Payment of Accrued Sick Leave Upon Retirement Sample Clauses

Payment of Accrued Sick Leave Upon Retirement. Subd. 1. Calculation of Retirement Payment Employees who retire with a balance of at least sixty ( 60) days of accrued sick leave and who have at least twenty (20) years of service or who have reached age sixty (60) or who are required to retire early because of disability or having reached the mandatory retirement age shall be paid an amount equal to one half (1/2) of all accrued sick leave at the rate of pay in effect at the time of retirement.