Lump Sum Severance. Any school employee in this group who (a) attains the age of fifty-five (55) by no later than December 31st of the calendar year in which he/she retires, (b) has fifteen (15) continuous years of service in the school corporation, and (c) has given proper written notification of intent to retire to the Superintendent’s office no later than March 1st of the last school year of teaching prior to retirement, is eligible for a lump sum severance payment equal to two thousand dollars ($2,000.00) at retirement. For mid-year retirements or other times throughout the year, other than the end of the school year, a retiring employee shall provide at least thirty (30) days advance written notice to the Superintendent to receive this benefit unless it is an emergency situation. This severance amount may be paid to the school employee by the school corporation from a pooled 457(b) plan or similar mechanism.
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