Benefit Calculation. The retirement pay benefit will be calculated according to the following method: 1. Four (4) days per year are granted for each of the last ten (10) years of Perrysburg service 2. The Treasurer’s office will look at the ending sick leave balance of the Member for the last six (6) years before retirement. The Member will receive eleven (11) days of severance for each year, up to three (3) years (max of 33 days granted), that the Member ends the year with two hundred and ten (210) days of accumulated but unused sick leave. 3. In addition, if the Member completes all six (6) years with two hundred and ten (210) days of accumulated but unused sick leave they will receive an additional six (6) days of severance. Members will receive retirement pay based on one-fourth of their accrued but unused sick leave or the retirement pay benefit explained above, whichever is greater. Retirement pay shall be calculated using the Member’s current per diem rate. In the event of death of an employee eligible for receipt of service retirement benefits under Ohio law, one-quarter (1/4) of the severance pay which the employee would have received shall be paid in accordance with Ohio Revised Code 2113.04 to the estate of the employee.
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Sources: Master Agreement, Master Agreement, Master Agreement