Payment for Unused Sick Leave on Retirement Sample Clauses

Payment for Unused Sick Leave on Retirement. Any employee retiring on a state-administered pension plan shall be paid at the rate of one-half his or her daily rate for each day of accrued sick leave remaining to the employee's credit, up to a maximum of $15,000, in accordance with N.J.A.C. 4A:6-3.1 et seq. This amount shall be paid in a lump sum following the date of retirement.
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Payment for Unused Sick Leave on Retirement. (a) Only those employees with accrued unused sick leave as of December 31, 2003 shall have access to (b) below. (b) Employees with ten (10) or more years of service shall be entitled to receive either a cash payment or to use the sick leave to retire early to a maximum of fifty percent (50%) of the accrual upon reaching retirement age (as defined in the Pension (Municipal) Act based on the employee's average rate of pay as defined in the pension act. Calculation of the duration of the early retirement period and/or the cash value of accrued sick leave entitlement shall be based on the employee’s salary rate as at December 31, 2003.
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Payment for Unused Sick Leave on Retirement. Employees with ten (10) or more years of service shall be entitled to receive either a cash payment or to use the sick leave to retire early to a maximum of fifty percent (50%) of the accrual upon reaching retirement age (as defined in the Pension (Municipal) Act based on the employee's average rate of pay as defined in the pension act. Calculation of the duration of the early retirement period shall be based on the sick leave accrual placed against the current salary rate and the College shall pay all usual benefits.
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Payment for Unused Sick Leave on Retirement. On retirement, employees having accrued sick leave to their credit shall receive an allowance in lieu thereof equal to one-half (1/2) such credit to a maximum of seventy (70) days at the rate of pay effective immediately prior to retirement. At the employee’s request, the payment of this allowance shall be: (a) a lump sum payment at the time of termination or retirement; (b) an income averaging annuity purchased as much as one (1) month prior to the retirement date; (c) a Registered Retirement Savings Plan payable to the registered carrier, to be held in trust for the employee; (d) converted into a paid pre-retirement vacation equivalent. In the event this option is selected, the payment for unused sick leave will be calculated and paid out at the date the vacation commences, and there will be no sick leave entitlement and no additional sick leave accrued during the vacation period.
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Payment for Unused Sick Leave on Retirement. Employees will be compensated for unused sick leave under the following conditions: • a minimum of 75 sick leave days must be accumulated. • employee must be retiring. (TPAF or PERS) • one year advanced notification in writing of intent to retire must be given • credit for unused sick leave days during period of leave of absence is not granted • retirement must occur June 30th The compensation is based on the individual's average attendance for the prior three year period compared to the average attendance of the entire staff of the district (including all CEA unit members) according to the following formula: If the individual's average attendance is within 5 percentage points of the total staff attendance, the individual is credited with $100 per day in 1999-2000, not to exceed $25,000, $85 per day in 2000-2001, not to exceed $25,000, and $85 per day in 2001- 2002, not to exceed $13,000. If the individual’s average attendance (absences) is greater than 5% of the total staff attendance, the rates will be as follows: 2002-2003 - $80 up to $25,000 2003-2004 - $65 up to $25,000 2004-2005 - $65 up to $13,000 The schedule for pay out in the event of retirement shall be as follows: Notification prior to September - payment made the following July, notification after September 1 - payment to be made in July of the following school year. (Year one (1) of the contract notification must be made no later than January 3rd.)
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Payment for Unused Sick Leave on Retirement. 1. For the duration of this contract, retiring employees will be compensated for unused sick leave under the following conditions: a. A minimum of 75 sick leave days must be accumulated, b. The employee must be retiring. (TPAF or PERS), c. Written notification of the intent to retire must be received by the Superintendent,
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Related to Payment for Unused Sick Leave on Retirement

  • Payment for Unused Sick Leave (a) An employee with less than ten (10) years of FIU service who separates from FIU shall not be paid for any unused sick leave. (b) An employee who has completed ten (10) or more years of FIU service, has not been found guilty or has not admitted to being guilty of committing, aiding, or abetting any embezzlement, theft, or bribery in connection with State government, or has not been found guilty by a court of competent jurisdiction of having violated any State law against or prohibiting strikes by public employees, and separates from FIU because of retirement for other than disability reasons, termination, or death, shall be compensated at the employee's current regular hourly rate of pay for one-eighth of all unused sick leave accrued prior to October 1, 1973, plus one- fourth of all unused sick leave accrued on or after October 1, 1973; provided that one-fourth of the unused sick leave since 1973 does not exceed 480 hours. The compensation in this paragraph 8(4)(b) shall not be given to an employee who starts employment at FIU on or after July 1, 2006. (c) Upon layoff, an employee with ten (10) or more years of FIU service shall be paid for unused sick leave as described in paragraph b., above, unless the employee requests in writing that unused sick leave be retained pending re-employment. For an employee who is re-employed by the University within twelve (12) calendar months following layoff, all unused sick leave shall be restored to the employee, provided the employee requests such action in writing and repays the full amount of any lump sum leave payments received at the time of layoff. An employee who is not re- employed within twelve (12) calendar months following layoff shall be paid for sick leave in accordance with this Policy. (d) All payments for unused sick leave shall be made in lump sum and shall not be used in determining the average final compensation of an employee in any State administered retirement system. An employee shall not be carried on the payroll beyond the last official day of employment, except that an employee who is unable to perform duties because of a disability may be continued on the payroll until all sick leave is exhausted. (e) If an employee has received a lump sum payment for accrued sick leave, the employee may elect in writing, upon re-employment within 100 days, to restore the employee's accrued sick leave. Restoration will be effective upon the repayment of the full lump sum leave payment. (f) In the event of the death of an employee, payment for unused sick leave at the time of death shall be made to the employee's beneficiary, estate, or as provided by law.

