1. Eligibility - To be eligible under the Sick Leave Conservation Incentive Plan, an employee must have been employed by the District a minimum of ten (10) years for retirement benefits under the applicable New York State Employees Retirement System or NYS Teachers' Retirement System, and have reached age 55, prior to the effective date of retirement. (Employees retiring prior to age 55 because of disability are excluded from this benefit).
2. Irrevocable Letter of Resignation - An eligible employee must submit an irrevocable letter of resignation which is binding on the employee as of the date of the letter and will become effective once the resignation is accepted by the Board of Education. It is recommended that this irrevocable letter be submitted at least forty-five (45) days prior to the employee's last day of work.
3. Entitlement Computation - Entitlement for an eligible employee will be computed by multiplying the employee's accumulated and unused sick leave times 30% of the employee's day rate based on the salary including longevity being received at the time of retirement.
Sick leave used in the computation of the entitlement will be considered consumed and no longer available to the employee as paid sick leave. Consequently, only the final year's sick leave allocation will be available for use as the result of bona fide absences due to sickness.
4. Payment - Entitlement will be paid on the first pay period following the employee's last regular paycheck. This incentive will not be considered to be part of the employee's compensation for retirement purposes but must be included in taxable reported earnings.
5. Restoration of Paid Sick Leave - In the event that an employee, during the final year of service, exhausts the current paid sick leave allocation, sick leave days may be reclaimed from those used to compute the entitlement by petitioning the Director of Personnel to reduce the balance of the unpaid entitlement by the appropriate amount for each day so reclaimed.