Accumulated Sick Leave at Retirement Sample Clauses

Accumulated Sick Leave at Retirement. A teacher currently employed by the Board of Education of the North Olmsted City School District may elect, at the time of retirement from active service or retirement while on approved leave of absence under the State Teachers Retirement System law, and with ten (10) or more years of service with the Board of Education of the North Olmsted City School District, to be paid in case for ¼ of the value of his/her accrued but unused sick leave credit. Such payment shall be based on the teacher’s daily rate of pay at the time of retirement. Payment for sick leave on this basis shall be considered to eliminate all sick leave credit accrued by the teacher at the time. Such payment shall be made only once to any teacher. To be eligible for the aforementioned payment (1/4 the total of accrued but unused sick leave credit), the teacher must submit a letter of resignation by March 1 st, declaring his/her intention to retire effective not later than August 1 of that same year. Qualified teachers, as defined in the first paragraph, who do not notify the Board of Education by the applicable dates and who choose to retire shall receive ¼ of their accrued but unused sick leave credit up to a maximum payment of ¼ of two hundred forty (240) days. Payments of this Article shall be made no later than January 20th of the year following the effective date of the employee’s retirement. Such payment shall eliminate the employee’s accumulated sick leave.
Sample 1Sample 2
AutoNDA by SimpleDocs
Accumulated Sick Leave at Retirement. An employee currently employed by the Board of Education of the North Olmsted City School District may elect, at the time of retirement from active service or who retires while on an approved Leave of Absence under the Public Employment Retirement System Law, and with ten (10) or more years of service with the Board of Education of the North Olmsted City School District, to be paid in cash for one-fourth of the value of his/her accrued but unused sick leave credit. Such payment will be based on the employee's rate of pay at the time of retirement. Payment for sick leave on this basis will be considered to eliminate all sick leave credit accrued by the employee at that time. Such payment will be made only once to any employee. The maximum payment which may be made under this Article will be one-fourth of the total accumulated sick leave. Employees who are not otherwise eligible to retire under SERS and who either resign or who are severed from employment for any reason and who have at least fifteen (15) years of service in the District may elect to receive a lump sum cash payment for one-quarter of their accrued and unused sick leave to a maximum of sixty (60) days. Such payment will be calculated by multiplying the employee's daily rate of pay at the time of severance of employment (exclusive of overtime or other supplemental compensation).
Sample 1Sample 2
Accumulated Sick Leave at Retirement. 1. Each County Employee in the career service of the County of any employee not in the career service who has been authorized to receive sick leave under terms and conditions similar to career employees shall be entitled, upon retirement from the County, to receive a lump sum payment, as supplemental compensation pursuant to the formula set forth in the County Personnel Policy Section 1:11-3(2), provided, however, that an Employee shall not be eligible for supplemental compensation payments in the event said employee elects a deferred retirement benefit. 2. The supplemental compensation payment to be paid hereunder shall be computed at the rate of one-half (1/2) of the eligible employee’s daily rate of pay for each day of earned and unused accumulated sick leave based upon the average annual compensation received during the last year of his employment prior to the effective date of his retirement, provided, however, that no such lump sum supplemental compensation payment shall exceed $15,000.00. Annual compensation is defined to be the annual base pay and longevity at time of retirement. 3. The lump sum supplemental compensation provided herein for said accumulated sick days shall in no way affect, increase or decrease any pension or retirement benefits to such retired Employee under any other statute. 4. An Employee who has incurred or shall incur a break in service as a result of separation due to layoff shall be credited with sick leave accrued both before separation and after return to employment, regardless of whether such separation occurred prior to the effective date of this act. An Employee incurring a break in service for any other type of separation on and after the effective date of this act shall have his sick leave computed only from the date of return to employment. The provision of this paragraph shall not be applicable nor available for the benefit of any Employee who shall resign or leave the employ of the County upon said Employee’s own volition. An approved leave of absence shall not be considered as a break in service. 5. In the event of an Employee’s death after the effective date of retirement but before payment is made, the payment shall be made to the Employee’s estate. 6. The number of earned and unused accumulated sick leave days for which supplemental compensation is to be paid shall be based upon the records of the Middlesex County Personnel Office and shall be certified to the Board of Chosen Freeholders by the Personnel Direc...
Sample 1

Related to Accumulated Sick Leave at Retirement

  • Accumulated Sick Leave ‌ The Employer shall inform all employees at least once each year of the number of sick days accumulated and shall make the information available to an employee on request.

