Common use of Payment for Accrued Sick Leave at Retirement Clause in Contracts

Payment for Accrued Sick Leave at Retirement. 17.15.1 At the time of retirement from active service, Faculty Members who are members of a retirement system and who meet the age and service or disability requirements to be eligible for retirement under the applicable system, and have applied for and will begin drawing a pension benefit from the applicable retirement plan, and with ten or more years of service with the University, the State, or any of its political subdivisions, may elect to be paid in cash for one-fourth of the value of unused, accrued sick leave credit, up to a maximum of thirty (30) days. 17.15.2 Those Faculty Members employed prior to July 1, 1977, meeting the age and service or disability requirements specified above, with twenty-five or more continuous years of full-time service with the University immediately preceding retirement, at the time of retirement from active service, may elect to be paid in cash for one-half of the value of unused accrued sick leave up to a maximum of sixty (60) days. 17.15.3 Payment will be based upon the individual's rate of pay at the time of retirement. For purposes of calculating the payment for accrued sick leave at retirement, Two- Semester Faculty Members shall be considered as earning their annual base salaries over a period of one hundred and sixty (160) days. The payment for sick leave under the policy outlined in Article 17.15 eliminates all

Payment for Accrued Sick Leave at Retirement. 17.15.1 At the time of retirement from active service, Faculty Members who are members of a retirement system and who meet the age and service or disability requirements to be eligible for retirement under the applicable system, and have applied for and will begin drawing a pension benefit from the applicable retirement plan, and with ten or more years of service with the University, the State, or any of its political subdivisions, may elect to be paid in cash for one-fourth of the value of unused, accrued sick leave credit, up to a maximum of thirty (30) days. 17.15.2 Those Faculty Members employed prior to July 1, 1977, meeting the age and service or disability requirements specified above, with twenty-five or more continuous years of full-time service with the University immediately preceding retirement, at the time of retirement from active service, may elect to be paid in cash for one-half of the value of unused accrued sick leave up to a maximum of sixty (60) days. 17.15.3 Payment will be based upon the individual's rate of pay at the time of retirement. For purposes of calculating the payment for accrued sick leave at retirement, Two- Two-Semester Faculty Members shall be considered as earning their annual base salaries over a period of one hundred and sixty (160) days. The payment for sick leave under the policy outlined in Article 17.15 eliminates allall sick leave credit accrued by a Faculty Member at the time of retirement. In the case of a person who is re- employed after retirement, any accumulated sick leave from previous employment would be eliminated by the operation of Article 17.15.