Unused Sick Leave Payment at Retirement Sample Clauses

Unused Sick Leave Payment at Retirement or Termination for Employees Hired on or Before June 30, 2014: All employees hired on or before June 30, 2014 that retire (non-disability) or voluntarily terminate with twenty (20) years of service shall be en- titled to receive payment at retirement or termination of unused sick leave days, based on the following schedule: Number of Unused Sick Leave Days Percentage Payout 0 - 74 days 38% 75 - 99 days 41% 100 - 124 days 44% 125 - 149 days 47% 150 and over 50% This pay-out schedule shall also apply to any employee retiring on permanent disa- bility arising out of and incurred in the course and scope of his or her employment with the City. Employees hired on or after July 1, 2014 shall not be eligible for pay- ment of any unused sick leave days.
Sample 1Sample 2
AutoNDA by SimpleDocs

Related to Unused Sick Leave Payment at Retirement

  • Sick Leave Payment Any employee, at his/her option may choose to receive payment for sick leave earned during the year which is unused at the end of the year. Any such payment must be for the total number of unused sick leave hours earned during the year, must be based on the hourly rate of pay of the employee multiplied by 50 percent, and all hours for which payment is received must be deducted from the employee’s accumulated leave balance. Sick leave used during a current year will be charged against the most recently earned sick leave. Hourly rate of pay is the hourly rate at the end of the contract year.

  • 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.

  • Compensation for Unused Sick Leave 1. Employees who enter County service after July 1, 1979, shall not be eligible for compensation for any of their unused sick leave credits.

  • Accrued Sick Leave The Board shall provide all employees with a cumulative record 23 of accrued sick leave hours on each pay statement.

  • Accrued 100% sick leave The use of sick leave under this subsection is at the employee's discretion.

  • Unused Sick Leave The accrual of unused sick leave hours is unlimited. The City and the Union commit to the evaluation and establishment of a mutually beneficial non-use of sick leave incentive and pay-out policy. Until such time that a policy is established, accumulated sick leave shall be compensated as follows: Upon retirement from the City service, an employee shall be paid sixty percent (60%) of his accumulated sick leave, with the rate of payment based upon his regular pay at the time he retires. Upon the death of an employee, his beneficiary shall be paid sixty percent (60%) of his accumulated unused sick leave, with the payment based upon his regular pay at the date of his death.

  • VESTED RETIREMENT GRATUITY VOLUNTARY EARLY PAYOUT a) An Employee eligible for a Sick Leave Credit retirement gratuity as per Appendix A shall have the option of receiving a payout of his/her gratuity on August 31, 2016, or on the employee’s normal retirement date.

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

  • Sick Leave Benefit There are two types of sick leave benefits. Annual sick leave is the sick leave days credited each year to each employee in accordance with the provisions of the local collective bargaining agreements. Banked sick leave is previously accumulated unused sick leave to which unused annual sick leave may be added at the end of each anniversary year.

  • Sick Leave Credit-Based Retirement Gratuities 1) A Teacher is not eligible to receive a sick leave credit gratuity after August 31, 2012, except a sick leave credit gratuity that the Teacher had accumulated and was eligible to receive as of that day.

Time is Money Join Law Insider Premium to draft better contracts faster.