4415 - SEVERANCE PAY
All employees who present evidence of retirement from active service with the Board of Education shall be granted severance pay for their accrued but unused sick leave days in accordance with the negotiated agreement.
The Board authorizes the payment to a retiring employee to a maximum of sixty (60) days of unused sick leave.
The Board also authorizes the payment of severance pay to a deceased employee’s statutory beneficiary if deceased employee served ten (10) or more years of active service covered by S.E.R.S., with the State or a political subdivision or a combination thereof.
For purposes of this policy, "retirement" means retirement under the School Employees Retirement System (S.E.R.S.) and does include disability retirement.
If approved, severance pay will be made by the Board in the following manner:
Payment shall be made no later than sixty (60) days after the application is filed and the employee’s retirement is verified to the office of the Superintendent by the retirement system, or upon presentation of his/her first retirement check.
Such payment shall be made only once to an employee.
Payment shall be based upon the employee’s daily rate of base pay based on the days of service at the time of retirement exclusive of overtime or any supplementary pay.
Payment of severance pay shall eliminate all obligations of the employer at the time of retirement from any further payment or restoration of sick leave unused.