| New Riegel Local School District |
| Bylaws & Policies |
4415 - SEVERANCE PAY
The New Riegel Board of Education will grant severance pay to all employees under the following conditions:
| A. | Severance pay will be granted for one-fourth (Ό) the number of accumulated sick days to a maximum of fifty-five (55) days. | |
| B. | Payment will be based on base pay rate in the year immediately preceding retirement. | |
| C. | A minimum number of years service in the New Riegel School System is required for eligibility as follows: |
|
0 - 7 years of service .. |
35 days |
|
|
8 years of service .. |
45 days |
|
|
9 years of service .. |
50 days |
|
|
10 years of service |
55 days |
|
| D. | Employees must be retiring under existing provisions of the appropriate retirement system e.g. State Teachers Retirement System. | |
| E. | Application for severance pay must be made in writing within thirty (30) days of effective retirement days as noted in letter of resignation. | |
| F. | The Board will make no retirement contribution on severance pay. | |
| G. | Calculations shall be based on the following number of service days: |
|
Teachers |
- |
184 days |
|
Principals |
- |
184 days plus ext time |
|
e.g. 184 days plus 8 week ext time = 224 |
||
|
Superintendent |
- |
264 days |
| H. | Effective July 1, 1987, each employee who uses five (5) or fewer sick days a year will be credited with one (1) extra day of severance pay accumulative to a maximum of ten (10) days. Days will not be deducted from an employee for any reason. |