Pay Off at Retirement Sample Clauses

Pay Off at Retirement a. At time of retirement, Employee D has 680 accumulated but unused sick leave hours. He will be paid for 340 hours (50% of 680 hours) at his base salary hourly rate and the remaining 340 hours will be reported to PERS for inclusion in calculation of total service period.
Sample 1
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Pay Off at Retirement. At the time of an employee's service or disability retirement, the City shall pay to him or her an amount equal to 50% of his or her total accumulated but unused sick leave hours, provided that the 50% pay out under this provision may be applied to no more than 1,000 hours accumulated but unused sick leave. The remaining accumulated but unused sick leave hours will be used toward the extension of his or her service period under the PERS retirement system, subject to Government Code Section 20862.8. At the request of the employee, 100% of accumulated but unused sick leave hours may be used toward the extension of his or her service period under PERS Section 20862.8 and no payout will occur.
Sample 1
Pay Off at Retirement. At the time of an employee's service or disability retirement, the City shall pay to him or her an amount equal to 50% of his total accumulated but unused sick leave hours, provided that the 50% pay out under this provision may be applied to no more than 1,000 hours accumulated but unused sick leave. The remaining accumulated but unused sick leave hours will be used toward the extension of his service period under the PERS retirement system, per PERS rules. (See Exhibit D.) At the written request of the employee, 100% of the accumulated but unused sick leave hours may be used toward the extension of his service period under PERS rules and no payout will occur.
Sample 1

Related to Pay Off at Retirement

  • Vacation Pay on Retirement Termination is as follows:

  • 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 Unless Separation from Service or a Change in Control occurs before Normal Retirement Age, when the Executive attains Normal Retirement Age the Bank shall pay to the Executive the benefit described in this section 2.1 instead of any other benefit under this Agreement. If the Executive’s Separation from Service thereafter is a Termination with Cause or if this Agreement terminates under Article 5, no further benefits shall be paid.

  • Life Insurance Upon Retirement 34.1 An employee who retires from the service of the Corporation subsequent to August 1, 2001, will, provided he is 55 years of age or over and has not less than 10 years' cumulative compensated service, be entitled to the sum of $8,000.00, payable to his estate upon his death.

  • Post Retirement Health Care Benefit Employees who separate from State service and who, at the time of separation are insurance eligible and entitled to immediately receive an annuity under a State retirement program, shall be entitled to a contribution of two hundred fifty dollars ($250) to the Minnesota State Retirement System’s (MSRS) Health Care Savings Plan. Employees who have a HCSP waiver on file shall receive a two hundred fifty dollars ($250) cash payment. If the employee separates due to death, the two hundred fifty dollars ($250) is paid in cash, not to the HCSP. An employee who becomes totally and permanently disabled on or after January 1, 2008, who receives a State disability benefit, and is eligible for a deferred annuity under a State retirement program is also eligible for the two hundred fifty dollar ($250) contribution to the MSRS Health Care Savings Plan. Employees are eligible for this benefit only once.

  • Early Retirement An employee entitled to twenty-five (25) or more days of annual vacation shall be entitled to defer up to five (5) days per year of vacation into an Early Retirement Bank. An employee entitled to thirty (30) or more days of annual vacation shall be entitled to defer up to ten (10) days per year of vacation into an Early Retirement Bank. Such deferred vacation may only be taken immediately prior to retirement. The Employer may, at its sole discretion, permit an employee to use such banked vacation under other circumstances.

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