Common use of Payment of Sick Leave Upon Retirement Clause in Contracts

Payment of Sick Leave Upon Retirement. a. Upon retiring from active service with the University after ten (10) or more years of service with the State or any of its political subdivisions, a bargaining unit faculty member may elect to be paid for one-fourth (¼) of the accrued but unused sick leave credit up to a maximum of one-fourth (¼) of one hundred twenty (120) days. This payment will be based upon the bargaining unit faculty member’s rate of pay at the time of retirement. Upon accepting such payment, all sick leave credit accrued up to that time will be eliminated. b. Such payment will be made upon retirement in a lump sum in one (1) paycheck at the end of the month following the month in which the retirement is effective.

Payment of Sick Leave Upon Retirement. a. Upon retiring from active service with the University after ten (10) or more years of service with the State or any of its political subdivisions, a bargaining unit faculty member may elect to be paid for one-fourth (¼) of the accrued but unused sick leave credit up to a maximum of one-fourth (¼) of one hundred twenty (120) days. This payment will be based upon the bargaining unit faculty member’s rate of pay at the time of retirement. Upon accepting such payment, all sick leave credit accrued up to that time will be eliminated. b. Such payment will be made upon retirement in a lump sum in one (1) paycheck at the end of the month following the month in which the retirement is effective.