Common use of Cash Out Clause in Contracts

Cash Out. 1. In January of the year following any year in which a minimum of sixty (60) days of leave for illness is accrued, and each January thereafter, any eligible employee may exercise an option to receive remuneration for unused leave for illness or injury accumulated in the previous year at a rate equal to one (1) day’s monetary compensation of the employee for each four (4) full days of accrued leave for illness or injury in excess of sixty (60) days. Leave for illness or injury for which compensation has been received shall be deducted from accrued leave for illness or injury at the rate of four (4) days for every one (1) day’s monetary compensation: PROVIDED, that no employee may receive compensation under this Section for any portion of leave for illness or injury accumulated at a rate in excess of one (1) day per month. 2. At the time of separation from District employment due to retirement or death, an eligible employee or the employee’s estate shall receive remuneration at the rate equal to one (1) day’s current monetary compensation of the employee for each four (4) full day’s accrued leave for illness or injury.

Cash Out. 1. In January of the year following any year in which a minimum of sixty (60) days of leave for illness is accrued, and each January thereafter, any eligible employee may exercise an option to receive remuneration for unused leave for illness or injury accumulated in the previous year at a rate equal to one one (1) day’s monetary compensation of the employee for each four (4) full days of accrued leave for illness or injury in excess of sixty (60) days. Leave for illness or injury for which compensation has been received shall be deducted from accrued leave for illness or injury at the rate of four (4) days for every one (1) day’s monetary compensation: PROVIDED, that no employee may receive compensation under this Section for any portion of leave for illness or injury accumulated at a rate in excess of one (1) day per month. 2. At the time of separation from District employment due to retirement or death, an eligible employee or the employee’s estate shall receive remuneration at the rate equal to one (1) day’s current monetary compensation of the employee for each four (4) full day’s accrued leave for illness or injury.

Cash Out. 1. In January of the year following any year in which a minimum of sixty (60) days of leave for illness is accrued, and each January thereafter, any eligible employee may exercise an option to receive remuneration for unused leave for illness or injury accumulated in the previous year at a rate equal to one (1) day’s monetary compensation of the employee for each four (4) full days of accrued leave for illness or injury in excess of sixty (60) days. Leave for illness or injury for which compensation has been received shall be deducted from accrued leave for illness or injury at the rate of four (4) days for every one (1) day’s monetary compensation: PROVIDED, that no employee may receive compensation under this Section for any portion of leave for illness or injury accumulated at a rate in excess of one (1) day per month. 2. At the time of separation from District employment due to retirement or death, an eligible employee or the employee’s estate shall receive remuneration at the rate equal to one (1) day’s current monetary compensation of the employee for each four (4) full day’s accrued leave for illness or injury.