Conversion of Accumulated Sick Leave Sample Clauses

Conversion of Accumulated Sick Leave. Employees qualifying for retirement under Nevada PERS with a minimum of twenty (20) years of total service with the City of Sparks may elect to convert a percentage of the employee's accumulated sick leave to an unfunded City account for the purpose of paying for group health insurance under the City's group health insurance plan. The schedule of conversion is as follows: The employee’s sick leave conversion account shall be assigned a present value based on the date of retirement equal to the number of hours of accumulated sick leave times the employee's base hourly rate multiplied by the conversion percentage at the time of retirement. The City will account for the retiree's accumulated sick leave and xxxxx said account on a dollar-for-dollar basis. The City will pay the retiree's group health coverage so long as there is a balance of accumulated sick leave adequate to cover the monthly premium, or the retiree has made arrangements to continue group health coverage at their own expense. When a retired employee becomes eligible for Medicare coverage or other federal programs, the retiree is eligible to receive Medicare supplemental coverage through the City’s group health plan so long as there is a balance of accumulated sick leave adequate to cover the monthly premium. A surviving spouse shall continue to receive medical coverage under this benefit so long as there is a balance of accumulated sick leave adequate to cover the monthly premium. This benefit is nontransferable and does not survive the retiree except as to a surviving spouse as described. Should an employee transfer into this contract from another unit or resolution within the City, the employee will retain the conversion benefit earned under the previous contract.

Conversion of Accumulated Sick Leave. EMPLOYEE separating from the CITY may elect to convert the percentage set forth below in the table of EMPLOYEE’s accumulated unused sick leave to an unfunded CITY account for the purpose of paying for future medical coverage under the CITY’s then-existing group medical insurance plan, on a monthly basis in accordance with the following table: 10 50% 11 60% 12 70% 13 80% 14 90% 15 or more 100% a. The account will be assigned a present value as of the date of separation equal to the number of hours of accumulated sick leave multiplied by the EMPLOYEE’s base hourly rate at the time of separation. Upon EMPLOYEE’s retirement in the PERS system and if otherwise qualified, CITY will pay the retired EMPLOYEE’s medical coverage so long as there is a balance of accumulated sick leave adequate to cover the monthly premium. CITY will account for EMPLOYEE’s accumulated sick leave and debit said account on a dollar for dollar basis. b. This benefit is nontransferable and does not survive retired EMPLOYEE. c. Upon retirement, if retired EMPLOYEE does not continue medical coverage under the City of Sparks group health policy, retired EMPLOYEE will only be eligible to reinstate benefits as required by Nevada law. d. When retired EMPLOYEE becomes eligible for Medicare coverage or other federal programs, retired EMPLOYEE will receive Medicare supplemental coverage so long as there is a balance of accumulated sick leave adequate to cover the monthly premium. e. The fund to which the accumulated sick leave is credited does not accrue interest and does not have cash value. CITY pays for the retired EMPLOYEE’s medical coverage by debiting the monthly cost of such coverage from the retired EMPLOYEE’s accumulated sick leave balance and paying the actual cost of such coverage out of the appropriate CITY fund. The retired EMPLOYEE may request an annual summary of the sick leave balance. f. A surviving spouse will continue to receive group health insurance under this benefit so long as there is a balance of accumulated sick leave adequate to cover the monthly premium, or if the spouse has made arrangements to pay for the City coverage directly.

Conversion of Accumulated Sick Leave. Employees qualifying for retirement under Nevada PERS with a minimum of twenty (20) years of total service with the City of Sparks may elect to convert sixty five percent (65%) of the Employee's accumulated sick leave up to a three thousand two hundred fifty (3,250) hour at twenty-five (25) years of service maximum to an unfunded City account for the purpose of paying for medical coverage under the City's then existing group medical insurance plan on a monthly basis.

Conversion of Accumulated Sick Leave. If the Association and the District elect to adopt the VEBA III Sick Leave Conversion Medical Reimbursement Plan pursuant to RCW 28A.400.210, then the VEBA III agreement adopted for the current year will determine how accumulated sick leave and personal leave will be converted. If the Association or the District elects not to adopt the VEBA III plan, then conversion of accumulated sick leave will take place in the following manner: In January of the year following any year in which a minimum of sixty days of leave for illness or injury is accrued, and each January thereafter, any eligible employee may exercise an option to receive remuneration for unused leave for illness or injury in excess of sixty days at the rate of four days for every one day's monetary compensation.

Conversion of Accumulated Sick Leave. Employees qualifying for retirement under Nevada PERS with a minimum of twenty (20) years of total service with the City of Sparks may elect to convert sick leave up to a three-thousand, two-hundred, fifty (3,250) hours. maximum to an unfunded City account for the purpose of paying for medical coverage under the City's group health insurance plan on a monthly basis. Effective upon ratification, the following conversion rates will apply: The employee’s sick leave conversion account shall be assigned a present value as of the date of retirement equal to the number of hours of accumulated sick leave multiplied by the employee's base hourly rate multiplied by the conversion rate, at the time of retirement. The City will account for a retiree's accumulated sick leave and xxxxx said account on a dollar-for-dollar basis. The City will pay the retiree's health coverage so long as there is a balance of accumulated sick leave adequate to cover the monthly premium. When a retired employee becomes eligible for Medicare coverage or other federal programs, the retiree will receive Medicare supplemental coverage so long as there is a balance of accumulated sick leave adequate to cover the monthly premium, or if retiree has made arrangements to pay for the City coverage directly. A surviving spouse will continue to receive group health insurance under this benefit so long as there is a balance of accumulated sick leave adequate to cover the monthly premium, or if the spouse has made arrangements to pay for the City coverage directly.

