Severance Pay on Retirement a) On termination of employment, an employee who retires and is eligible for an immediate annuity or immediate allowance as defined under the Public Service Superannuation Act, unless in exceptional circumstances, the employee has been excluded by the provisions of the Act, shall be paid severance pay equal to the product obtained by multiplying five (5) times the equivalent of the full-time daily rate, by the number of full-time completed years of employment to a maximum of thirty-five (35) years, less any period in respect of which the severance pay was granted. Part-time employment of any time during an employee’s tenure of employment will be pro-rated for the calculation of pay under this Article. It is understood that upon retirement the severance pay calculation shall be rounded off as described in Article 28.02.
Severance Pay on Retirement. A. All permanent Unit IV employees who separate employment (whether by resignation, termination, or retirement) shall be reimbursed for a maximum of the equivalent of fifty (50) annual leave days in accordance with their hourly rate at the time of their separation. It is the intent of AACPS that employees should not lose leave upon retirement. Accordingly, AACPS and the employee will work collaboratively to ensure leave is used. Unit IV employees should make every effort to use annual leave and principals will make every effort to allow employees to use annual leave subject to the needs of the school.
Severance Pay on Retirement a) On termination of employment, an employee who retires and is eligible for an immediate annuity or immediate allowance as defined under the Public Service Superannuation Act, unless in exceptional circumstances, the employee has been excluded by the provisions of the Act, shall be paid severance pay equal to the product obtained by multiplying five (5) times the equivalent of the full-time daily rate, by the number of full-time completed years of employment for service accrued up to June 30, 2018 to a maximum of thirty-five (35) years, less any period in respect of which the severance pay was granted. The accrual of severance for all employees shall end after June 30, 2018. Employees whose employment commences after June 30, 2018 shall not be entitled to severance pay on retirement. Part-time employment of any time during an employee’s tenure of employment will be pro-rated for the calculation of pay under this Article. It is understood that upon retirement the severance pay calculation shall be rounded off as described in Article 28.02.
Severance Pay on Retirement. Effective July 1, 2013, a Unit II employee who retires from service with the AACPS in accordance with the provisions of the Maryland State Teachers Retirement System shall be paid $85.00 per day for all unused accumulated sick leave earned in AACPS. In FY2015, Unit II employees will be paid $90.00. This provision shall also be applicable to any Unit II employee who elects the vested retirement plan after having rendered fifteen (15) or more years of creditable service as an employee of the retirement system. If a Unit II employee dies while in service the beneficiary designated with the retirement system shall receive that employee's severance pay.
Severance Pay on Retirement. On retirement a guaranteed employee as defined in Clause who is entitled to an immediate annuity under the terms of the Public Service Superannuation or is entitled to an annual allowance under the same Act, shall be provided one week’s pay for each year of service with a maximum benefit of twenty-eight weeks, regardless of any other benefits payable. If, however, the Corporation changes its Severance Pay on Retirement policy then this Letter of Agreement will be modified accordingly.
Severance Pay on Retirement. On retirement a guaranteed employee as defined in Clause 15.01 who is entitled to an immediate annuity under the terms of the Public Service Superannuation Act, or is entitled to an annual allowance under the same Act, shall be provided one
Severance Pay on Retirement a) On termination of employment, an employee who retires and is eligible for an immediate annuity or immediate allowance as defined under the Public Service Superannuation Act shall be paid severance pay equal to the product obtained by multiplying five (5) times the equivalent of the full-time daily rate, by the number of full-time completed years of employment to a maximum of thirty-five (35) years, less any period in respect of which the severance pay was granted. Part-time employment of any time during an employee’s tenure of employment will be pro- rated for the calculation of pay under this Article. It is understood that upon retirement the severance pay calculation shall be rounded off as described in Article 28.02.
Severance Pay on Retirement. A. All Sergeants and Lieutenants who have been employed by the Borough for a minimum of twenty (20) years shall be entitled to compensation or retirement leave with pay, equivalent to one (1) week for each year of service less five (5). In the event service with the Borough has been non-continuous, the employee must have served the last five (5) years continuously up to the date of retirement to qualify for this benefit. At the discretion of the employee this compensation may be made in the form of one (1) payment or retirement leave with pay equivalent to the number of weeks so entitled.
Severance Pay on Retirement. A. All Patrolmen and Detectives who have been employed by the Borough for a minimum of twenty (20) years shall be entitled to retirement leave, with pay, equivalent to one (1) week for each year of service less five (5). In the event service with the Borough has been non- continuous, the employee must have served the last five (5) years continuously up to the date of retirement to qualify for this benefit.
Severance Pay on Retirement. A Unit IV member who retires from service with the public schools of Xxxx Arundel County in accordance with the provisions o f the Maryland State Teachers/Employees Retirement System shall be paid twenty-five dollars ($25) per day for all unused accumulated sick leave earned in Xxxx Arundel County. This provision shall also apply to any Unit IV member who elects the vested retirement plan after having 15 or more years o f membership in the appropriate retirement system. If a Unit IV member dies while in service the beneficiary designated with the retirement system shall receive the severance pay of $25 per day for all unused accumulated sick leave earned in Xxxx Arundel County.
