CONVERSION OF SICK DAYS UPON RETIREMENT Clause Samples

CONVERSION OF SICK DAYS UPON RETIREMENT. Employees hired prior to May 21, 2010, in any position in the district, who resign after a minimum of ten (10) years of service in the district at the time of termination and/or employees retiring from the district under the New Jersey Administrator Pension and Annuity Plan, will be compensated for one half (1/2) of their unused sick leave entitlement at the per diem rate (1/240th) of his or her last year’s salary as accumulated under the provisions of Paragraph A, with a maximum amount of $7,500 pursuant to N.J.S.A. 18A:3.0-3.6. Any members of the Association hired after May 21, 2010, will only be eligible for payouts at the time of retirement on accumulated sick time that is accumulated in association with their administrative position and their membership within the Madison Administrators’ Association and will be compensated for one half (1/2) of their unused sick leave entitlement at the per diem rate (1/240th) of his or her last year’s salary as accumulated under the provisions of Paragraph A, with a maximum amount of $7,500 pursuant to N.J.S.A. 18A:3.0-3.6..