Common use of TERMINAL LEAVE COMPENSATION Clause in Contracts

TERMINAL LEAVE COMPENSATION. Any administrator who notifies the Board in writing on or before January 30th of any school year, of their intention to retire on or before the end of that school year, and who actually files a retirement paper with the N.J. State Retirement System, shall be entitled to receive a Terminal Leave Compensation computed at the salary rate of one day’s pay per each unused accumulated sick leave to a maximum of one hundred and sixty (160) days. Employees shall be paid at 1/240 of their annual salary. In this case, the first annual payment shall be made between July 1st and June 30th of the budget year immediately following retirement. An administrator who fails to provide written notice and who fails to file the retirement paper by January 30th of the school year shall not receive the first annual payment until between July 1st and June 30th of the second budget year after notification of retirement. Pursuant to N.J.S.A. 18A:30-3.6, any administrator hired after July 1, 2012, who notifies the Board in writing on or before January 30th of any school year, of their intention to retire on or before the end of that school year, and who actually files a retirement paper with the N.J. State Retirement System, shall be entitled to receive Terminal Leave Compensation computed at the salary earned during the final year of employment “at a rate of” one day’s pay per each unused accumulated sick leave to a maximum of $15,000. In this case, the first annual payment shall be made between July 1st and June 30th of the budget year immediately following retirement. An administrator who fails to provide written notice and who fails to file the retirement paper by January 30th of the school year shall not receive the first annual payment until between July 1st and June 30th of the second budget year after notification of retirement. Effective July 1, 2015, new administrators hired with an effective date of hire on or after July 1, 2015, who notifies the Board in writing on or before January 30th of any school year, of their intention to retire on or before the end of that school year, and who actually files a retirement paper with the N.J. State Retirement System, shall be entitled to receive a terminal leave compensation computed at the salary rate earned during the final year of employment with 12 month employees calculated at 1/260th of their annual salary and 10 month employees calculated at 1/220th of their annual salary. The $15,000 maximum under N.J.S.A. 18A:30-3.6 applies. In the event a member who is eligible to retire fails to provide timely notification of retirement as outlined above, but retires due to an unforeseen personal emergent situation (e.g., personal illness, family hardship, etc.), that member may petition the Board of Education for earlier payment of terminal leave – providing the district budget is able to sustain that unanticipated payment.

TERMINAL LEAVE COMPENSATION. Any administrator who notifies the Board in writing on or before January 30th of any school year, of their intention to retire on or before the end of that school year, and who actually files a retirement paper with the N.J. State Retirement System, shall be entitled to receive a Terminal Leave Compensation computed at the salary rate of one day’s pay per each unused accumulated sick leave to a maximum of one hundred and sixty (160) days. Employees shall be paid at 1/240 of their annual salary. In this case, the first annual payment shall be made between July 1st and June 30th of the budget year immediately following retirement. An administrator who fails to provide written notice and who fails to file the retirement paper by January 30th of the school year shall not receive the first annual payment until between July 1st and June 30th of the second budget year after notification of retirement. Pursuant to N.J.S.A. 18A:30-3.6, any administrator hired after July 1, 2012, who notifies the Board in writing on or before January 30th of any school year, of their intention to retire on or before the end of that school year, and who actually files a retirement paper with the N.J. State Retirement System, shall be entitled to receive Terminal Leave Compensation computed at the salary earned during the final year of employment “at a rate of” one day’s pay per each unused accumulated sick leave to a maximum of $15,000. In this case, the first annual payment shall be made between July 1st and June 30th of the budget year immediately following retirement. An administrator who fails to provide written notice and who fails to file the retirement paper by January 30th of the school year shall not receive the first annual payment until between July 1st and June 30th of the second budget year after notification of retirement. Effective July 1, 2015, new administrators hired with an effective date of hire on or after July 1, 2015, who notifies the Board in writing on or before January 30th of any school year, of their intention to retire on or before the end of that school year, and who actually files a retirement paper with the N.J. State Retirement System, shall be entitled to receive a terminal leave compensation computed at the salary rate earned during the final year of employment with 12 month employees calculated at 1/260th of their annual salary and 10 month employees calculated at 1/220th of their annual salary. The $15,000 maximum under N.J.S.A. 18A:30-3.6 applies. In the event a member who is eligible to retire fails to provide timely notification of retirement as outlined above, but retires due to an unforeseen personal emergent situation (e.g., personal illness, family hardship, etc.), that member may petition the Board of Education for earlier payment of terminal leave – providing the district budget is able to sustain that unanticipated payment.

TERMINAL LEAVE COMPENSATION. Any administrator who notifies the Board in writing on or before January 30th of any school year, of their intention to retire on or before the end of that school year, and who actually files a retirement paper with the N.J. State Retirement System, shall be entitled to receive a Terminal Leave Compensation computed at the salary rate of one day’s pay per each unused accumulated sick leave to a maximum of one hundred and sixty (160) days. Employees Twelve month employees shall be paid at 1/240 of their annual salary and 10 month employees shall be paid at 1/200 of their annual salary. In this case, the first annual payment shall be made between July 1st and June 30th of the budget year immediately following retirement. An administrator who fails to provide written notice and who fails to file the retirement paper by January 30th of the school year shall not receive the first annual payment until between July 1st and June 30th of the second budget year after notification of retirement. Pursuant to N.J.S.A. 18A:30-3.6, any administrator hired after July 1, 2012, who notifies the Board in writing on or before January 30th of any school year, of their intention to retire on or before the end of that school year, and who actually files a retirement paper with the N.J. State Retirement System, shall be entitled to receive a Terminal Leave Compensation computed at the salary rate of earned during the final year of employment “at a rate of” one day’s pay per each per each unused accumulated sick leave to a maximum of $15,000. In this case, the first annual payment shall be made between July 1st and June 30th of the budget year immediately following retirement. An administrator who fails to provide written notice and who fails to file the retirement paper by January 30th of the school year shall not receive the first annual payment until between July 1st and June 30th of the second budget year after notification of retirement. Effective July 1, 2015, new administrators hired with an effective date of hire on or after July 1, 2015, who notifies the Board in writing on or before January 30th of any school year, of their intention to retire on or before the end of that school year, and who actually files a retirement paper with the N.J. State Retirement System, shall be entitled to receive a terminal leave compensation computed at the salary rate earned during the final year of employment with 12 month employees calculated at 1/260th of their annual salary and 10 month employees calculated at 1/220th of their annual salary. The $15,000 maximum under N.J.S.A. 18A:30-3.6 applies. In the event a member who is eligible to retire fails to provide timely notification of retirement as outlined above, but retires due to an unforeseen personal emergent situation (e.g., personal illness, family hardship, etc.), that member may petition the Board of Education for earlier payment of terminal leave – providing the district budget is able to sustain that unanticipated payment.