Compensation for Unused Sick Days Sample Clauses

Compensation for Unused Sick Days. Teachers retiring under the Michigan Public School Employees Retirement System shall be compensated for unused sick days in the following manner: 0 - 20 days No Compensation 21 - 40 days 10% of daily rate 41 - 70 days 33-1/3% of daily rate 71 - 100 days 40% of daily rate 101+ days 50% of daily rate for days accumulated prior to June 30, 2014; $50 per day for days accumulated on or after July 1, 2014 For all teachers hired after August 24, 1993, the following compensation shall be made for unused sick days upon retirement from the Xxxxxxx Public Schools: 0 - 20 days = no compensation 21 - 100 days = $37.50 x total number of accumulated sick days 101+ = $50.00 x total number of accumulated sick days The total compensation for unused sick days to be paid to the employee upon retirement is required to be paid by the Board on behalf of the eligible participant into a non-elective 403(b) tax deferred annuity. The remittance of this benefit by the Board on behalf of the eligible participant shall be subject to and made in accordance with applicable regulations of the Internal Revenue Service and the Board’s 403 (b) policy. The benefits shall be remitted to one of the district’s 403 (b) providers. Participants shall not have the option of receiving this benefit in any form other than through a non- elective 403 (b) tax deferred annuity as described above.
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Compensation for Unused Sick Days. 1. The maximum accumulation of sick leave days shall be sixty (60) days (480 hours) as specified above. Employees reaching the maximum shall be granted days each year but shall not increase accumulation. Those employees who in the future shall have the maximum accumulation plus unused days above their maximum shall be granted $7.89 for each unused hour above the maximum on June 30. 2. Upon retirement or voluntary termination, employees with at least ten (10) years of service to the district will receive $2.50 compensation for each unused sick hour.
Compensation for Unused Sick Days. 1. Upon retirement for service and age from a State administered retirement system, each employee who has accumulated at least fifty (50) sick leave days shall be entitled to receive a lump sum retirement payment for earned and unused accumulated sick leave not to exceed $2,800.00 based on $28.00 per day for each day of earned and unused accumulated sick leave. An employee who elects a deferred retirement benefit shall not be eligible for the retirement payment. 2. Notice of intention to claim the benefits provided herein must be made in writing to the Board on or before November 1st prior to the year in which the retirement becomes effective. In the event an employee fails to give notice by November 1st for the reason that such employee has not at that time determined to retire, but subsequently, due to some unforeseen reason such employee is compelled to retire, the employee shall give notice of the condition causing the retirement as soon as possible. In the event such employee demonstrates valid reason to waive the November 1st notice date, he or she will receive the benefit provided for. The Board, however, may defer payment of all or part of the benefit to the year following the retirement.
Compensation for Unused Sick Days. For administrators who are eligible for retirement, and who provide the Board with written notification of intention to retire with at least 120 days notice, the following formula of compensation shall apply. a. Accumulated sick leave shall be compensated at the rate of $100.00 per day, within thirty (30) days of the effective date of retirement. b. The lump sum compensation will be deposited into a 403B plan, not to exceed IRS limitations at the time the compensation is paid in accordance with Board policy. c. This lump sum compensation shall not be considered as part of contracted salary for retirement purposes. d. Death benefit clause: Accrued sick leave benefits shall be paid to the surviving spouse. In the absence of a living spouse, payment shall be made to the estate of the deceased.
Compensation for Unused Sick Days. A. If during each of the entire school terms of this contract, a teacher shall have utilized zero (0) days of sick leave, the teacher shall receive additional compensation in the amount of four hundred dollars ($400.00). B. The teacher will not receive compensation for unused sick days if the teacher was docked for one or more days of pay during the school year. Under extenuating circumstances this provision may be waived by the Superintendent.
Compensation for Unused Sick Days. The Board shall pay eligible retiring members under paragraph 1 of this Section for their unused, accumulated sick days at a rate of twenty-five dollars ($25) per day, provided such days are not calculated by the MembersRetirement System in a member’s service years’ credit, up to a maximum of $4,250. This payment for unused, accumulated sick days is a severance payment to be made to eligible retiring members upon evidence from TRS of any excess days not used for service credit following their retirement and is not intended to be included in the creditable earnings for the members’ final year of employment in the District. Members who submits intent to retire during this contract are eligible for this benefit. Additionally, members who submitted their notice of retirement during the 2019-2024 collective bargaining agreement and who will retire between June 2025 and 2029 are also eligible for this benefit.
Compensation for Unused Sick Days. For administrators who are eligible for retirement, and who provide the Board with written notification of intention to retire with at least 120 days notice, the following formula of compensation shall apply. a. Accumulated sick leave shall be compensated at the rate of $100.00 per day, within thirty (30) days of the effective date of retirement. b. Effective July 1, 2005 for all new hires, accumulated sick leave, up to a maximum of ninety (90) days, shall be compensated at the rate of $100.00 per day within thirty (30) days of the effective date of retirement. c. The lump sum compensation will be deposited into a 403B or 457B plan, not to exceed IRS limitations at the time the compensation is paid in accordance with Board policy. d. This lump sum compensation shall not be considered as part of contracted salary for retirement purposes.
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Compensation for Unused Sick Days. The Board shall pay eligible retiring teachers under paragraph 1 of this Section for their unused, accumulated sick days at a rate of ten dollars ($10) per day, provided such days are not calculated by the Teachers’ Retirement System in a teacher’s service years’ credit, up to a maximum of $1,700. This payment for unused, accumulated sick days is a severance payment to be made to eligible retiring teachers upon evidence from TRS of any excess days not used for service credit following their retirement and is not intended to be included in the creditable earnings for the teachers’ final year of employment in the District.

