Common use of Retirement Payoff Clause in Contracts

Retirement Payoff. After ten years of continuous service, or at age of sixty years or above, upon termination or retirement, an employee shall be paid for sixty (60%) of his/her accumulated sick leave up to a maximum of 240 hours. All payments will be made at the current rate of pay. Employees hired after January 1, 2013 are not eligible for this benefit.

Retirement Payoff. After ten years of continuous service, or Upon retirement at age of sixty years 65 or above, upon termination or retirementdeath, an employee (or his/her beneficiary) with at least ten (10) years continuous service shall be paid for sixty fifteen percent (6015%) of his/her accumulated sick leave up to a maximum of 240 one thousand five hundred (1,500) hours (maximum payoff is 225 hours. All payments will be made at the current rate of pay. Employees hired after January 1, 2013 are not eligible for this benefit).

Retirement Payoff. After ten years of continuous service, or at age of sixty years or aboveEmployees hired before 10/1/2015, upon termination retirement or retirementdeath, an employee shall be paid for sixty (60%) of his/her accumulated sick leave up to a maximum of 240 seven hundred fifty (750) hours. All payments will be made at the current rate of pay. Employees hired after January 110/1/2015, 2013 are not eligible for this benefit.upon retirement or death, shall be paid his/her accumulated sick leave at the following rate: 5-15 years of service, up to 400 hours of accumulated sick leave at 25% of value. More than 15 years of service, up to 400 hours of accumulated sick leave at 50% of value. The sick leave pay-off is subject to the following restrictions:

Retirement Payoff. After ten years of continuous service, or at age of sixty years or above, upon termination or retirement, an employee shall be paid for sixty (60%) of his/her accumulated sick leave up to a maximum of 240 hours. All payments will be made at the current rate of pay. Employees hired after January 1, 2013 are not eligible for this benefit.