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

Payment of Sick Leave Upon Retirement. Upon retirement, employees shall receive cash payment for accumulated, unused sick leave converted at the employee’s current hourly rate. Initially, the employee will receive two thousand dollars ($2,000) payable with the final pay period that includes the employee’s retirement date. The remaining converted balance of the accrued sick leave balance shall be converted as follows: Upon a bona fide retirement, employees will convert the remainder, after payment of the two thousand dollars ($2,000) addressed in the preceding paragraph, of the unused sick leave balance to a bank for purposes of purchasing health insurance after retirement. The Sick Leave Balance for Conversion Rate purposes will be the employee’s balance before payment of the two thousand dollars ($2,000) addressed above and will be converted according to the following schedule: Sick Leave Balance Rate of Accrual Conversion Rate Zero to 750 hours 18 days per year 60% of value Over 750 hours to 1500 hours 12 days per year 80% of value Over 1500 hours 6 days per year 100% of value The Employer will continue to pay the Employer’s share of the health insurance premium each month until the converted value of the employee’s sick leave balance is exhausted or until the employee is eligible for Medicare, whichever comes first. The retired employee may stay with the same health insurance program as when employed or switch “down” at any time without underwriting. The converted value of the sick leave can only be applied to the Employer’s share of health insurance payments. It has no cash value and it is not transferable to another use or to an heir. The State agrees that with regards to employees in positions designated by IPERS as Protection Occupation positions who have reached retirement eligibility and have separated from employment with the State, but who have not yet begun to receive IPERS retirement benefits, it will work with the Union to establish terms for their use of this benefit.

Payment of Sick Leave Upon Retirement. All bargaining unit employees shall receive the following sick leave provisions and shall accrue sick leave in accordance with the following: Sick Leave Balance Rate of Accrual Conversion Rate Zero to 750 hours 18 days per year 60% of value Over 750 hours to 1500 hours 12 days per year 80% of value Over 1500 hours 6 days per year 100% of value Sick leave accrual for non-temporary bargaining unit employees who work part-time shall be prorated based on the number of hours worked in the pay period. Sick leave shall not accrue during periods of absence without pay. Upon retirement, employees shall receive cash payment for accumulated, unused sick leave converted at the employee’s current hourly rate. Initially, the employee will receive two thousand dollars ($2,000) payable with the final pay period that includes the employee’s retirement date. The remaining converted balance of the accrued sick leave balance shall be converted as follows: Upon a bona fide retirement, employees will convert the remainder, after payment of the two thousand dollars ($2,000) 2000 addressed in the preceding paragraph, of the unused sick leave balance to a bank for purposes of purchasing health insurance after retirement. The Sick Leave Balance for Conversion Rate purposes will be the employee’s balance before payment of the two thousand dollars ($2,000) 2000 addressed above and will be converted according to the following schedule: Sick Leave Balance Rate of Accrual Conversion Rate Zero to 750 hours 18 days per year 60% of value Over 750 hours to 1500 hours 12 days per year 80% of value Over 1500 hours 6 days per year 100% of value The Employer will continue to pay the Employer’s share of the health insurance premium each month until the converted value of the employee’s sick leave balance is exhausted or until the employee is eligible for Medicare, whichever comes first. The retired employee may stay with the same health insurance program as when employed or switch “down” at any time without underwriting. The converted value of the sick leave can only be applied to the Employer’s share of health insurance payments. It has no cash value and it is not transferable to another use or to an heir. The State agrees that with regards to employees in positions designated by IPERS as Protection Occupation positions who have reached retirement eligibility and have separated from employment with the State, but who have not yet begun to receive IPERS or TIAA retirement benefits, it will work with the Union to establish terms for their use of this benefit.

Payment of Sick Leave Upon Retirement. Upon retirement, employees shall receive cash payment for accumulated, unused sick leave converted at the employee’s current hourly rate. Initially, the employee will receive two thousand dollars ($2,000) payable with the final pay period that includes the employee’s retirement date. The remaining converted balance of the accrued sick leave balance shall be converted as follows: Upon a bona fide retirement, employees will convert the remainder, after payment of the two thousand dollars ($2,000) addressed in the preceding paragraph, of the unused sick leave balance to a bank for purposes of purchasing health insurance after retirement. The Sick Leave Balance for Conversion Rate purposes will be the employee’s balance before payment of the two thousand dollars ($2,000) addressed above and will be converted according to the following schedule: Sick Leave Balance Rate of Accrual Conversion Rate Zero to 750 hours 18 days per year 60% of value Over 750 hours to 1500 hours 12 days per year 80% of value Over 1500 hours 6 days per year 100% of value The Employer will continue to pay the Employer’s share of the health insurance premium each month until the converted value of the employee’s sick leave balance is exhausted or until the employee is eligible for Medicare, whichever comes first. The retired employee may stay with the same health insurance program as when employed or switch “down” at any time without underwriting. The converted value of the sick leave can only be applied to the Employer’s share of health insurance payments. It has no cash value and it is not transferable to another use or to an heir. The State agrees that with regards to employees in positions designated by IPERS as Protection Occupation positions who have reached retirement reachedretirement eligibility and have separated from employment with the State, but who have not yet begun to receive IPERS retirement benefits, it will work with the Union to establish terms for their use of this benefit.