Conversion of Sick Leave at Retirement Clause Samples
The "Conversion of Sick Leave at Retirement" clause allows employees to convert unused sick leave into another form of benefit upon retirement, such as additional service credit or a cash payout. Typically, this clause outlines the eligibility criteria, the method for calculating the value of unused sick leave, and the process for applying the conversion at the time of retirement. Its core practical function is to reward long-serving employees for not using all their sick leave, while also providing a clear and fair process for handling accrued leave at the end of employment.
Conversion of Sick Leave at Retirement. When an officer retires as defined by the Wisconsin Retirement System or is forced to retire due to medical disability a maximum of sixty percent (60%) of the sick leave remaining in the officer's accumulated sick leave account may be converted to its monetary value (officer's hourly rate, exclusive of longevity and shift differential) and shall be contributed to the participant’s Post Employment Health Plan (PEHP). In order to determine the officer’s sick leave conversion benefit when they retire, the following formula will apply: Years of continuous service + officer's age at retirement = Number of credits (For credits between 63 and 75, deduct 5% from the standard conversion for each year under 75) Officers who retire with at least 20 years of service shall have a monetary contribution of 80 percent (80%) of banked sick leave hours contributed to the participant’s PEHP. In order to be eligible for the above-described benefit, the employee must meet the following conditions:
a. Apply for Wisconsin Retirement Fund benefits thirty (30) days prior to the last day they worked; and
b. In cases of voluntary retirement, give a written notice of retirement and intent to utilize the above-described benefits to the Police Chief and Human Resources Director at least 60 days prior to the date of retirement. Retiring Officers will only be eligible to continue in the health insurance group as permitted under the COBRA law.
Conversion of Sick Leave at Retirement. Employees at the time of retirement from active full-time service with the Township under the Ohio Public Employees Retirement System (OPERS) and with ten (10) or more continuous years of service with the Township shall be paid in cash for one-half (1/2) of the employee's accrued but unused sick leave, up to a maximum of eight hundred seventy-five (875) hours. The dollar value of a sick day shall be based on the employee's hourly rate at time of retirement. Payment for sick leave on this basis shall be considered to eliminate all sick leave credit accrued by the employee at that time. Such payment shall be made by the Township of Brunswick Hills only once to any employee during his lifetime. This section shall only apply to the retirement of a full-time employee pursuant to state retirement laws and shall not be deemed applicable to any removal, voluntary or involuntary resignation, or any other like termination except a retirement as set forth herein.
Conversion of Sick Leave at Retirement. Or Death Upon retirement, all employees will be eligible for payment in whichever of the following amounts is greater:
A. Up to twenty-three hundred and forty (2,340) hours of accumulated unused sick leave at twenty-five percent (25%) of the first nine hundred and sixty (960) hours of accumulated unused sick leave, thirty-three percent (33%) of the next five hundred and forty (540) hours of accumulated unused sick leave hours (hours 961-1500), fifty percent (50%) of the next six hundred (600) hours of accumulated unused sick leave (hours 1501-2100), and one hundred percent (100%) of the next two hundred and forty (240) hours of accumulated unused sick leave (hours 2101-2340), all at the employees’ last, latest rate of pay; or
B. Up to nine hundred and sixty (960) hours of the lesser of the of the employees’ accumulated unused sick leave balance at the time of retirement or the employees’ accumulated unused sick leave balance as of June 30, 2002, at one hundred percent (100%) of the employees’ last, latest rate of pay. If an employee dies while on active status, the surviving spouse or others as listed in R.C. 2113.04, will be eligible to receive sick leave conversion for which decedent would otherwise have accumulated at the time of death. Such payments shall be based on the rate of pay of the employee at that time and subject to the limits of this section.
Conversion of Sick Leave at Retirement. Upon retirement or separation, in good standing, after five (5) years of full-time employment, full-time employees may convert unused accrued sick leave to a lump sum monetary payment under the following conditions: Payment will be on the basis of one day's pay for each three (3) days of accrued sick leave. Payment will be at the hourly rate in effect at the time of retirement or separation in good standing. Only that sick leave which is accrued while employed by the Village of Granville shall be used in determining the amount of accrued sick leave eligible for conversion. Employees terminated for cause or who fail to give two weeks written notice of intent to terminate employment, or who do not separate in good standing are not eligible for sick leave conversion benefit. Provided the condition in paragraphs (1) - (4) are met, the maximum conversion of accrued but unused sick leave upon retirement or separation in good standing shall be one-third (1/3) of accrued, unused sick leave to a maximum of three hundred and twenty (320) hours or one-third (1/3) of nine hundred and sixty (960) hours maximum.