Common use of Conversion of Sick Leave at Retirement Clause in Contracts

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.

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 within thirty (30) days prior to of 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. The officer will be eligible to continue in the health insurance group, at the officer’s expense, until the officer is eligible for Medicare or unless the officer becomes employed and/or eligible for other hospital and surgical insurance from another source. Retiring Officers will only be eligible to continue in the health insurance group as permitted under the COBRA law.