COMPENSATION AT RETIREMENT OR DEATH. 1. At the time of separation from state service due to retirement or death, an eligible employee or the employee's estate shall receive remuneration computed by multiplying .25 by the employee's current daily rate of pay. This rate is then applied to the total eligible sick leave days to arrive at the amount due to the employee. 2. Moneys received under this section shall not be included for the purpose of computing a retirement allowance under any eligible retirement system; compensation shall be based upon the employee's salary at the time of separation. For purpose of this agreement, retirement shall not include “vested-out-of-service" employees who leave funds on deposit with the retirement system or employees who withdraw deposited retirement funds. 3. Accordingly, for an employee to qualify for compensation for sick leave, the employee must retire from state service and receive retirement benefit payments from an eligible retirement plan, and for the purposes of this agreement only, retirement due to age shall not be considered to have occurred prior to the attainment of age fifty-five, or 30 years of service credit (at whatever age that may occur). 4. An employee who separates from the district for any reason other than retirement or death shall not be paid for accrued sick leave. 5. No contributions are to be made to the retirement system for such payments.
Appears in 4 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement
