Retirement severance pay shall be twenty-five (25) percent of the accrued but unused sick balance as of the day of retirement. (a maximum of sixty-three (63) days.

In order to qualify for retirement severance pay, a Council staff member must:

Severance pay must be approved by action of the Board of Directors.

The amount of benefit due the retiring employee shall be determined by multiplying the employee's accrued but unused sick leave days by twenty-five (25) percent as of the day of retirement.

Payment shall be based upon the employee's daily rate of base pay per their current employment contract at the time of retirement exclusive of overtime, or any other compensation arrangement.

Severance pay shall be paid to the retiree no later than sixty (60) days after the application is filed and the staff member's retirement is verified to the office of the Fiscal Officer by the applicable retirement system. Retirement severance pay will be subject to all legal deductions.

Payment shall be one (1) lump sum. Such payment shall be made only once to a staff member.

Retirement severance pay eliminates all accumulated sick leave accrued by the employee.

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.