Use of Sick Leave Accruals. At the time of retirement, an employee may elect to apply accumulated sick leave credits toward monthly premium payments for retiree medical insurance. The value of the sick leave credits will be set at fifty percent of the employee’s rate of pay at the time of retirement. If the employee is paid for a portion of the total accumulated sick leave credits or if the credits have been used to increase the employee’s service credit under 41-j, only the remaining portion will be used for the payment of retiree medical insurance premiums.
Use of Sick Leave Accruals. Upon retirement, an employee who retires from the Village and has applied for and been granted a retirement benefit from the New York State Employees’ Retirement System can choose either cash reimbursement or payment of medical insurance premiums until sick leave credits are exhausted. An employee who elects to receive cash payment will receive payments valued at one-tenth of the employee’s accumulated sick leave at the employee’s rate of pay at the time of retirement. For an employee who elects to apply accumulated sick leave credits toward monthly premium payments for medical insurance, the Village will establish an account equal to the sick leave credits multiplied times the employee’s rate of pay at the time of retirement. After sick leave credits have been exhausted, the Village will pay fifty percent and the retiree will pay fifty percent of the premium.
Use of Sick Leave Accruals. At the time of retirement, an employee may elect apply accumulated sick leave credits toward monthly premium payments for retiree medical insurance. The value of the sick leave credits will be set at fifty percent of the employee’s rate of pay at the time of retirement. If the employee is paid for a portion of the total accumulated sick leave credits or if the credits have been used to increase the employee’s service credit under 41-j, only the remaining portion will be used for the payment of retiree medical insurance premiums. For example: an employee who has accumulated the equivalent of 240 days of sick leave may elect to receive cash payment for 24 days, apply 165 days to increase service credit at retirement, and then apply the remaining 51 days toward monthly premium payments.
Use of Sick Leave Accruals. Upon retirement, an employee hired before June 1, 2009 who retires from the Village and has applied for and been granted a retirement benefit from the New York State Employees’ Retirement System can choose either cash reimbursement or payment of medical insurance premiums until sick leave credits are exhausted. An employee hired before June 1, 2009 who elects to receive cash payment will receive payments valued at one-tenth of the employee’s accumulated sick leave at the employee’s rate of pay at the time of retirement. For an employee hired before June 1, 2009 who elects to apply accumulated sick leave credits toward monthly premium payments for medical insurance, the Village will establish an account equal to the sick leave credits multiplied times the employee’s rate of pay at the time of retirement. All such unused sick leave will be used to pay fifty percent of medical insurance premium until the sick leave credits are exhausted. After sick leave credits have been exhausted, the Village will pay fifty percent and the retiree will pay fifty percent of the premium.
Use of Sick Leave Accruals. Upon retirement, an employee who retires from the Village and has applied for and been granted a retirement benefit from the New York State Employees’ Retirement System can choose to apply sick leave credits toward the payment of medical insurance premiums until sick leave credits are exhausted. Unused accumulated sick days will be payable at retirement in the form of a contribution to Employee's payment of medical insurance, under the following conditions: All unused sick time at retirement will be used to pay for fifty percent of medical insurance until sick time is exhausted. The amount available for this will be computed by multiplying hourly rate at time of retirement by eight hours per day times the number of sick days remaining on the books. After sick leave credits have been exhausted, the Village will pay fifty percent and the retiree will pay fifty percent of the premium.
