PAYOUT OF SICK LEAVE ACCRUAL Sample Clauses

PAYOUT OF SICK LEAVE ACCRUAL. The employer will provide access to a Retirement Health Savings (RHS) Plan pursuant to regulations set forth by the Internal Revenue Code that allows participant to accumulate assets tax-free to pay for medical expenses in retirement. Employees shall contribute one hundred percent (100%) of their paid sick leave accrual as calculated in this section to their individual RHS account. Upon retirement in accordance with the provisions of the Iowa Public Employees Retirement System (IPERS), or upon the death of an employee, the employee or his/her next of kin shall receive payment as follows: For those employees hired prior to July 1, 2000 the employee may choose between option A or B below. Option A - fifty percent of the employee's accumulated sick leave hours in excess of seven hundred and twenty hours and up to a maximum of one thousand six hundred and eighty hours. In no event shall payment exceed 480 hours (1680-720=960; 50% of 960=480). Option B - twenty five percent of the employee's accumulated sick leave hours up to a maximum of one thousand six hundred and eighty hours. In no event shall payment exceed 420 hours. (25% of 1,680=420). For those employees hired after July 1, 2000:
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PAYOUT OF SICK LEAVE ACCRUAL. The employer will provide access to a Retirement Health Savings (RHS) Plan pursuant to regulations set forth by the Internal Revenue Code that allows participant to accumulate assets tax-free to pay for medical expenses in retirement. Employees shall contribute one hundred percent (100%) of their paid sick leave accrual as calculated in this section to their individual RHS account. Upon retirement in accordance with the provisions of the Iowa Public Employees Retirement System (IPERS), or upon the death of an employee, the employee or his/her next of kin shall receive payment as follows: For those employees hired prior to July 1, 2000 the employee may choose between option A or B below. Option A - fifty percent of the employee's accumulated sick leave hours in excess of seven hundred and twenty hours and up to a maximum of one thousand six hundred and eighty hours. In no event shall payment exceed 480 hours (1680-720=960; 50% of 960=480). Option B - twenty five percent of the employee's accumulated sick leave hours up to a maximum of one thousand six hundred and eighty hours. In no event shall payment exceed 420 hours. (25% of 1,680=420). For those employees hired after July 1, 2000: Twenty five percent of the employee's accumulated sick leave hours up to a maximum of one thousand six hundred and eighty hours. In no event shall payment exceed 420 hours. (25% of 1,680=420). In the event an employee had worked in a part-time position, during employment, the 720 and 1,680 hours addressed above shall be pro-rated to reflect the FTE level. An example is found below: Full-Time Part-Time (.50 FTE) 1,680 - 720 = 960 840 - 360 = 480 50% of 960 - 480 hrs 50% of 480 - 240 hrs Any payment of unused sick leave hours shall be calculated on the basis of any employee's actual regular earnings (excluding overtime pay) in effect at the time of the payout. Except as provided in this section, an employee shall not otherwise be entitled to a payout of unused sick leave accruals upon termination of employment.
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Related to PAYOUT OF SICK LEAVE ACCRUAL

  • Sick Leave Accrual Full-time employees will accrue eight (8) hours of sick leave in a calendar month. Part- time employees will accrue sick leave credit on the same proportional basis that their employment schedule bears to a full-time schedule, up to a maximum of eight (8) hours in a calendar month.

  • Leave Accrual After the first 30 days of active military service in any one calendar year, employees shall not accrue City-paid vacation, holiday, or sick leave benefits or other forms of paid leave; provided, however, that any public employee on military leave for intermittent training periods shall continue to accrue the same vacation, sick, and holiday leave up to a maximum period of 180 cumulative days per calendar year as if the employee had not been on military leave.

  • Annual Leave Accrual If an employee leaves State Classified employment and is later rehired, he/she shall accrue annual leave at the same rate as a new hire. However, once a rehired employee has been in pay status for five (5) years, all previous service time shall be credited for annual leave accrual. The only exception shall be for employees rehired who repay severance pay received.

  • Vacation Leave Accrual ‌ After a full-time employee has been in pay status for eighty (80) non-overtime hours in a calendar month, the employee will accrue vacation leave according to the rate schedule below. Vacation leave accrual for part-time employees will be proportionate to the number of hours the part-time employee is in pay status during the month to that required for full-time employment.

  • Accumulation of Sick Leave The unused portion of an Employee's sick leave shall accrue for her future benefit, up to a maximum of one hundred and thirty (130) days.

  • Maximum Vacation Accrual Employees may accrue vacation up to a maximum of two hundred forty (240) hours. An employee who has reached the maximum accrual level may continue to accrue vacation until his or her next anniversary date, at which time any vacation accrued in addition to the two hundred forty (240) hour maximum accrual will be extinguished. With the written approval of the appropriate Vice President, an employee may accrue more than two hundred forty (240) hours of vacation when he or she is precluded from taking a previously scheduled vacation because of University needs. Any such written approval will specify a timeline for the employee to use any excess vacation accrual, after which any excess vacation accrual will be extinguished.

  • Sick Leave Payout No cash payment for unused sick leave will be paid to any employee leaving the service of the Employer.

  • Amount of Sick Leave (a) Full-time Employees - Full-time employees shall accumulate sick pay credits at the rate of one and a half (1-1/2) days per month for each calendar month of service up to a maximum credit of 240 days. The Parties agree that full-time employees will not accumulate sick leave credits during the separation period during July and August.

  • Vacation Accrual Regular employees shall accrue hours of vacation with pay for each hour of compensation to a maximum of eighty (80) hours per biweekly work period according to the following schedule, commencing with the employee's hire date of his latest period of County employment.

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