25. RETIREMENT BENEFITS AND RESIGNATION PROCEDURES

25.1 Terminal Pay

25.1.1 In order to encourage and reward ESP employees who exercise particular care in the maintenance of their personal health and job attendance, the Board will provide terminal pay to ESP employees upon termination of employment at retirement, or to their beneficiaries if service is terminated by death. ESP employees employed shall be provided terminal pay upon termination when selecting the deferred retirement option. Terminal pay shall be:

a. After completion of ten years of creditable service and through the twelfth year of service, an employee will be paid 50% of his/her daily rate of pay times the number of days he/she has accumulated in sick leave.

b. During and after the thirteenth year of creditable service, an employee will be paid 100% of his/her daily rate of pay times the number of days he/she has accumulated in sick leave.

25.1.2 All terminal pay shall be paid in the month following retirement, but not more than two pay cycles following the employee's last duty check. The only exception to this procedure will be December retirees. December retirees may request that terminal pay be paid in the month of December for tax purposes. To allow sufficient processing time for December payment, a written request must be given to the Payroll Department no later than December 1.

25.2 Early Retirement Plan

25.2.1 The School Board shall provide an early retirement plan for all ESP employees with twenty-five or more years of creditable service but less than twenty-eight years of service and who have reached 55 but are less than age 60 and have applied for retirement under the Florida Retirement System. The early retirement plan shall provide for no more than the total difference in retirement income between the retirement benefit based on average monthly compensation and creditable service as of the member's early retirement date and the early retirement benefits.

25.2.2 The early retirement plan document shall govern eligibility and benefits.

25.3 General Information

25.3.1 ESP employees shall follow retirement requirements including reemployment restrictions as provided by the Florida Retirement System Rules and Regulations.

25.4 Resignation Procedures

25.4.1 An ESP may leave the service of the system voluntarily by resignation. Whenever possible, the resignation shall be in writing and submitted to the principal/supervisor in a timely fashion (normally two weeks). The resignation shall be forwarded to The Division of Human Resource as soon as possible for processing.