Any staff member with a minimum of ten (10) or more years of accumulated service with the state, any political subdivision, or any combination thereof who elects to retire shall be paid twenty-five percent (25%) of his/her accumulated and unused sick leave. The maximum payment which shall be made is twenty-five percent (25%) of 140 days.

The rate of pay for all such accumulated days shall be the per diem rate of the annual teaching salary as determined by the salary schedule in effect at the time of last service. The per diem rate shall be computed by dividing the annual salary as per the section above by the number of days of regular required duty.

Unless the Board receives written notice within 180 days from the employee electing not to pay severance pay, the Board shall forward such payment.

R.C. 124.39, 3319.141