Solon Board of Education will pay severance pay to each classified employee after ten (10) years of service upon separation of employment with the Solon Board of Education.

The amount of severance pay shall be payment for unused sick leave and shall be made on the basis of 100% of 100 days. The calculation shall be the gross hourly wage rate in effect at the time of separation, times the number of hours normally worked per day, times the total number of accumulated sick leave days.

Retirement: A qualifying employee upon retirement within two (2) years of eligibility will receive an additional twenty-five percent (25%) of their remaining days of accumulated sick leave with a maximum cap of 150 days. The employee must be retiring into the SERS retirement system at the time of separation.

Severance pay shall be made in one (1) payment and shall be made only once to any classified employee.

Severance pay shall be exempt from deductions except as provided by law.

This payment shall not be subject to retirement system contributions or deductions, and shall not be used in computation of final average salary for SERS retirement benefits.

It shall be subject to all mandatory taxation and payment must be made within the framework established by law.

Employees shall notify the treasurer as to when s/he wishes to receive their severance payment.

Payment must be received within twelve (12) months.

Example: Short hour employee moving to a full-time position, hours of sick leave will be converted to days.

Revised 8/20/07