  • 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.

  • Disability Retirement If, as a result of your incapacity due to physical or mental illness, You shall have been absent from the full-time performance of your duties with the Company for 6 consecutive months, and within 30 days after written notice of termination is given You shall not have returned to the full-time performance of your duties, your employment may be terminated for "Disability." Termination of your employment by the Company or You due to your "Retirement" shall mean termination in accordance with the Company's retirement policy, including early retirement, generally applicable to its salaried employees or in accordance with any retirement arrangement established with your consent with respect to You.

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

  • Sick Leave Accrual All eligible employees shall accrue sick leave at the rate of four (4) hours per pay period of continuous employment beginning with their date of eligibility. Eligible employees being paid for less than a full eighty (80) hour pay period shall have sick leave accruals pro-rated in accord with the schedule set forth in Appendix D.

  • Pre-Retirement Leave An Employee scheduled to retire and to receive a superannuation allowance under the applicable pension Acts or who has reached the mandatory retiring age, shall be entitled to: (a) A special paid leave for a period equivalent to fifty percent (50%) of his/her accumulated sick leave credit, to be taken immediately prior to retirement; or (b) A special cash payment of an amount equivalent to the cash value of fifty percent (50%) of his/her accumulated sick leave credit, to be paid immediately prior to retirement and based upon his/her current rate of pay.

  • Deferred Retirement a. An employee who is eligible for paid retirement at the time he or she separates from County service, but elects deferred retirement, may defer participation in the Grant until such time as he or she becomes an active retiree. b. An otherwise eligible employee who is not eligible for paid retirement at the time he or she separates from County service but is eligible for and elects deferred retirement shall not become eligible for participation in the Grant.

  • Retirement Date If the Executive remains in the continuous employ of the Bank, the Executive shall retire from active employment with the Bank on the Executive’s sixty-fifth (65th) birthday, unless by action of the Board of Directors this period of active employment shall be shortened or extended.

  • Death, Retirement or Disability Executive’s employment shall terminate automatically upon Executive’s death or Retirement during the Employment Period. For purposes of this Agreement, “Retirement” shall mean normal retirement as defined in the Company’s then-current retirement plan, or if there is no such retirement plan, “Retirement” shall mean voluntary termination after age 65 with ten years of service. If the Company determines in good faith that the Disability of Executive has occurred during the Employment Period (pursuant to the definition of Disability set forth below), it may give to Executive written notice of its intention to terminate Executive’s employment. In such event, Executive’s employment with the Company shall terminate effective on the 30th day after receipt of such written notice by Executive (the “Disability Effective Date”), provided that, within the 30 days after such receipt, Executive shall not have returned to full-time performance of Executive’s duties. For purposes of this Agreement, “Disability” shall mean a mental or physical disability as determined by the Board of Directors of the Company in accordance with standards and procedures similar to those under the Company’s employee long-term disability plan, if any. At any time that the Company does not maintain such a long-term disability plan, “Disability” shall mean the inability of Executive, as determined by the Board, to perform the essential functions of his regular duties and responsibilities, with or without reasonable accommodation, due to a medically determinable physical or mental condition which has lasted (or can reasonably be expected to last) for twelve workweeks in any twelve-month period. At the request of Executive or his personal representative, the Board’s determination that the Disability of Executive has occurred shall be certified by two physicians mutually agreed upon by Executive, or his personal representative, and the Company. Failing such independent certification (if so requested by Executive), Executive’s termination shall be deemed a termination by the Company without Cause and not a termination by reason of his Disability.

  • Normal Retirement Date The term “Normal Retirement Date” means “Normal Retirement Date” as defined in the primary qualified defined benefit pension plan applicable to the Executive, or any successor plan, as in effect on the date of the Change in Control of the Company.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!