Common use of Compensation for Unused Sick Days Clause in Contracts

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.

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 s 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.

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 s 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.