Common use of CASH PAYMENT ON RETIREMENT Clause in Contracts

CASH PAYMENT ON RETIREMENT. Upon retirement from County service under the County's retirement plan or upon death while in active service, an employee shall be entitled to a lump sum payment calculated at the biweekly or hourly rate in effect on the last day of County service for each classification as set forth in Appendix A, times 20% of the employee's unused accrued sick leave, as of the date of retirement, up to and for purposes of this payoff, a maximum of 1000 hours (125 – 8 hour work days).

CASH PAYMENT ON RETIREMENT. Upon retirement from County service under the County's retirement plan or upon death while in active service, an employee shall be entitled to a lump sum payment calculated at the biweekly or hourly rate in effect on the last day of County service for each classification as set forth in Appendix "A", times 20% of the employee's unused accrued sick leave, as of the date of retirement, up to and for purposes of this payoff, a maximum of 1000 hours (125 – 8 hour work days).