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For the purpose of retirement, an employee must notify the employer
one (l) year in advance of retirement. An employee to be eligible for such
retirement terminal leave pay must serve fifteen (15) years and attain
fifty (50) years of age or serve ten (10) years and attain sixty-two (62)
years of age. An employee who returns to service after receiving such a
retirement terminal pay, must repay the amount of such pay as condition
of returning to employment. Such pay shall be given to the employee with
the final salary payment. The rate is to be one hundred twenty-five dollars
($125.00) per year of service.
Qualifier: l0 continuous years of service
Maximum Days: 225
| Days Accum. as Sick Leave | $/Day of Accum. Sick Leave | ||
| 201-225 | $40 | ||
| 176-200 | 35 | ||
| 151-175 | 30 | ||
| 101-150 | 27 | ||
| 51-100 | 22 | ||
| 10- 50 | 10 |
If the sum of the benefit exceeds $5,000, the employer may make
the payment in two (2) equal installments with the first at retirement
or severance and the second installment, one year from the date of retirement
or severance.
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