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Terminal Pay
For purposes of terminal pay for accrued sick leave and accrued
vacation pay paid at retirement, or upon death of the employee,
according to Florida Statute 1012.61, the daily rate of pay will be
computed by dividing the total salary, excluding supplements, by the
number of days the teacher must be on the job to earn the annual
salary for the year.
A.
Terminal pay for accumulated sick leave will be
granted to a teacher at normal retirement or to his beneficiary if
service is terminated by death. Such terminal pay will be determined
as described below:
1.
During the first three years of service in Florida,
the daily rate of pay multiplied by 35% times the number of days of
accumulated sick leave;
2.
During the next three years of service in Florida,
the daily rate of pay multiplied by 40% times the number of days of
accumulated sick leave;
3.
During the next three years of service in Florida,
the daily rate of pay multiplied by 45% times the number of days of
accumulated sick leave;
4.
During and after the tenth year of service in
Florida, the daily rate of pay multiplied by 50% times the number of
days of accumulated sick leave.
5.
During and after the thirteenth (13th) year of
service in Florida, the daily rate of pay will be multiplied by the
total number of days of accumulated sick leave.
B.
For purposes of terminal pay for accrued sick leave
and accrued vacation pay paid at retirement, or upon death of the
teacher, the daily rate of pay until June 30, 1994, will be computed
by dividing the total salary, including degree supplements, by the
number of days the teacher must be on the job to earn the annual
salary for the year.
C.
Rates for payouts for leave accrued after February 1,
1996, shall be calculated by dividing the employee’s annual salary
by 196 days or 252 days depending upon whether the employee’s
contract is for ten (10) or twelve (12) months. Use of accrued leave
shall be on a “last-in, first-out” basis.
D.
For employees hired on or after July 1, 1995,
terminal pay for accrued vacation leave may not exceed a maximum of
60 days of actual payment. |