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5332P - Retirement Programs Procedure

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5332P - Retirement Programs Procedure

Procedure 5332P

PERSONNEL 

Retirement Programs
Listed below are the district’s procedures in calculation of either a certificated or classified employees entitlements paid with their final payroll warrant.

1. Conditions affecting final payroll warrant:

a. If final work day is the 1st – 14th, vacation entitlements will be paid at the end of the month.

b. If final work day is the 15th – 31st, vacation entitlements are deferred one month.

c. Medical benefits cease with termination or retirement.

d. Vacation buy-out is limited to two years entitlement with a maximum of 30 days applied to retirement credit.  Payment shall be consistent with the law and shall not cause the district financial penalty.

e. All leave benefits are calculated on annual pro-rata.

f. Wages are calculated for tax deductions on a percentage rate.

g. Retirement with early pay in June will not affect sick leave cashout.

 

 

Adoption Date:           April 15, 1996