Common use of CASH PAYMENT ON RETIREMENT Clause in Contracts

CASH PAYMENT ON RETIREMENT. Upon retirement from Department service under the applicable retirement plan or upon death while in active service, an employee shall be entitled to a lump sum payment calculated at the hourly rate in effect on the last day of Department service for each classification as set forth in Appendix A, times twenty percent (20%) of the employee's unused accrued sick leave to a maximum of 2,912 hours in the case of employees who work 56-hour weeks or 2,080 hours in the case of employees who work 40-hour weeks.

CASH PAYMENT ON RETIREMENT. Upon retirement from Department service under the applicable retirement plan or upon death while in active service, an employee shall be entitled to a lump sum payment calculated at the hourly rate in effect on the last day of Department service for each classification as set forth in Appendix A, times twenty percent (20%) of the employee's unused accrued sick leave to a maximum of 2,912 hours in the case of employees who work 56-56- hour weeks or 2,080 hours in the case of employees who work 40-hour weeks.

CASH PAYMENT ON RETIREMENT. Upon retirement from Department service under the applicable retirement plan or upon death while in active service, an employee shall be entitled to a lump sum payment calculated at the hourly rate in effect on the last day of Department service for each classification as set forth in Appendix A, times twenty percent (20%) % of the employee's unused accrued sick leave to a maximum of 2,912 hours in the case of employees who work 56-hour weeks or 2,080 hours in the case of employees who work 40-hour weeks.