Classified staff members employed by the Board of Education may elect, at the time of retirement from active service with the Board and upon presentation of evidence of service retirement from the appropriate retirement system, to receive severance pay for their accrued but unused sick leave.

The maximum accumulation of sick leave days permitted is unlimited.

The Board agrees to set the severance pay at the time of retirement or death at twenty-five percent (25%) of the accumulated sick leave up to 300 days, plus one (1) day's pay for each ten (10) sick leave days accumulated over the 300 days.

The maximum accumulation of sick leave days permitted is 300.

The Board agrees to set the severance pay at the time of retirement or death at twenty-five percent (25%) of the accumulated sick leave up to 300 days.

A day's pay shall be calculated by taking the employees base salary and dividing by the number of days in the employees work contract. Overtime and supplemental pay will not be counted.

Severance pay shall be based upon the employee's rate of pay at the time of retirement, exclusive of overtime or any pay for supplemental duties, and eliminates the employee's entire sick leave accrual upon payment.

If an employee dies on or after the date upon which s/he becomes eligible for severance payment under the provisions of this policy, the employee will be deemed to have retired on the date of death and the Board will provide severance payment to his/her estate in the amount as determined herein.

A classified staff member, in order to receive severance pay in the amount determined above, shall have provided written notification to the Board of his/her intention to retire at least three (3) months prior to his/her last day of service.

Payment shall be made no later than thirty (30) days after the application is filed and the classified staff member's retirement is verified to the office of the Superintendent by the retirement system.

Severance payment shall be made only once to a classified staff member.

Payment may be made on the employee's behalf to a qualified tax-sheltered 403(b), health retirement, or other qualified plan upon direction of the employee and to the extent permitted by law.

For purposes of this policy "retirement" means service retirement the School Employees Retirement System and does not include disability retirement.