Accumulated Sick Credits Sample Clauses

Accumulated Sick Credits a) Pay-out On termination of employment, with over ten years employment subsequent to January, 1966 and provided two weeks notice of her intention to resign is given in writing, an employee shall receive fifty percent (50%) of her sick credits accumulated prior to the current sick leave plan in cash; such payment not to exceed a maximum of forty-five (45) days. Termination payment of sick time in this Article shall not apply to sick credits accrued prior to January, 1966. All employee's retiring at age sixty-five (65) with over 10 years of employment from date of employment shall receive fifty percent (50%) of her sick credits accumulated prior to the current sick leave plan in cash; such payment not to exceed a maximum of forty-five days. This will apply only to sick credits accrued after January, 1966. The parties have agreed to a voluntarily cash out of sick leave credits accumulated prior to the current sick leave plan. The amount of the pay-out shall be a cash settlement at the employee's then current salary rate for any unused sick credits to the maximum provided under the sick leave plan in which the employee participated.