14. RESIGNATION / RETIREMENT
14.1 RESIGNATION
14.1.1 A teacher who wishes to secure a legal release from his
contract shall submit his resignation to the Board on a form adopted
for the purpose. The Board will expect the teacher concerned to
fulfill the contract until such time as a certified replacement
has been secured or for a period not to exceed two weeks.
14.2 RETIREMENT
14.2.1 A teacher planning to retire shall submit his resignation
to the Personnel and Human Resources Office at the time he submits
to the Retirement System his application for retirement benefits.
It is financially advantageous for all who plan to retire to submit
resignations and retirement records before the last day of the
month preceding that in which they will work their last day.
14.3 EARLY RETIREMENT PLAN
14.3.1 The School Board shall provide an early retirement plan
for all teachers with twenty-five or more years of creditable
service but less than twenty-eight years of service and who have
reached age 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.
14.3.2 The early retirement plan document shall govern eligibility
and benefits.
14.4 TERMINAL PAY
14.4.1 In order to encourage and reward teachers who exercise
particular care in the maintenance of their personal health and
job attendance, the Board will provide terminal pay to teachers
upon termination of employment at retirement or to their beneficiaries
if service is terminated by death. 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 a December
payment, a written request must be given to the Payroll Department
no later than December 1. Terminal pay shall be:
A. During the first three (3) years of service with the School
Board, an employee will be paid 35 percent of his/her daily rate
of pay times the number of days he/she has accumulated in sick
leave.
B. During the next three (3) years of service with the School
Board, an employee will be paid 40 percent of his/her daily rate
of pay times the number of days he/she has accumulated in sick
leave.
C. During the next three (3) years of service with the School
Board, an employee will be paid 45 percent of his/her daily rate
of pay times the number of days he/she has accumulated in sick
leave.
D. During the next three (3) years of service with the School
Board, an employee will be paid 50 percent of his/her daily rate
of pay times the number of days he/she has accumulated in sick
leave.
E. During and after the 13th year of service with the School Board,
an employee will be paid 100 percent of his/her daily rate of
pay times the number of days he/she has accumulated in sick leave.
14.4.2 Upon retirement, terminal pay will be calculated using
a divisor to determine the daily rate of pay as follows:
A. 196 for 10 month teachers
B. 216 for 11 month teachers
C. 236 for 12 month teachers
