Common use of PAYMENT FOR ACCRUED SICK LEAVE Clause in Contracts

PAYMENT FOR ACCRUED SICK LEAVE. 28.9.1 Upon retirement after ten (10) years of state service in Ohio and in accordance with criteria established by the State Teachers Retirement System (STRS) or death after ten (10) years of state service in Ohio, the Bargaining Unit Faculty Member or his or her estate will receive cash payment for one-fourth of the value of all unused accrued sick leave, up to a maximum of 30 days (240 hours), based on the rate of compensation for that Member at the time of separation from the University. The formula to be used in the calculation of sick leave pay-out for fiscal year Bargaining Unit Faculty Members is the same as used for vacation pay-out as specified in Section 28.3.1. The formula to be used in the calculation of sick leave pay out for Bargaining Unit Faculty Members with academic year appointments is: Academic year salary ÷ 9 months = monthly salary Monthly salary ÷ 21.667 days = daily pay Daily pay ÷ 8 hours = hourly pay

PAYMENT FOR ACCRUED SICK LEAVE. 28.9.1 28.8.1 Upon retirement after ten (10) years of state service in Ohio and in accordance with criteria established by the State Teachers Retirement System (STRS) or death after ten (10) years of state service in Ohio, the Bargaining Unit Faculty Member or his or her estate will receive cash payment for one-fourth of the value of all unused accrued sick leave, up to a maximum of 30 days (240 hours), based on the rate of compensation for that Member at the time of separation from the University. The formula to be used in the calculation of sick leave pay-out for fiscal year Bargaining Unit Faculty Members is the same as used for vacation pay-out as specified in Section 28.3.1. The formula to be used in the calculation of sick leave pay out for Bargaining Unit Faculty Members with academic year appointments is: Academic year salary ÷ 9 months = monthly salary Monthly salary ÷ 21.667 days = daily pay Daily pay ÷ 8 hours = hourly pay