The retirement/severance benefit shall be paid with the final paycheck earned during the last year of employment with the School Corporation if timely notice is given.

Timely notice requires that the retiring individual notify the Superintendent in writing of his/her retirement plans by July 1st of the year previous to the retirement. Employees making late decisions to retire and unable to meet the above conditions will be entitled to full benefits, but payment of the benefits may be delayed until January 1st of the following year due to budgetary considerations.