Pay for Unused Sick Leave at Retirement. An employee who at retirement (1) has at least twenty (20) years of continuous service, (2) has an approved pension from the Village of Schaumburg Fire Pension Fund, (3) has given the Village irrevocable written notice to retire at least forty-five (45) days prior to the effective date of retirement, and (4) has at least 900 hours of accumulated sick leave shall be paid a lump sum into the employee’s VEBA Health Reimbursement Account (hereinafter “VEBA HRA”) in accordance with the following schedule: Years of Continuous Service Amount of Lump Sum Payment 20 years 360 hours pay 25 years 540 hours pay 30 years or more 720 hours pay The payment shall be computed on the basis of the regular straight-time hourly rate of pay in effect for the employee’s regular classification at the time of retirement. The amount attributable to unused sick leave in accordance with the above provisions shall be deposited on a pre-tax basis at the time of the employee’s retirement into the employee’s VEBA HRA for use by the employee for the purposes specified in the Village’s VEBA HRA plan document including, but not necessarily limited to, payment for continued coverage under the Village’s group medical insurance program and for unreimbursed medical expenses approved by the VEBA HRA. The VEBA HRA plan provides that if there is any amount remaining in a retired employee’s account at the time of death, the remaining amount will be disbursed as provided by the plan document. In the event of death of an active employee who otherwise would be eligible under this provision, a lump sum payment will be paid to the employee’s VEBA HRA and disbursed as provided by the plan document. Notwithstanding the foregoing irrevocable notice provisions, the Village Manager may permit an employee to withdraw an irrevocable notice to retire based on substantially changed circumstances arising after the employee submitted his/her irrevocable notice to retire. Moreover, the forty-five (45) day notice period as specified above may be reduced upon request by the employee with review and recommendation from the fire Chief, if the Village Manager determines it to be in the best interest of the Village. Denial of such requests shall not be arbitrary and capricious.
Pay for Unused Sick Leave at Retirement. Accrued, unused sick leave shall be forfeited at the time of separation or termination of employment, unless a command officer has accumulated a minimum of 900 hours of unused sick leave, has or will have as of the effective date of retirement at least 20 years of service, has given the Village irrevocable written notice to retire at least ninety (90) days prior to the effective date of the of retirement, and has an approved pension from the Village of Schaumburg Fire Pension Fund, the employee shall upon retirement be paid for thirty-three and one-third percent (33 1/3%) of all accrued hours sick leave hours at their regular salary. In the event of the death of an active employee who has accumulated at least 900 hours of unused sick leave and who has at least 20 years of service as of the date of death, remaining funds will be disbursed as provided by the plan document. Accrued, unused sick leave shall be forfeited at the time of separation or termination of employment, unless a command officer has accumulated the prescribed minimum number of hours of unused sick leave as set forth below, has or will have as of the effective date of retirement at least 25 years of service, has given the Village irrevocable written notice to retire at least ninety (90) days prior to the effective date of the effective date of retirement, and has an approved pension from the Village of Schaumburg Fire Pension Fund. An employee who meets all these eligibility requirements shall upon retirement be paid at their regular salary according to the following schedule: 24-Hour Personnel
Pay for Unused Sick Leave at Retirement. At the time of regular retirement or retirement for disability, an employee shall receive one day's pay for every three days of accumulated sick leave up to a maximum of 90 days. The district shall make any payment due hereunder as a non-elective employer contribution to a 403(b) program that confirms it can accept the contribution in accordance with applicable Internal Revenue Code rules and regulations. Such payment shall be made to the 403(b) program within 30 days following retirement. A special one-time retirement incentive shall be offered for unit members who retire on or before June 30, 2013. This incentive shall be calculated as provided in Article 26.h, except that the rate of payment shall be two days pay for each three days of accumulated sick leave, up to the maximum of 180 days, or payment of $500 for each year of Great Neck School District service. Unit members who wish to receive this special retirement incentive must submit an irrevocable letter of resignation for purposes of retirement, with an effective retirement date of no later than June 30, 2013, to the Superintendent of Schools no later than 5:00 p.m. on December 3, 2012. This special incentive shall sunset after June 30, 2013.
Pay for Unused Sick Leave at Retirement. Educational support professionals who resign for retirement purposes under IMRF on or before June 30, 2027 only and with at least twelve (12) years of full-time service as an educational support professional in the District shall be paid sixty-five dollars ($65.00) for each day of accumulated and unused sick leave which an educational support professional has at time of retirement under IMRF, up to a maximum of one hundred (100) days. No such pay shall be made for any day of unused sick leave that is used for additional service credit under IMRF. Said payment shall be made as a post-retirement severance benefit in the month following the month after retirement and is not intended to be added to compensation in the educational support professional’s final year of service.
Pay for Unused Sick Leave at Retirement. An employee who at retirement (1) has at least twenty (20) years of continuous service, (2) has an approved pension from the Village of Schaumburg Fire Pension Fund, and (3) has at least 900 hours of accumulated sick leave shall be paid a lump sum in accordance with the following schedule: Years of Continuous Service Amount of Lump Sum Payment 20 years 360 hours pay 25 years 540 hours pay 30 years or more 720 hours pay The payment shall be computed on the basis of the regular straight-time hourly rate of pay in effect for the employee’s regular classification at the time of retirement. In the event of death of an active employee who otherwise would be eligible under this provision, a lump sum payment will be paid to the employee’s estate.
Pay for Unused Sick Leave at Retirement. A teacher assistant with at least twelve (12) years of full-time service as a teacher assistant in the District shall be paid sixty-five dollars ($65.00) for each day of accumulated and unused sick leave which a teacher assistant has at time of retirement under IMRF, up to a maximum of eighty (80) days. No such pay shall be made for any day of unused sick leave that is used for additional service credit under IMRF. Said payment shall be made as a post- retirement severance benefit in the month following the month after retirement and is not intended to be added to compensation in the teacher assistant’s final year of service. Any eligible teacher assistant who has submitted an irrevocable notice of resignation for retirement purposes on or before March 31, 2013, shall receive pay for unused sick leave on a pre- retirement basis and without regard to the 80-day maximum.
