Common use of RETIREMENT OR SEPARATION Clause in Contracts

RETIREMENT OR SEPARATION. A. Upon retirement or separation, an employee shall be compensated at his/her current rate of pay for accrued earned time up to forty-five days in a lump sum payment. B. The Town agrees that it shall pay to the employee upon his or her voluntary separation or retirement forty-four dollars and forty five cents ($44.45) for each 7 ½ (or 8) hours of accumulated unused long term illness account (LTIA) time remaining in the account of said employee for fifty (50) percent of the total hours of said accumulated LTIA up to a maximum payment of $4,000. In order to be eligible for this benefit said employee must have been employed by the Town of Plymouth for ten (10) years or more. C. Upon the death of an employee, the same benefits will be paid to the employee’s estate.