| New Richmond Exempted Village School District |
| Bylaws & Policies |
4415 - SEVERANCE PAY
Severance pay is based upon two (2) payments to eligible employees. Determination of eligibility is made at the time of retirement from active duty or the final date of employment.
To be eligible to convert accumulated and unused sick leave an employee must:
| A. | have been employed by the District continuously for a period of at least five (5) years immediately preceding the date of retirement; | |
| B. | retire from active duty or die while employed with the District; | |
| C. | must have accrued sick leave pursuant to the laws of the state of Ohio; | |
| D. | be eligible for disability or service retirement as of the last date of employment; | |
| E. | have an application for service retirement approved by the State Teachers' Retirement System; | |
| F. | make application for severance pay with the Treasurer within 90 days from his/her last date, of employment; and | |
| G. | must sign for his/her severance check certifying that all eligibility criteria have been met. |
Payment for accumulated and unused sick leave on the basis set forth in negotiated contracts and/or regulations is considered to eliminate all sick leave days. Payment is based on the employee's regular daily rate of pay at the time of retirement. Payment made under this policy is paid only once to any employee. Payment is paid in two (2) payments in consecutive years following retirement.
Employees shall designate, on the application, within which month payment is desired. In no case will severance pay be made while the employee is still receiving regular paychecks.
Benefits payable hereunder because of the death of an employee shall be paid to the beneficiary of record under the Board of Education's group life insurance.
O.R.C. 9.90