Sick Leave Buyout. At the discretion of the EMPLOYEE and the annual approval of the BOARD, accumulated personal sick leave may be purchased by the BOARD under the following conditions:
Sick Leave Buyout. Employees who separate from state service due to retirement or death shall be compensated for their unused sick leave accumulation at the rate of 25%. Compensation shall be based upon the employee’s salary at the time of separation. For the purpose of this subsection, retirement shall not include “vested out–of–service” employees who leave funds on deposit with the retirement system. Compensation for unused sick leave shall not be used in computing the retirement allowance; therefore no contributions are to be made to the retirement system for such payments, nor shall such payments be reported as compensation. An employee who separates from the classified service for any reason other than retirement or death shall not be paid for accrued sick leave. Annually, employees may also buy out up to twelve (12) days of sick leave per year at the rate of 25% so long as their total accumulation after the buyout is sixty (60) days or more.
Sick Leave Buyout. A buyout of accumulated sick leave days (total sick hours/7), paid at 10% (daily rate *.10) of the teacher’s daily rate of pay.
Sick Leave Buyout. All full-time paid members shall be entitled to buy out sick leave above the Minimum Cap in the form of an annual contribution to their deferred compensation plan at a dollar for dollar rate. The hours accrued above the minimum cap as of the 1st payday in November shall be the amount of hours eligible for buyout into the Employees deferred compensation account (aka Health Savings Plan, Health Savings Account, Deferred Compensation Account or an equivalent approved plan of or by the District). The DISTRICT shall transfer eligible funds into the EMPLOYEE’s deferred compensation account as of the 2nd day in December.
Sick Leave Buyout. 1. Upon retirement, the employee shall request to make pre-tax contributions into the WSCFF Employee Benefit Trust in the amount equal to 100% of the employee’s sick leave buyout per Article 10, section F.
Sick Leave Buyout. Retroactive to January 1, 1992, any employee who is eligible for retirement and retires from either the New York State Retirement System or from TIAA/CREF and who has at least fifty
Sick Leave Buyout. The School District and the Association that sick leave buyout and service payment upon separation of service provided under Article IV shall be made in the form of an employer non-elective contribution, not to exceed the applicable contribution limit under Section 415(c)(1) of the Internal Revenue Code, (“Code”), as adjusted for cost of living increases. For Employer Non-elective Contributions made post-employment to former employees' 403(b) accounts, the Contribution Limit shall be based on the employees’ compensation, as determined under Section 403(b)(3) of the Code and in any event, no Employer Non-elective Contribution shall be made on behalf of such former employees after the fifth taxable year following the taxable year in which such employees terminated employment In the event that the calculation of the Employer Non-elective Contribution exceeds the applicable Contribution Limits, the excess amount shall be handled by the Employer as follows:
Sick Leave Buyout. The Board agrees to pay each employee covered by this Agreement, who voluntarily retires from service to the District for up to two hundred (200) days of unused whole days of sick leave at the rate of seventy-five dollars ($75) per day of unused whole sick day(s) or sick leave. To be eligible for this buyout, the employee shall have completed, as of the intended date of retirement, at least twenty (20) years of service in public education, the last ten (10) of which shall have been consecutive years of full time service to the District immediately preceding the date of retirement. At the option of the retiring employee, the District agrees to deposit all lump sum amounts, due the employee upon retirement, into an authorized 403(b)(7) account. If the retiring employee chooses not to have funds deposited into a 403(b) (7), said funds shall be distributed to the employee with all applicable taxes deducted. In order to be eligible for reimbursement, an employee cannot have used more than 20% of their previously accumulated, but unused, sick leave in the year prior to the employee’s date of retirement. The 20% requirement shall be waived where an individual has a serious health condition which qualifies for leave under FMLA. Employees hired after July 1, 2008 but before July 1, 2017 shall serve at least five (5) consecutive years of full time service to the District
Sick Leave Buyout. Upon retirement, each bargaining unit employee shall receive 25% of their accrued sick leave balance.
Sick Leave Buyout. Sick leave paid upon retirement, layoff, or job abolishment pursuant to Article 17, will be paid at fifty percent (50%) of actual time accrued, up to a maximum of 1800 hours for 56 hour employees and 1250 hours for 40 hour employees. For example: If a member retires and has accrued 1532 hours of sick leave, the maximum amount paid will be 766 hours at the member’s regular hourly rate of pay. If a member retires and has accrued 5961 hours of sick leave, the maximum amount paid will be 1800 hours at the member’s regular hourly rate of pay.
