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:
Appears in 5 contracts
Samples: Labor Agreement, Labor Agreement, Labor Agreement
