ACCRUED SICK LEAVE PAYOUT. Any employee who qualifies by age and service for retirement under the Employee Retirement Income Plan and who elects to retire from the University or who has at least 20 years of continuous service and who voluntarily terminates from the University will be eligible for additional compensation or health care benefits, provided such employee has a balance of accrued sick leave hours as follows:
ACCRUED SICK LEAVE PAYOUT. An employee having accrued sick leave to the employee's credit shall, on retirement after ten (10) years continuous service, receive a salary grant in lieu thereof, equal to such credit, to a maximum of sixty (60) days. Retirement shall be on or after the attainment of the minimum retirement age of fifty-five (55) in conformity with the provisions of the Municipal Pension Plan. In the event of death, any accrued sick leave cash bonus shall be paid to the employee's beneficiary, up to a maximum of sixty (60) days. For the purposes of this clause, ten (10) month employees shall be considered to have been employees for one (1) year for each ten (10) months of employment. If an employee is absent from work because of sickness, disability, accident, layoff or leave of absence approved by the Employer, the employee shall not lose the employee's accrued sick leave. The parties agree that all existing employees that have fifteen (15) years’ seniority as at the date of the signing of this memorandum of agreement (May 5, 2004) shall be entitled to receive the sick leave benefit under Article 16.07 upon termination provided that they have completed twenty (20) years’ continuous service.
ACCRUED SICK LEAVE PAYOUT. An employee having accrued sick leave to the employee's credit shall, on retirement after ten (10) years continuous service, receive a salary grant in lieu thereof, equal to such credit, to a maximum of sixty (60) days. In the event of death, any accrued sick leave cash bonus shall be paid to the employee's beneficiary, up to a maximum of sixty (60) days. For the purposes of this clause, ten (10) month employees shall be considered to have been employees for one (1) year for each ten (10) months of employment. If an employee is absent from work because of sickness, disability, accident, layoff or leave of absence approved by the Employer, the employee shall not lose the employee's accrued sick leave. The parties agree that all existing employees that have fifteen (15) years’ seniority as at the date of the signing of this memorandum of agreement shall be entitled to receive the sick leave benefit under Article 16.07 upon termination provided that they have completed twenty (20) years’ continuous service.
