 1994, multiplied by 50 percent multiplied by the number of unused sick leave days held on July 1, 1994. b. 2. The affected employee’s 's daily rate of pay at the time sick leave leave* is earned times multiplied by 50 percent times multiplied by the number of days of accumulated sick leave earned after July 1, 1994. 5. (e) During and after the thirteenth (13th) year of service: a. 1. The affected employee’s 's daily rate of pay on July 1, 1994, multiplied by the number of unused sick leave days held on July 1, 1994. b. 2. The affected employee’s 's daily rate of pay at the time sick leave is earned* multiplied by the number of days of accumulated sick leave earnedearned after July 1, 1994. Employees who are granted an early retirement under the Board's program are eligible to receive the benefits outlined above if the employee meets the criteria contained in this section. 6. (f) No employee who meets the eligibility requirements listed above may receive any compensation for sick leave payments unless they sign and execute the Payment of Sick Leave Upon Retirement Agreement provided by the Superintendent. This Agreement requires the retiring Board employee to seek, accept, and cash the first retirement benefit check issued by the Florida Retirement System. The employee must qualify for “"normal retirement” " which under this policy shall mean retirement under plan A, ,B, ,C, ,D, ,E under the Florida Retirement System or any other plan established by the Legislature with either full or reduced benefits as provided by law. Normal retirement shall not be interpreted to include disability retirement. *Note: “"At the time sick leave is earned” " shall be interpreted to mean the value of sick leave at the end of each school year or at the time the affected employee retires, whichever comes first.

Terminal Pay. Any employee at normal retirement or his/her beneficiary if service is terminated by death, shall be provided terminal pay. Such terminal pay shall not exceed an amount determined as follows: 1. (a) During the first three (3) years of service: a. 1. The affected employee’s 's daily rate of pay on July 1, 1994, multiplied by 35 percent multiplied by the number of unused sick leave days held on July 1, 1994. b. 2. The affected employee’s 's daily rate of pay at the time sick leave is earned times 35 percent times the number of days of accumulated sick leave earned after July 1, 1994. 2. (b) During the fourth (4th) through sixth (6th) years of service: a. 1. The affected employee’s 's daily rate of pay on July 1, 1994, multiplied by 40 percent multiplied by the number of unused sick leave days held on July 1, 1994. b. 2. The affected employee’s 's daily rate of pay at the time sick leave leave* is earned times multiplied by 40 percent times multiplied by the number of days of accumulated sick leave earned after July 1, 1994. 3. (c) During the seventh (7th) through ninth (9th) years of service: a. 1. The affected employee’s 's daily rate of pay on July 1, 1994, multiplied by 45 percent multiplied by the number of unused sick leave days held on July 1, 1994. b. 2. The affected employee’s 's daily rate of pay at the time sick leave leave* is earned times multiplied by 45 percent times multiplied by the number of days of accumulated sick leave earned after July 1, 1994. 4. (d) During the tenth (10th) through the twelfth (12th) year of service: a. 1. The affected employee’s 's daily rate of pay on July 1, 1994, multiplied by 50 percent multiplied by the number of unused sick leave days held on July 1, 1994. b. 2. The affected employee’s 's daily rate of pay at the time sick leave leave* is earned times multiplied by 50 percent times multiplied by the number of days of accumulated sick leave earned after July 1, 1994. 5. (e) During and after the thirteenth (13th) year of service: a. 1. The affected employee’s 's daily rate of pay on July 1, 1994, multiplied by the number of unused sick leave days held on July 1, 1994. b. 2. The affected employee’s 's daily rate of pay at the time sick leave is earned* multiplied by the number of days of accumulated sick leave earnedearned after July 1, 1994. Employees who are granted an early retirement under the District’s program are eligible to receive the benefits outlined above if the employee meets the criteria contained in this section. 6. (f) No employee who meets the eligibility requirements listed above may receive any compensation for sick leave payments unless they sign and execute the Payment of Sick Leave Upon Retirement Agreement provided by the Superintendent. This Agreement requires the retiring Board District employee to seek, accept, and cash the first retirement benefit check issued by the Florida Retirement System. The employee must qualify for “"normal retirement” " which under this policy shall mean retirement under plan A, ,B, ,C, ,D, ,E under the Florida Retirement System or any other plan established by the Legislature with either full or reduced benefits as provided by law. Normal retirement shall not be interpreted to include disability retirement. *Note: “"At the time sick leave is earned” " shall be interpreted to mean the value of sick leave at the end of each school year or at the time the affected employee retires, whichever comes first.