  • Vacation Leave on Retirement ‌ An employee scheduled to retire and to receive pension benefits under the Public Service Pension Plan Rules or who has reached the mandatory retiring age, shall be granted full vacation entitlement for the final calendar year of service.

  • Payment for annual leave (a) Before going on annual leave, an employee will be paid the amount of wages they would have received for ordinary time worked had they not been on leave during that period. (b) At the election of the employee such payments may be paid in accordance with the usual pay day relevant to the period of leave being taken.

  • Normal Retirement Date The term “Normal Retirement Date” means “Normal Retirement Date” as defined in the primary qualified defined benefit pension plan applicable to the Executive, or any successor plan, as in effect on the date of the Change in Control of the Company.

  • Deductions from Sick Leave A deduction shall be made from accumulated sick leave of all normal working days (exclusive of holidays) absent for sick leave.

  • Retirement Date If the Executive remains in the continuous employ of the Bank, the Executive shall retire from active employment with the Bank on the Executive’s sixty-fifth (65th) birthday, unless by action of the Board of Directors this period of active employment shall be shortened or extended.

  • Special Parental Allowance for Totally Disabled Employees (a) An employee who: (i) fails to satisfy the eligibility requirement specified in subparagraph 17.05(a)(ii) solely because a concurrent entitlement to benefits under the Disability Insurance (DI) Plan, the Long-term Disability (LTD) Insurance portion of the Public Service Management Insurance Plan (PSMIP) or via the Government Employees Compensation Act prevents the employee from receiving Employment Insurance or Québec Parental Insurance Plan benefits, and (ii) has satisfied all of the other eligibility criteria specified in paragraph 17.05(a), other than those specified in sections (A) and (B) of subparagraph 17.05(a)(iii), shall be paid, in respect of each week of benefits under the parental allowance not received for the reason described in subparagraph (i), the difference between ninety-three per cent (93%) of the employee's rate of pay and the gross amount of his or her weekly disability benefit under the DI Plan, the LTD Plan or via the Government Employees Compensation Act. (b) An employee shall be paid an allowance under this clause and under clause 17.05 for a combined period of no more than the number of weeks during which the employee would have been eligible for parental, paternity or adoption benefits under the Employment Insurance or Québec Parental Insurance Plan, had the employee not been disqualified from Employment Insurance or Québec Parental Insurance Plan benefits for the reasons described in subparagraph (a)(i).

  • Distributions on Account of Separation from Service If and to the extent required to comply with Section 409A, no payment or benefit required to be paid under this Agreement on account of termination of the Executive’s employment shall be made unless and until the Executive incurs a “separation from service” within the meaning of Section 409A.

  • Sick Leave Credit-Based Retirement Gratuities 1) A Teacher is not eligible to receive a sick leave credit gratuity after August 31, 2012, except a sick leave credit gratuity that the Teacher had accumulated and was eligible to receive as of that day. 2) If the Teacher is eligible to receive a sick leave credit gratuity, upon the Teacher’s retirement, the gratuity shall be paid out at the lesser of, a) the rate of pay specified by the board’s system of sick leave credit gratuities that applied to the Teacher on August 31, 2012; and b) the Teacher’s salary as of August 31, 2012. 3) If a sick leave credit gratuity is payable upon the death of a Teacher, the gratuity shall be paid out in accordance with subsection (2). 4) For greater clarity, all eligibility requirements must have been met as of August 31, 2012 to be eligible for the aforementioned payment upon retirement, and the Employer and Union agree that any and all wind-up payments to which Teachers without the necessary years of service were entitled to under Ontario Regulation 01/13: Sick Leave Credits and Sick Leave Credit Gratuities, have been paid. 5) For the purposes of the following boards, despite anything in the board’s system of sick leave credit gratuities, it is a condition of eligibility to receive a sick leave credit gratuity that the Teacher have ten (10) years of service with the board: i. Near North District School Board ii. Avon Maitland District School Board iii. Xxxxxxxx-Xxxxxxxxx District School Board

  • TERMINATION UPON RETIREMENT Termination of Executive’s employment based on “

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