Conversion of Accumulated Sick Leave. Employees retiring and qualifying for retirement under Nevada PERS with a minimum of twenty (20) years of total service with the City of Sparks may elect to convert the following percentages of the employee's accumulated sick leave balance to an unfunded city account for the purpose of paying for coverage under the City's group health insurance plan on a monthly basis. The account is assigned a present value as of the date of retirement equal to the number of hours of accumulated sick leave multiplied by the employee's base hourly rate multiplied by the conversion percentage at the time of retirement. The City will account for a retiree's accumulated sick leave and debit said account on a dollar-for-dollar basis. The City will pay the retiree's group health coverage so long as there is a balance of accumulated sick leave conversion funds. The fund to which the accumulated sick leave balance is credited does not accrue interest and does not have cash value. When a retired employee becomes eligible for Medicare coverage or other federal programs, the retiree will receive Medicare supplemental coverage from the City’s group health insurance plan so long as there is a balance of accumulated sick leave conversion funds, or the retiree agrees to pay for the costs themselves. A surviving spouse will continue to receive group health insurance coverage as set forth in Section 3, Article A so long as there is a balance of accumulated sick leave conversion funds, or the coverage is paid for by the surviving spouse. This benefit is nontransferable and does not survive the retiree except as to a surviving spouse as described above.

Conversion of Accumulated Sick Leave. Upon ratification by the Association and approval by the City Council and not retroactive to July 1, 2008, employees qualifying for retirement under Nevada PERS with a minimum of twenty (20) years of total service with the City of Sparks may elect to convert a percentage of the employee's accumulated sick leave to an unfunded City account for the purpose of paying for medical coverage under the City's then existing group medical insurance plan or the Medical Plan offered through the Public Employees Benefit Plan, on a monthly basis. The schedule of conversion is as follows: Years of Service Conversion Percentage 20 75% 21 80% 22 85% 23 90% 24 95% 25 years or more 100% The account would be assigned a present value as of the date of retirement equal to the number of hours of accumulated sick leave times the employee's base hourly rate at the time of retirement. The City will account for the retiree's accumulated sick leave and debit said account on a dollar-for-dollar basis. The City will pay the retiree's medical coverage so long as there is a balance of accumulated sick leave adequate to cover the monthly premium. When a retired employee becomes eligible for Medicare coverage or other federal programs, the retiree will receive Medicare supplemental coverage so long as there is a balance of accumulated sick leave adequate to cover the monthly premium. A surviving spouse will continue to receive medical coverage under this benefit so long as there is a balance of accumulated sick leave adequate to cover the monthly premium. This benefit is nontransferable and does not survive the retiree except as to a surviving spouse as described. The fund to which the accumulated sick leave is credited does not accrue interest and does not have cash value. The City pays for the retiree's medical coverage by debiting the monthly cost of such coverage out of the appropriate City fund. Should an employee transfer into this contract from another unit or resolution within the City, the employee will retain the conversion benefit earned under the previous contract.

Conversion of Accumulated Sick Leave. MANAGER separating from the CITY may elect to convert the percentage set forth below in the table of MANAGER's accumulated unused sick leave to an unfunded CITY account for the purpose of paying for future medical coverage under the CITY's then existing group medical insurance plan or the medical plan offered through the Public Employees Benefit Plan (PEBP), on a monthly basis in accordance with the following table: Years Percentage Converted SICK LEAVE CONVERSION OPTION 2

Conversion of Accumulated Sick Leave. In accordance with RCW 28A.400.210, employees may cash in unused sick leave days above an accumulation of sixty (60) days at a ratio of one full day’s monetary compensation for four (4) accumulated sick leave days. In January of the year following any year in which a minimum of sixty days of leave for illness or injury is accrued, and each January thereafter, any eligible employee may exercise an option to receive remuneration for unused leave for illness or injury accumulated in the previous year at a rate equal to one day’s monetary compensation of the employee for each four full days of accrued leave for illness or injury in excess of sixty days. Leave for illness or injury for which compensation has been received shall be deducted from accrued leave for illness or injury at the rate of four days for every one-day’s monetary compensation. At the time of separation from school district employment due to retirement* or death, an eligible employee or the employee’s estate shall receive remuneration at a rate equal to one (1) day’s current monetary compensation of the employee for each four (4) full days accrued sick leave for illness or injury. Consistent with RCW 28A.58.099, such leave for cash out purposes is accumulative to a maximum of 180 days.

Conversion of Accumulated Sick Leave. In January of the year following any year in which a minimum of sixty (60) days of injury or illness leave is accrued, and each January thereafter, any eligible member may exercise and option either; 1) to receive remuneration for unused leave for illness or injury accumulated in the previous year at a rate equal to one day's monetary compensation of the member for each four (4) full days accrued leave for illness or injury in excess of sixty (60) days, OR 2) to add that year's sick leave to the staff member's accumulated sick leave. Such leave for which the member has received compensation shall be deducted from accumulated sick leave at the rate of four (4) days for every one (1) day's monetary compensation. An eligible member or his/her estate at the time of separation of employment due to retirement or death shall receive remuneration at a rate equal to one (1) day's current monetary compensation of the member for each four (4) full days accrued leave for illness or injury. Such leave shall be accrued at the rate of not more than one (1) day per month. * For the purposes of this provision, retirement shall be defined as when an employee is eligible to receive benefits under the Washington State Department of Retirement Systems. (TRS, or PERS, or SERS)