Common use of Death or Retirement Clause in Contracts

Death or Retirement. Upon retirement pursuant to the regulations of the Town of Concord Retirement System, each employee employed prior to September,1982 who draws a pension from the Town of Concord shall be paid for 50% of his/her accumulated, unused sick leave to a maximum of sixty-two (62) paid days (50% of one hundred twenty four (124) days of accumulated sick leave). This payment for unused sick leave will be made in four (4) equal annual installments in January commencing with the January following retirement. Payments for unused sick leave upon the death of an active employee will be made in one payment. An employee who voluntarily takes deferred retirement is not eligible for this pay for accumulated sick leave. Accumulated sick leave shall be converted to equivalent eight (8) hour days and the employee shall be paid on the basis of his/her hourly rate in effect at his/her retirement. Upon the death or permanent disability of an employee, payment for unused sick leave in accordance with the above formula will be made to the employee or his/her beneficiary. If the employee fails to name a beneficiary who survives him/her, payment shall be made to his/her estate. Employees hired after September 15, 1982 are not entitled to any payment for unused sick leave upon death, permanent disability or retirement.

Death or Retirement. Upon retirement retirement, pursuant to the regulations of the Town of Concord Retirement System, each employee employed prior to September,1982 September, 1982 who draws a pension from the Town of Concord shall be paid for 50% of his/her accumulated, unused sick leave to a maximum of sixty-two (62) paid days (50% of one hundred twenty four (124) 124 days of accumulated accumulates sick leave). .* This payment for unused sick leave will be made in one (1) payment, unless the employee indicates in writing that payment shall be made in four (4) equal annual installments payments in January January, commencing with the January following retirement. Payments for unused sick leave upon the death of an active employee will be made in one payment. An employee who voluntarily takes deferred retirement is not eligible for this pay for accumulated sick leave. Accumulated sick leave shall be converted to equivalent eight (8) hour days and the employee shall be paid on the basis of his/her hourly rate in effect at his/her retirement. Upon the death or permanent disability of an employee, payment for unused sick leave in accordance with the above formula will be made to the employee or his/her beneficiary. If the employee fails to name a beneficiary who survives himhis/her, her payment shall be made to his/her estate. Employees hired after September 15, 1982 are not entitled to any payment for unused sick leave upon death, permanent disability or retirement.

Death or Retirement. Upon retirement retirement, pursuant to the regulations of the Town of Concord Retirement System, each employee employed prior to September,1982 September, 1982 who draws a pension from the Town of Concord shall be paid for 50% of his/her accumulated, unused sick leave to a maximum of sixty-two (62) paid days (50% of one hundred twenty four (124) 124 days of accumulated accumulates sick leave). * This payment for unused sick leave will be made in one (1) payment, unless the employee indicates in writing that payment shall be made in four (4) equal annual installments payments in January January, commencing with the January following retirement. Payments for unused sick leave upon the death of an active employee will be made in one payment. An employee who voluntarily takes deferred retirement is not eligible for this pay for accumulated sick leave. Accumulated sick leave shall be converted to equivalent eight (8) hour days and the employee shall be paid on the basis of his/her hourly rate in effect at his/her retirement. Upon the death or permanent disability of an employee, payment for unused sick leave in accordance with the above formula will be made to the employee or his/her beneficiary. If the employee fails to name a beneficiary who survives himhis/her, her payment shall be made to his/her estate. Employees hired after September 15, 1982 are not entitled to any payment for unused sick leave upon death, permanent disability or retirement.