Retirement Procedure. Employees retiring under a State regulated retirement system shall receive payment of accrued but unused sick leave on the basis of one hour’s pay for each four (4) hours of accrued sick leave. Said payment is intended not to exceed four hundred eighty (480) hours regardless of the number of sick leave hours accumulated. Payout is done at the time of separation. Employees must provide a minimum of 60-day notice for a retirement to complete the final buy-out process. Failure to meet the 60-day notice will delay the final buy-out.
Appears in 4 contracts
Samples: Article 1 Agreement, Article 1 Agreement, Article 1 Agreement
