Common use of Payment for Accumulated Sick Leave Clause in Contracts

Payment for Accumulated Sick Leave. A. At the time of an employee’s normal retirement, at the time of an employee’s participation in the Deferred Retirement Option Program (DROP), or on the occasion of payment to his/her beneficiary should service be terminated by death, an employee will receive terminal pay for accumulated sick leave pursuant to the following: 1. During the first three years of service, the daily rate of pay multiplied by 35 percent times the number of days of accumulated sick leave. 2. During the next three years of service, the daily rate of pay multiplied by 40 percent times the number of days of accumulated sick leave. 3. During the next three years of service, the daily rate of pay multiplied by 45 percent times the number of days of accumulated sick leave. 4. During the next three years of service, the daily rate of pay multiplied by 50 percent times the number of days of accumulated sick leave. 5. During and after the 13th year of service, the daily rate multiplied by 100 percent times the number of days of accumulated sick leave. “Normal retirement,” as used in this section, shall mean as defined under any plan established by the Legislature with either full or reduced benefits as provided by law. B. An employee who participates in DROP will receive pay for accumulated sick leave as indicated in paragraph A above. The rate of pay for such leave shall be based upon the base salary rate of the employee at the time payment occurs. Such leave shall be paid in equal annual installments in each of the years in DROP. The first payment will be made following receipt of the audited leave record from the end of the month immediately prior to entering DROP. Subsequent payments will be made following receipt of the audited leave record from the end of the month immediately prior to the retirement (DROP) anniversary date. Actual dates of these payments will depend upon the date the audited leave records become available. C. An employee who begins participation in DROP but elects to cancel DROP shall, within six (6) months of the DROP cancellation, be required to repay Xxxx County Schools all sick leave pay previously received as part of DROP. Repayment of such sick leave will be deducted from the individual’s six (6) paychecks immediately following notification of termination of DROP. Repaid sick leave time will be returned to the account of the employee as if there had been no DROP participation.

Payment for Accumulated Sick Leave. A. At the time of an employee’s normal retirement, at the time of an employee’s participation in the Deferred Retirement Option Program (DROP), or on the occasion of payment to his/her beneficiary should service be terminated by death, an employee will receive terminal pay for accumulated sick leave pursuant to the following: 1. During the first three years of service, the daily rate of pay multiplied by 35 percent times the number of days of accumulated sick leave. 2. During the next three years of service, the daily rate of pay multiplied by 40 percent times the number of days of accumulated sick leave. 3. During the next three years of service, the daily rate of pay multiplied by 45 percent times the number of days of accumulated sick leave. 4. During the next three years of service, the daily rate of pay multiplied by 50 percent times the number of days of accumulated sick leave. 5. During and after the 13th year of service, the daily rate multiplied by 100 percent times the number of days of accumulated sick leave. “Normal retirement,” as used in this section, shall mean as defined under any plan established by the Legislature with either full or reduced benefits as provided by law. B. An employee who participates in DROP will receive pay for accumulated sick leave as indicated in paragraph A above. The rate of pay for such leave shall be based upon the base salary rate of the employee at the time payment occurs. Such leave shall be paid in equal annual installments in each of the years in DROP. The first payment will be made following receipt of the audited leave record from the end of the month immediately prior to entering DROP. Subsequent payments will be made following receipt of the audited leave record from the end of the month immediately prior to the retirement (DROP) anniversary date. Actual dates of these payments will depend upon the date the audited leave records become available. C. An employee who begins participation in DROP but elects to cancel DROP shall, within six (6) months of the DROP cancellation, be required to repay Xxxx County Schools all sick leave pay previously received as part of DROP. Repayment of such sick leave will be deducted from the individual’s six (6) paychecks immediately following notification of termination of DROP. Repaid sick leave time will be returned to the account of the employee as if there had been no DROP participation.