Related to Compensation for Unused Sick Days

  • Compensation for Overtime Assigned overtime is designated as those hours over the regular hours of work which are requested of the employee by management. Assigned overtime worked shall be paid at the rate of time and one-half (1 1/2).

  • HOLIDAY COMPENSATION FOR TIME WORKED 110. Employees required by their respective appointing officers to work on any of the above specified or substitute holidays, excepting Fridays observed as holidays in lieu of holidays falling on Saturday, shall be paid extra compensation of one additional day's pay at time-and-one-half the usual rate in the amount of 12 hours pay for 8 hours worked or a proportionate amount for less than 8 hours worked provided, however, that at the employee's request and with the approval of the appointing officer, an employee may be granted compensatory time off in lieu of paid overtime pursuant to the provisions of Section III.E.2. 111. Executive, administrative and professional employees designated in the Annual Salary Ordinance with the "Z" symbol shall not receive extra compensation for holiday work but may be granted time off equivalent to the time worked at the rate of-one-and-one-half times for work on the holiday.

  • Compensation for Holidays Falling Within Vacation Schedule If a paid holiday falls on or is observed during an Employee's vacation period, she shall be allowed an additional vacation day with pay at a time mutually agreed upon by the Employer and the Employee.

  • Vacation Earnings for Partial Years (1) During the first partial year of service a new employee will earn vacation at the rate of three and two-thirds (32/3) days for each month for which the employee earns ten (10) days pay. (2) Subject to Clause 17.8, any unused vacation earned during the first (1st) partial year will be paid to the employee at December 31st of that year. (b) During the first (1st) and subsequent vacation years an employee will earn one-twelfth (1/12) of the annual entitlement for each month in which the employee has received at least ten (10) days' pay at straight-time rates. Where an employee has taken more vacation than earned, the unearned portion taken shall be charged against future earned credits or recovered upon termination whichever occurs first.

  • Compensation for Work on a Holiday (a) Where an Employee is regularly scheduled to work, in accordance with Article 14, and their regularly scheduled day of work falls on a paid holiday, as defined in Article 18.01, they shall receive compensation equal to two and one-half (2 ½) times their regular rate of pay as follows: (i) compensation at one and one-half (1½) times their regular rate of pay, including the holiday pay, for the hours worked on the holiday; and (ii) time off with pay in lieu of the holiday on an hour-for-hour basis at a mutually acceptable time in accordance with Article 18.11. (b) Where time off with pay in lieu of the holiday has not been granted in accordance with Article 18.05(a)(ii), compensation shall be granted at the Employee’s regular rate of pay for those hours worked on the holiday.

  • Annual Compensation The Executive's "Annual Compensation" for purposes of this Agreement shall be deemed to mean the highest level of base salary paid to the Executive by the Employers or any subsidiary thereof during any of the three calendar years ending during the calendar year in which the Date of Termination occurs.

  • Termination Compensation Termination Compensation equal to two (2) times the Executive's Base Period Income shall be paid to the Executive in a single sum payment in cash on the thirtieth (30th) business day after the later of (a) the Control Change Date and (b) the date of the Executive's employment termination; provided that if at the time of the Executive's termination of employment the Executive is a Specified Employee, then payment of the Termination Compensation to the Executive shall be made on the first day of the seventh (7th) month following the Executive's employment termination.

  • Total Compensation Contractor shall include Total Compensation in XXX for each of its five most highly compensated Executives for the preceding fiscal year if: 4.1. The total Federal funding authorized to date under the Award is $25,000 or more; and 4.2. In the preceding fiscal year, Contractor received:

  • Maximum Total Compensation Subsection 10.1 is amended to Increase Decrease the Maximum Total Compensation from $ to $ .

  • Average Annual Compensation The Executive's "Average Annual Compensation" for purposes of this Agreement shall be deemed to mean the average level of compensation paid to the Executive by the Employers or any subsidiary thereof during the most recent five taxable years preceding the Date of Termination, including Base Salary and benefits and bonuses under any employee benefit plans of the Employers.

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