Common use of Carry-Over and Conversion Clause in Contracts

Carry-Over and Conversion. Full-time employees who, at the time of their disability or service retirement, have ten (10) or more years of service with the College or any agency of the State or any of its political subdivisions, may convert their accrued but unused time for sick leave to monetary compensation. An employee of the College, having prior public service with state government or any political subdivision thereof, is entitled to transfer any unused sick leave credit received from their prior service, provided the College receives written verification of such prior service from such prior public employer. In order to be eligible for this payment, the employee must retire directly into a state retirement system from active employment with the College. New employees hired after January 1, 2003 shall not be eligible to cash out transferred sick leave. One-fourth (1/4) of the accumulated sick leave earned as an employee of the College to a maximum of forty-five (45) days may be converted to a cash payment at the time of retirement, based upon the employee’s rate of compensation at the time of retirement. The payment for sick leave under this policy eliminates for all time the sick leave credit of the employee at the time of retirement, and such payment will be made only once. The same pay out arrangement shall be made to the full-time employee’s spouse or estate upon the death of an employee who was actively employed by the College if the employee was eligible for retirement. If an employee’s sick leave use meets the conditions of family and medical leave, the absence will also be counted as family and medical leave in compliance with the Family and Medical Leave Policy.

Carry-Over and Conversion. Full-time employees who, at the time of their disability or service retirement, have ten (10) or more years of service with the College or any agency of the State or any of its political subdivisions, may convert their accrued but unused time for sick leave to monetary compensation. An employee of the College, having prior public service with state government or any political subdivision thereof, is entitled to transfer any unused sick leave credit received from their his prior service, provided the College receives written verification of such prior service from such prior public employer. In order to be eligible for this payment, the employee must retire directly into a state retirement system from active employment with the College. New employees hired after January 1, 2003 shall not be eligible to cash out transferred sick leave. One-fourth (1/4) of the accumulated sick leave earned as an employee of the College to a maximum of forty-five (45) days may be converted to a cash payment at the time of retirement, based upon the employee’s rate of compensation at the time of retirement. The payment for sick leave under this policy eliminates for all time the sick leave credit of the employee at the time of retirement, and such payment will be made only once. The same pay out arrangement shall be made to the full-time employee’s spouse or estate upon the death of an employee who was actively employed by the College College, if the employee was eligible for retirement. If an employee’s sick leave use meets the conditions of family and medical leave, the absence will also be counted as family and medical leave in compliance with the Family and Medical Leave Policy.