Payment for Unused Sick Leave on Retirement. (a) Only those employees with accrued unused sick leave as of December 31, 2003 shall have access to (b) below.
Payment for Unused Sick Leave on Retirement. Any employee retiring on a state-administered pension plan shall be paid at the rate of one-half his or her daily rate for each day of accrued sick leave remaining to the employee's credit, up to a maximum of $15,000, in accordance with N.J.A.C. 4A:6-3.1 et seq. This amount shall be paid in a lump sum following the date of retirement.
Payment for Unused Sick Leave on Retirement. Employees with ten (10) or more years of service shall be entitled to receive either a cash payment or to use the sick leave to retire early to a maximum of fifty percent (50%) of the accrual upon reaching retirement age (as defined in the Pension (Municipal) Act based on the employee's average rate of pay as defined in the pension act. Calculation of the duration of the early retirement period shall be based on the sick leave accrual placed against the current salary rate and the College shall pay all usual benefits.
Payment for Unused Sick Leave on Retirement. On retirement, employees having accrued sick leave to their credit shall receive an allowance in lieu thereof equal to one-half (1/2) such credit to a maximum of seventy (70) days at the rate of pay effective immediately prior to retirement. At the employee’s request, the payment of this allowance shall be:
Payment for Unused Sick Leave on Retirement. Employees will be compensated for unused sick leave under the following conditions: • a minimum of 75 sick leave days must be accumulated. • employee must be retiring. (TPAF or PERS) • one year advanced notification in writing of intent to retire must be given • credit for unused sick leave days during period of leave of absence is not granted • retirement must occur June 30th The compensation is based on the individual's average attendance for the prior three year period compared to the average attendance of the entire staff of the district (including all CEA unit members) according to the following formula: If the individual's average attendance is within 5 percentage points of the total staff attendance, the individual is credited with $100 per day in 1999-2000, not to exceed $25,000, $85 per day in 2000-2001, not to exceed $25,000, and $85 per day in 2001- 2002, not to exceed $13,000. If the individual’s average attendance (absences) is greater than 5% of the total staff attendance, the rates will be as follows: 2002-2003 - $80 up to $25,000 2003-2004 - $65 up to $25,000 2004-2005 - $65 up to $13,000 The schedule for pay out in the event of retirement shall be as follows: Notification prior to September - payment made the following July, notification after September 1 - payment to be made in July of the following school year. (Year one (1) of the contract notification must be made no later than January 3rd.)
Payment for Unused Sick Leave on Retirement. 1. For the duration of this contract, retiring employees will be compensated for unused sick leave under the following conditions:
