PAYOUT OF SICK LEAVE ACCRUAL ON TERMINATION OF EMPLOYMENT Sample Clauses

PAYOUT OF SICK LEAVE ACCRUAL ON TERMINATION OF EMPLOYMENT. 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 County 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.
Sample 1
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PAYOUT OF SICK LEAVE ACCRUAL ON TERMINATION OF EMPLOYMENT. 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 County Policy O to their individual RHS account.
Sample 1

Related to PAYOUT OF SICK LEAVE ACCRUAL ON TERMINATION OF EMPLOYMENT

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  • Vacation Leave on Retirement ‌ An employee scheduled to retire and to receive pension benefits under the Public Service Pension Plan Rules or who has reached the mandatory retiring age, shall be granted full vacation entitlement for the final calendar year of service.

  • Vacation Pay Upon Termination When an employee in the bargaining unit is terminated for any reason, he/she shall be entitled to all vacation pay earned and accumulated up to and including the effective date of the termination.

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  • Termination Compensation Termination Compensation equal to two (2) times the Executive's Base Period Income shall be paid to the Executive in a single sum payment in cash on the thirtieth (30th) business day after the later of (a) the Control Change Date and (b) the date of the Executive's employment termination; provided that if at the time of the Executive's termination of employment the Executive is a Specified Employee, then payment of the Termination Compensation to the Executive shall be made on the first day of the seventh (7th) month following the Executive's employment termination.

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