The Board will provide terminal pay to an employee at early or normal retirement or to his/her beneficiary if service is terminated by death. An employee who terminates under the Public Employee Optional Retirement Program shall be considered a retired employee for terminal pay purposes. Such terminal pay shall be an amount determined by the daily rate of pay of the employee at retirement or death multiplied by those percentages as outlined in Florida Statutes, Chapter 1012.61(2), multiplied by the employee’s accumulated leave days, not to exceed 180 days, unless changed by future negotiations or law. For sick leave accrued after June 30, 2004, administrators shall be compensated at no more than the daily rate of pay applicable at the time the sick leave was earned.  The employee must leave the employment of the School Board directly into the Florida Retirement System in either early or normal retirement status.