Leaves at Retirement Sample Clauses
The "Leaves at Retirement" clause defines the rules and entitlements regarding an employee's accrued leave when they retire from an organization. Typically, this clause outlines whether unused vacation, sick leave, or other paid time off will be paid out, forfeited, or otherwise managed upon retirement. For example, it may specify that all unused annual leave will be paid in a lump sum, while sick leave may not be compensated. The core function of this clause is to provide clarity and consistency for both the employer and employee regarding leave benefits at the end of employment due to retirement, thereby preventing disputes and ensuring fair treatment.
Leaves at Retirement. At the time of their retirement, licensed professionals may request the District to add to their final paycheck in June or their last working day, compensating them for the number of days of their accumulated, unused sick leave, valued at $45 per leave day, up to a maximum of $10,000 for employees retiring under OPSRP. If eligible, Tier I and Tier II employees may request the District payout the number of days they accumulate, unused sick leave valued at $45 per leave day, up to a maximum of $5000. Tier I and II employees must show the Notice of Entitlement, from PERS, that they did not use unused sick leave as part of their PERS retirement formula. The sick leave will be paid out on the 15th of the month after the Notice of Entitlement is received. (Example: Notice of Entitlement is receive in July, Sick leave payout will be on August 15th.)
Leaves at Retirement. At the time of their retirement, licensed professionals may request the District to add to their final paycheck in June or their last working day, the number of days of their accumulated, unused sick leave, valued at $45 per leave day, up to a maximum of $10,000 for employees retiring under OPSRP. If eligible, Tier I and Tier II employees may request the District to add to their final pay check in June or their last working day, the number of days of their accumulate, unused sick leave valued at $45 per leave day, up to a maximum of $5000. Tier I and II employees must show official documentation, from PERS, that they did not use unused sick leave as part of their PERS retirement formula.