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).
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.
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.
