Mt. Healthy City School District
Bylaws & Policies
 

3135 - RETIREMENT OF PROFESSIONAL STAFF MEMBERS

Severance Pay Upon Retirement

When a professional staff member retires under the provisions of any retirement system of the State of Ohio, the Board shall make conversion of his/her unused sick leave in a lump sum payment, such payment to be based upon the professional staff member's daily rate of pay at the time of his/her retirement. For severance pay purposes, daily rate of pay will be determined by dividing the professional staff member's final salary by 185 days.

Such payment shall be for twenty-five percent (25%) of unused sick leave at the time of his/her retirement, not to exceed a maximum of sixty (60) days of payment. Such payment shall cancel all existing sick leave days of that professional staff member.

Retirement Incentive

In the event a professional staff member resigns his/her employment with the Board for retirement purposes and retires through STRS effective no later than the end of the contract year s/he becomes eligible, and tenders said resignation to the Board prior to the end of said year, in addition to the severance pay s/he is entitled to receive pursuant to the previous section of this policy, s/he shall also receive a one time lump sum payment equal to twenty-five percent (25%) of the salary the professional staff member earned during the contract year of his/her retirement. This payment shall be based on the professional staff member's regular employment compensation and shall not include any compensation earned on extended contracts or supplemental contracts. Any professional staff member who does not resign his/her employment in the contract year s/he becomes eligible to retire, shall forfeit his/her right to this retirement incentive bonus but shall be entitled to severance pay pursuant to the previous section of this policy. To be eligible, the professional staff member must have at least five (5) years of experience with the School District and be at the top step of their salary schedule.

For the purpose of this provision, eligible to retire through the State Teachers Retirement System shall be the first happening of any of the following qualifying events:

 A.thirty (30) years of eligible service credit at any age;
 B.twenty-five (25) years of eligible service credit and at least fifty-five (55) years of age;
 C.five (5) years or more of eligible service credit and at least sixty (60) or more years of age.

This provision does not apply to an employee retiring on a disability retirement.