File: GBO-R

 

                                                RETIREMENT ISSUES

Employees planning on retiring must notify the superintendent in writing by the first working day of January in order to receive payment(s) in the following school year.

 

Pay for Unused Sick Leave

 

GBO-R

Sick Leave Payout

 

 

Upon retirement for reasons of age, service, or disability, under the terms and conditions of the Virginia Retirement System and being eligible for the retirement benefits thereunder with 20 or more years of service to the Buena Vista School Board (Employees hired before 5/26/11 are eligible for benefits listed below after 10 years service) immediately prior to retirement, each employee shall be entitled to the following:

Payment for unused sick days will be calculated using the following calculation:

Number of unused sick days (as of 06/30/2009) times their highest rate of pay (base salary plus educational supplements) times 25%.  The calculated amount or $8000.00 whichever is greater will be their payout cap.  Due to the use of sick days, should the calculation fall below the original calculated amount, the new calculation will become their cap.  Should the calculation fall below $8000.00, the new cap for payout would become $8000.00.

The number of sick days an employee may accumulate will have no cap.

 

For individuals employed after June 30, 2003, payment will be provided for all sick days accumulated while employed by the Buena Vista City School Board.

 

For individuals employed before June 30, 2003, payment will be provided for all accumulated sick days including days brought in upon employment.

 

As of July 1, 2008, individuals with ten or more years experience with Buena Vista Public Schools will have their monetary amount calculated using their base pay and all supplements they are currently receiving.  Any new days accumulated after July 1, 2008 will be calculated using only base pay and educational supplements.

 

 

Upon retirement professional employees with less than ten years of service to BVCPS (as of  6/30/2009) will be compensated for unused sick leave using the following calculation:

An employee may be compensated for no more than 200 days at the rate of $40.00 per day with a maximum payout cap of $8000.00.

The number of sick days an employee may accumulate will have no cap.

 

                                                                                                           

 

 

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Upon retirement nonprofessional employees will be compensated for the number of unused sick days times their highest rate per day of pay (base salary) times 25%.  The total amount will not exceed $8000.00.

The number of sick days an employee may accumulate will have no cap.

 

 

Approved:   02/05/2009 

      

 

Accumulated Vacation Days

 

For all employees who had accumulated fewer than 30 days of vacation prior to July 1, 2003, the maximum number of vacation days that may be carried over into successive school years will be 30 days.

 

For all employees who have accumulated more than 30 days of vacation prior to July 1, 2003, the maximum number of vacation days will be the number of days accumulated prior to July 1, 2003.  If the number ever drops below 30, then 30 will become the maximum number of vacation days.

 

As of July 1, 2003, any vacation days that accrue during the school year above the maximum allowed will be converted to sick days at the end of the year.

 

 

                                                                                                           

 

Payment for Unused Vacation Days

 

Unused vacation days will be compensated in full, upon retirement or leaving the school division, up to the maximum allowed.  This daily rate will be calculated on the largest salary, including educational supplements, attained for a school year while employed by Buena Vista City Schools.  Commencing July 1, 2009, employees breaking or canceling their contract during the school year will not be paid for unused vacation days.

 

Effective 2009-2010 payment schedules for accumulated sick days and unused vacation days will be determined by the superintendent and the Buena Vista City School Board based on the following schedule:

 

$21,000.00 or more                not to exceed 5 years

$15,000 - $20,999                   not to exceed 4 years

$10,000 - $14,999                   not to exceed 3 years

Less than $10,000                  not to exceed 2 years

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Any changes to payment plans after completion of a Payment Agreement require approval of the School Board.  In the event of the employee’s death prior to the completion of the payout, the employee’s beneficiary shall receive the remaining payout as scheduled.

 

Retiree Health Insurance

 

Commencing July 1, 2003, for the first ten years after retiring from Buena Vista City Schools, individuals may have part of their health insurance paid by the School Board.  This payment for retired individuals will be determined by the School Board on a yearly basis.  The School Board reserves the right to amend or rescind this benefit at its discretion.

 

After the ten year period following retirement, individuals may continue to participate in the school board’s health insurance program if they agree to pay the full premium.

 

Health insurance payments for individuals listed above are not retroactive.  Payments for retirees can only be made for individuals participating in the school board health insurance plan.  All retired employees included in the above section will be eligible for the payment determined by the School Board.