Separation Payout Clause Samples
Separation Payout. Upon termination of employment, payment for accrued but unused vacation leave shall be made at the member's rate of pay at the time of termination, subject to the accrual limits stated in Section 4 of this Article and provided the member had at least one year of continuous service with the University.
Separation Payout. Upon separation of employment for any reason, payment for accrued but unused vacation leave and compensatory time shall be made at the member's applicable rate of pay at the time of separation.
Separation Payout. Upon separation from employment with the Township for any reason, members shall be entitled to compensation at their current rate of pay for accrued and unused compensatory time.
Separation Payout. A member in full-time status who is to be separated from the Township service for any reason and who has unused vacation leave shall be paid in a lump sum for such unused vacation leave in lieu of granting such member a vacation leave after the member's last day of active service with the Township.
Separation Payout. Upon separation, except for disciplinary discharge, from the Employer, an employee shall be fully paid for all accrued but unused vacation.
Separation Payout. For officers hired before June 30, 2017, terminal days shall be capped at 25 years of service. Officers eligible to retire as of September 18, 2020 will be exempted from the 25 year cap provided they have submitted their retirement papers on or before September 18, 2020 and retire within 90 days of the submission of retirement papers. Effective July 1, 2020, all payments of Separation Pay will be in equal bi-weekly installments over a five (5) year period. Separation Payout for officers hired on or after May 29, 2013 will be limited to: sick leave payout of one-half (1/2) of two-hundred (200) days; vacation leave payout of three-hundred (300) hours; and personal leave will be capped at one-thousand and two- hundred (1,200) hours.