Pay Out of Sick Leave. When an employee age 55 or older opts for severance pay or early retirement, they will also qualify in accordance with the Master Agreement, for an amount equal to 50% of accumulated sick leave credits on the date of severance or retirement.
Pay Out of Sick Leave. Upon layoff or death, one-half (.5) of the value of an employee's accumulated sick leave will be paid to the employee or their beneficiary at their separation rate of pay. Employees who retire have the option to choose between a cash-out of up to one-half (.5) of their unused sick leave at their separation rate of pay, with the remaining balance reported to CalPERS as service credit; in lieu of any cash-out, up to one hundred percent (100%) of unused sick leave will be reported to CalPERS as service credit.
Pay Out of Sick Leave. Employees shall have the option each year for the unused sick leave/carers leave component of personal leave accrued over the calendar year to be paid at the end of the year of all days accrued in that year in excess of 3 days (i.e. 3 days are to be banked), or to bank the accrual.
Pay Out of Sick Leave. (1) A permanent employee may elect to exchange accumulated sick leave hours for pay once per year at the rate of eighty percent (80%) of the employee’s rate of pay by giving notice to the employer by December 1 of each year. No employee may exchange sick leave hours if it results in an employee’s accumulated sick leave being less than 10 (ten) days or seventy-five (75) hours.
Pay Out of Sick Leave. 24.5.1. Where an employee retires due to age or incapacity, or employment terminates after 10 years continuous service, any unused sick leave credits shall be paid out at the rate applicable to their substantive position at the date of such retirement or termination. Xxxx leave credits will be paid out in cases of redundancy for employees irrespective of service.
