Conversion of Sick Leave at Retirement Sample Clauses

Conversion of Sick Leave at Retirement. When an officer retires as defined by the Wisconsin Retirement System or is forced to retire due to medical disability a maximum of sixty percent (60%) of the sick leave remaining in the officer's accumulated sick leave account may be converted to its monetary value (officer's hourly rate, exclusive of longevity and shift differential) and shall be contributed to the participant’s Post Employment Health Plan (PEHP). In order to determine the officer’s sick leave conversion benefit when they retire, the following formula will apply: Years of continuous service + officer's age at retirement = Number of credits (For credits between 63 and 75, deduct 5% from the standard conversion for each year under 75) Officers who retire with at least 20 years of service shall have a monetary contribution of 80 percent (80%) of banked sick leave hours contributed to the participant’s PEHP. In order to be eligible for the above-described benefit, the employee must meet the following conditions: a. Apply for Wisconsin Retirement Fund benefits thirty (30) days prior to the last day they worked; and b. In cases of voluntary retirement, give a written notice of retirement and intent to utilize the above-described benefits to the Police Chief and Human Resources Director at least 60 days prior to the date of retirement. Retiring Officers will only be eligible to continue in the health insurance group as permitted under the COBRA law.
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Conversion of Sick Leave at Retirement. Or Death Upon retirement, all employees will be eligible for payment in whichever of the following amounts is greater: A. Up to twenty-three hundred and forty (2,340) hours of accumulated unused sick leave at twenty-five percent (25%) of the first nine hundred and sixty (960) hours of accumulated unused sick leave, thirty-three percent (33%) of the next five hundred and forty (540) hours of accumulated unused sick leave hours (hours 961-1500), fifty percent (50%) of the next six hundred (600) hours of accumulated unused sick leave (hours 1501-2100), and one hundred percent (100%) of the next two hundred and forty (240) hours of accumulated unused sick leave (hours 2101-2340), all at the employees’ last, latest rate of pay; or B. Up to nine hundred and sixty (960) hours of the lesser of the of the employees’ accumulated unused sick leave balance at the time of retirement or the employees’ accumulated unused sick leave balance as of June 30, 2002, at one hundred percent (100%) of the employees’ last, latest rate of pay. If an employee dies while on active status, the surviving spouse or others as listed in R.C. 2113.04, will be eligible to receive sick leave conversion for which decedent would otherwise have accumulated at the time of death. Such payments shall be based on the rate of pay of the employee at that time and subject to the limits of this section.
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Conversion of Sick Leave at Retirement. Employees at the time of retirement from active full-time service with the Township under the Ohio Public Employees Retirement System (OPERS) and with ten (10) or more continuous years of service with the Township shall be paid in cash for one-half (1/2) of the employee's accrued but unused sick leave, up to a maximum of eight hundred seventy-five (875) hours. The dollar value of a sick day shall be based on the employee's hourly rate at time of retirement. Payment for sick leave on this basis shall be considered to eliminate all sick leave credit accrued by the employee at that time. Such payment shall be made by the Township of Brunswick Hills only once to any employee during his lifetime. This section shall only apply to the retirement of a full-time employee pursuant to state retirement laws and shall not be deemed applicable to any removal, voluntary or involuntary resignation, or any other like termination except a retirement as set forth herein.
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Conversion of Sick Leave at Retirement. Upon retirement or separation, in good standing, after five (5) years of full-time employment, full-time employees may convert unused accrued sick leave to a lump sum monetary payment under the following conditions: Payment will be on the basis of one day's pay for each three (3) days of accrued sick leave. Payment will be at the hourly rate in effect at the time of retirement or separation in good standing. Only that sick leave which is accrued while employed by the Village of Granville shall be used in determining the amount of accrued sick leave eligible for conversion. Employees terminated for cause or who fail to give two weeks written notice of intent to terminate employment, or who do not separate in good standing are not eligible for sick leave conversion benefit. Provided the condition in paragraphs (1) - (4) are met, the maximum conversion of accrued but unused sick leave upon retirement or separation in good standing shall be one-third (1/3) of accrued, unused sick leave to a maximum of three hundred and twenty (320) hours or one-third (1/3) of nine hundred and sixty (960) hours maximum.
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Related to Conversion of Sick Leave at Retirement

  • Sick Leave Conversion Sick leave accumulation in excess of 1,440 hours may be converted to paid vacation time at a ratio of two (2) hours of sick leave time for one (1) hour of vacation time, to a maximum of five (5) regularly-assigned workdays (not to exceed a total of forty (40) hours in any year. There shall be no conversion of unused sick leave in any amount at any time to any cash payment other than the above-described conversion to vacation time or severance pay in Article 13.

  • Vacation Leave on Retirement ‌ An employee scheduled to retire and to receive pension benefits under the Public Service Pension Plan Rules or who has reached the mandatory retiring age, shall be granted full vacation entitlement for the final calendar year of service.

  • Accumulation of Sick Leave The unused portion of an Employee's sick leave shall accrue for her future benefit, up to a maximum of one hundred and thirty (130) days.

