Sick Leave – Retirement Payout Sample Clauses

Sick Leave – Retirement Payout. In the event of death or retirement, an employee who has completed ten (10) years or more with the City of Petaluma shall receive fifty (50%) percent of his/her accumulated but unused sick leave, not to exceed four-hundred-eighty (480) hours. An employee may, however, elect to place all sick leave hours under the PERS Sick Leave Credit program.
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Sick Leave – Retirement Payout. In the event of the death or retirement of an employee who has completed ten (10) or more years of continuous service with the City, the employee shall be paid or shall receive to his/her benefit fifty percent (50%) of his/her accumulated but unused sick leave not to exceed four-hundred- eighty (480) hours. The employee may elect not to receive this benefit and instead place all sick leave hours into the CalPERS sick leave conversion benefit, or the employee may do a combination of both, to receive a payout of up to fifty percent (50%) of his/her accumulated but unused sick leave not to exceed four hundred eighty (480) hours with the balance placed into the CalPERS sick leave conversion benefit.
Sample 1
Sick Leave – Retirement Payout. In the event of death or retirement, an employee who has completed ten (10) years or more with the City of Petaluma shall receive fifty (50%) percent of his/her accumulated but unused sick leave, not to exceed four-hundred-eighty (480) hours. An employee may, however, elect to place all sick leave hours under the PERS Sick Leave Credit program. SECTIO N 14 - LEAVE S - INDUSTRIA L INJUR Y LEAV E Benefits shall be payable in situations where miscellaneous employee absence is due to industrial injury as provided in California State Workers' Compensation Law. During the first one-hundred- sixty (160) work hours when the employee's absence has been occasioned by injury suffered during his/her employment and he/she receives workers' compensation, he/she shall receive full pay. Medical appointments related to industrial injury or illness shall be calculated on an hourly basis. Following this period, sick leave may be a supplement to the workers' benefits provided the employee. Compensation is at his/her regular rate for a period not to exceed six (6) months, or until such sick leave is exhausted, or the disability is abrogated, or that employee is certified "permanent and stationary" by a competent medical authority. The City shall pay him/her the regular salary, based on the combination of the workers' compensation benefit plus sick leave. 2016-2019 City of Petaluma / AFSCME Unit 3 MOU 17 Sick leave for industrial injury shall not be allowed for a disability resulting from sickness, self-inflicted injury, or willful misconduct. The City may retire any employee prior to the exhaustion of accumulated sick leave, at which time all accrued but unused sick leave shall be abrogated, subject only to the limitations provided under this MOU .
Sample 1
Sick Leave – Retirement Payout. An Employee may not accumulate more than one hundred twenty (120) days of sick leave with pay-out as provided in this section remaining at not more than thirty (30) days Employees hired prior to June 30, 2008 who retire will receive payout of any sick hours accrued above 240 hours (30 days) up to a maximum of 240 hours (30 days). This payout is only available to those Employees who retire and begin collecting a retirement payment at the time of termination. There will be no payout of accrued time for any Employee hired on or after July 1, 2008.
Sample 1
Sick Leave – Retirement Payout. A. In the event an employee retires, or dies before retirement, he/she or his/her surviving beneficiary, shall receive compensation in a sum equivalent to one-half (1/2) of his/her accumulated sick leave credits within thirty (30) days, such payment to be based upon one-half (1/2) of a maximum of one thousand, two-hundred eighty (1280) hours at his/her prevailing hourly rate according to his/her classification.
Sample 1

Related to Sick Leave – Retirement Payout

  • Pre-Retirement Leave An Employee scheduled to retire and to receive a superannuation allowance under the applicable pension Acts or who has reached the mandatory retiring age, shall be entitled to:

  • Sick Leave Payout No cash payment for unused sick leave will be paid to any employee leaving the service of the Employer.

  • Pre-Retirement Death Benefit 4.1 (a) Normal form of payment. If (i) the Director dies while employed by the Bank, and (ii) the Director has not made a Timely Election to receive a lump sum benefit, this Subsection 4.1(a) shall be controlling with respect to pre-retirement death benefits. The balance of the Director=s Retirement Income Trust Fund, measured as of the later of (i) the Director=s death, or (ii) the date any final lump sum Contribution is made pursuant to Subsection 2.1(b), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefits shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director=s Beneficiary shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director=s Beneficiary may request to receive the unpaid balance of the Director=s Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director=s Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director=s death. Such lump sum payment shall be made within thirty (30) days of such notice. The Director=s Accrued Benefit Account (if applicable), measured as of the later of (i) the Director's death or (ii) the date any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account pursuant to Subsection 2.1(c), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Director's Beneficiary for the Payout Period. Such benefit payments shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death, or if later, within thirty (30) days after any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account in accordance with Subsection 2.1(c).

  • 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.

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Retirement Pay Any teacher with ten (10) years consecutive teaching experience in the Park Hill School District immediately prior to retirement from PSRS without an age reduction for early retirement, shall receive upon retirement from the Park Hill School District a terminal amount based upon the following formula: (Notation, the teacher must make application to PSRS for retirement and begin drawing from PSRS on the first available month following retirement). Years of service to the Park Hill School District to be divided by ten (10) and multiplied by one-ninth (1/9) of the last completed contract. Retirement notification after December 15 for the current academic year will result in a reduction of $1,000.00 from the total under Article 36. In the event of a sudden severe illness of the teacher, teacher’s legally recognized spouse, and/or child, the transfer of a legally recognized spouse, or being called into active military duty may be cause for the District not to impose the late notification reduction of $1,000.00. A teacher who otherwise qualifies for payment under Article 36 and dies while currently classified as an active employee will receive such payment.

  • Sick Leave Pay A Nurse granted sick leave shall be paid for the period of such leave at her or his regular hourly rate of pay and the number of hours thus paid shall be deducted from the accumulated sick leave credits of the Nurse.

  • Disability Retirement If, as a result of your incapacity due to physical or mental illness, You shall have been absent from the full-time performance of your duties with the Company for 6 consecutive months, and within 30 days after written notice of termination is given You shall not have returned to the full-time performance of your duties, your employment may be terminated for "Disability." Termination of your employment by the Company or You due to your "Retirement" shall mean termination in accordance with the Company's retirement policy, including early retirement, generally applicable to its salaried employees or in accordance with any retirement arrangement established with your consent with respect to You.

  • Deferred Retirement a. An employee who, upon separation from County service, is eligible for paid retirement and elects deferred retirement must defer participation in the Grant until such time as he or she becomes an active retiree.

  • Sick Leave Payoff Employee with accrued, unused sick leave may, at the time of separation, select one of the following options for reimbursement:

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