Severance Pay – Payout Formula

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Employees hired after January 1, 2009

(1)  Employees shall use the one hundred seventy-five (175) day limitation for accumulated sick days when computing their pay.

(2)  Employees shall receive three percent (3%) credit for each year of service, from their most recent appointment date in the District, up to a maximum of twenty-five (25) years.

(3)  Employees shall use an average of their daily rate of compensation issued over the course of their employment when computing severance pay.

(4)  Severance pay shall be computed using the following formula:

Years of service, from the most recent appointment date in the District, (maximum of 25 years) times three percent (3%) times the number of accumulated days times an average of their daily rate of compensation issued over the course of their employment.

 

Employees hired prior to January 1, 2009

Upon separation from the District, employees in the Teachers’ Unit shall be issued payment for all earned, but unused sick days computed at their current rate of compensation according to the following formula, provided the same is permitted by applicable law:

(1)  Employees shall use the two hundred (200) day limitation for accumulated sick days when computing their severance pay.

(2)  Employees shall receive three percent (3%) credit for each year of service, from their most recent appointment date in the District, up to a maximum of twenty-five (25) years.

(3)  Employees shall use their current daily rate of pay when computing severance pay.

(4)  Severance pay shall be computed using this formula:

Years of service, from the most recent appointment date in the District, (maximum of 25 years), times three percent (3%), times the number of accumulated days, times the current daily rate of pay.