  • Death, Retirement or Disability Executive’s employment shall terminate automatically upon Executive’s death or Retirement during the Employment Period. For purposes of this Agreement, “Retirement” shall mean normal retirement as defined in the Company’s then-current retirement plan, or if there is no such retirement plan, “Retirement” shall mean voluntary termination after age 65 with ten years of service. If the Company determines in good faith that the Disability of Executive has occurred during the Employment Period (pursuant to the definition of Disability set forth below), it may give to Executive written notice of its intention to terminate Executive’s employment. In such event, Executive’s employment with the Company shall terminate effective on the 30th day after receipt of such written notice by Executive (the “Disability Effective Date”), provided that, within the 30 days after such receipt, Executive shall not have returned to full-time performance of Executive’s duties. For purposes of this Agreement, “Disability” shall mean a mental or physical disability as determined by the Board of Directors of the Company in accordance with standards and procedures similar to those under the Company’s employee long-term disability plan, if any. At any time that the Company does not maintain such a long-term disability plan, “Disability” shall mean the inability of Executive, as determined by the Board, to perform the essential functions of his regular duties and responsibilities, with or without reasonable accommodation, due to a medically determinable physical or mental condition which has lasted (or can reasonably be expected to last) for twelve workweeks in any twelve-month period. At the request of Executive or his personal representative, the Board’s determination that the Disability of Executive has occurred shall be certified by two physicians mutually agreed upon by Executive, or his personal representative, and the Company. Failing such independent certification (if so requested by Executive), Executive’s termination shall be deemed a termination by the Company without Cause and not a termination by reason of his Disability.

  • Disability Retirement If, as a result of your incapacity due to physical or mental illness, You shall have been absent from the full-time performance of your duties with the Company for 6 consecutive months, and within 30 days after written notice of termination is given You shall not have returned to the full-time performance of your duties, your employment may be terminated for "Disability." Termination of your employment by the Company or You due to your "Retirement" shall mean termination in accordance with the Company's retirement policy, including early retirement, generally applicable to its salaried employees or in accordance with any retirement arrangement established with your consent with respect to You.

  • Normal Retirement Normal Retirement Age under the Plan is: (Choose (a) or (b)) [X] (a) 65 [State age, but may not exceed age 65].

  • Retirement or Disability If you retire under the terms of any qualified pension plan provided by the Company or one of its subsidiaries, or if you are totally and permanently disabled, the Option may be exercised as to the total number of shares subject to the Option (without regard to the exercise schedule set forth in paragraph 4) at any time within one year after the date of retirement or disability retirement, but not after the Expiration Date.

  • Donation of Sick Leave 8.10.1 On a case-by case basis and with mutual agreement between the Association and the District, any bargaining unit member may donate five (5) days (40 hours) of accumulated sick leave to another bargaining unit member who has suffered a long- term, non-industrial related illness or injury and who will exhaust all fully paid leaves. The employee suffering from such illness or designee must request, in writing, donations of sick leave from bargaining unit members only, through the Personnel Office. Requests shall be made prior to the exhaustion of all fully paid leave. Donation of sick leave will not be retroactive. 8.10.2 The Personnel Office will send out the notification of the request for donations of sick leave. The request will be sent for posting on all CUEA bulletin boards and the CUEA President notified of the request. All donations of sick leave will be voluntary with no personal solicitation of donors allowed. The names of any bargaining unit members donating sick leave under this provision will not be made public. 8.10.3 Only bargaining unit members who have a minimum of fifteen (15) days (120 hours) of accumulated sick leave remaining after donating five (5) days (40 hours) of sick leave under this provision will be permitted to participate in this program. Employees eligible to donate sick leave will do so on a District approved form and must submit that form to the Personnel Office. 8.10.4 The maximum amount of sick leave that may be donated to any one person requesting donations under this provision will be equivalent to sixty (60) days. 8.10.5 Donated sick leave will be utilized for the specified employee in the following manner: (A) donated sick leave will be assigned a usage number. The first donated sick leave received by the Personnel Office will be the first sick leave used by the beneficiary. As sick leave is used by the unit member requesting it, the leave time will be charge against the unit member donating the sick leave. (B) if the employee returns to work prior to using all donated days, unused sick leave will be returned to the bargaining unit member donating the sick leave. 8.10.6 Up to an additional twenty (20) days (160 hours) of donated time may be requested in writing to the Assistant Superintendent, Personnel Services by the affected member or his/her immediate family. In this case, Section 8.10.5 procedures will be put into effect. 8.10.7 When all paid leaves of absence have been exhausted, and the unit member is unable to return to work, in lieu of resigning the unit member may elect to do one of the following: take a personal leave without pay pursuant to Section 8.5 or Article VIII for not to exceed the remainder of the school year in which the leave occurs, or retire if eligible pursuant to the provisions of the State retirement system.

  • Normal Retirement Date The term “Normal Retirement Date” means “Normal Retirement Date” as defined in the primary qualified defined benefit pension plan applicable to the Executive, or any successor plan, as in effect on the date of the Change in Control of the Company.

  • Retirement Date If the Executive remains in the continuous employ of the Bank, the Executive shall retire from active employment with the Bank on the Executive’s sixty-fifth (65th) birthday, unless by action of the Board of Directors this period of active employment shall be shortened or extended.

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