Common use of Conversion of Accumulated Sick Leave Clause in Contracts

Conversion of Accumulated Sick Leave. Employees qualifying for retirement under Nevada PERS with a minimum of twenty (20) years of total service with the City of Sparks may elect to convert sick leave to an unfunded City account for the purpose of paying for medical coverage under the City's group health insurance plan on a monthly basis. Effective upon ratification, the following conversion rates will apply: Years of Service Percentage of Sick Hours Converted 20 65% 21 75% 22 85% 23 90% 24 95% 25 or more 100% The employee’s sick leave conversion account shall be assigned a present value as of the date of retirement equal to the number of hours of accumulated sick leave multiplied by the employee's base hourly rate multiplied by the conversion rate, at the time of retirement. The City will account for a retiree's accumulated sick leave and xxxxx said account on a dollar-for-dollar basis. The City will pay the retiree's health coverage so long as there is a balance of accumulated sick leave adequate to cover the monthly premium. When a retired employee becomes eligible for Medicare coverage or other federal programs, the retiree will receive Medicare supplemental coverage so long as there is a balance of accumulated sick leave adequate to cover the monthly premium, or if retiree has made arrangements to pay for the City coverage directly. A surviving spouse will continue to receive group health insurance under this benefit so long as there is a balance of accumulated sick leave adequate to cover the monthly premium, or if the spouse has made arrangements to pay for the City coverage directly.

Conversion of Accumulated Sick Leave. Employees qualifying for retirement under Nevada PERS with a minimum of twenty (20) years of total service with the City of Sparks may elect to convert sick leave to an unfunded City account for the purpose of paying for medical coverage under the City's group health insurance plan on a monthly basis. Effective upon ratification, the following conversion rates will apply: Years of Service Percentage of Sick Hours Converted 20 65% 21 75% 22 85% 23 90% 24 95% 25 or more 100% The employee’s sick leave conversion account shall be assigned a present value as of the date of retirement equal to the number of hours of accumulated sick leave multiplied by the employee's base hourly rate multiplied by the conversion rate, at the time of retirement. The City will account for a retiree's accumulated sick leave and xxxxx debit said account on a dollar-for-dollar basis. The City will pay the retiree's health coverage so long as there is a balance of accumulated sick leave adequate to cover the monthly premium. When a retired employee becomes eligible for Medicare coverage or other federal programs, the retiree will receive Medicare supplemental coverage so long as there is a balance of accumulated sick leave adequate to cover the monthly premium, or if retiree has made arrangements to pay for the City coverage directly. A surviving spouse will continue to receive group health insurance under this benefit so long as there is a balance of accumulated sick leave adequate to cover the monthly premium, or if the spouse has made arrangements to pay for the City coverage directly.