Sick Leave Trust Fund Sample Clauses

Sick Leave Trust Fund. ‌ A retiree, with a sixty (60) day notice, may at any time request a lump sum payment of the balance in his or her Sick Leave Trust Fund. Upon the death of the retiree, any money in the account will be disbursed to the employee's estate.
Sample 1
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Sick Leave Trust Fund. A retiring employee may elect to use his or her sick leave payout to pay for health insurance coverage. The duration of coverage will be computed as follows: the payout amount (as determined by provisions of Section 24.6.4) shall be divided by the monthly cost in effect on the date of retirement (including both the cost to the City and the cost to the employee) of the medical plan in which the employee is enrolled on the date of retirement. That computation will produce the number of months for which the City will pay, and the payout of any residual amount. A trust fund account will be established by the City in its accounting records for each retiree who elects this option. The retiree's individual account will be reserved and available for premium payments until exhausted. A retiree may change level of coverage (family coverage, to two party or one party) but the number of months coverage will be re-computed by dividing the monthly cost (both to the City and to employees) that is in effect at the time the change is requested by the balance in the retiree's account. To the extent permitted by the health plan provider, and with written notice to the City by November 1, a retiree may change health care providers and such change in coverage shall be effective January 1 of the next year. The City will re-compute the number of months of coverage by dividing the monthly cost (both to the City and to employees) that is in effect at the time the change is requested by the balance in the retiree's account. The foregoing two paragraphs of Section 32.1 shall be abolished on the date the 2011-2014 Memorandum of Understanding is executed. A retiree, with a sixty (60) day notice, may at any time request a lump sum payment of the balance in his or her health care trust account. Upon the death of the retiree, any money in the account will be disbursed to the employee's estate.
Sample 1

Related to Sick Leave Trust Fund

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  • SICK LEAVE / Medical Certificates and Reporting 10.1 Sick leave with pay shall be granted to a teacher on account of injury to or the illness or disability of the teacher, or for the purpose of obtaining necessary medical or dental treatment.

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