Common use of Payment on Retirement Clause in Contracts

Payment on Retirement. 1. On retirement a regular employee having accrued sick leave to his credit shall receive an allowance in lieu thereof equal to one (1) day pay based on the average hourly rate to a maximum of one hundred (100) days pay as follows: i) Twenty-five percent (25%) for employees having completed five (5) years continuous service with the Board. ii) Fifty percent (50%) for employees having completed ten (10) years continuous service with the Board. iii) Seventy-five percent (75%) for employees having completed fifteen (15) years continuous service with the Board. iv) One hundred percent (100%) for employees having completed twenty- five (25) years continuous service with the Board. 2. Base hourly rate shall include split shift differential and industrial first aid allowances as determined by Article 3. In order to be eligible for retirement payout the employee must notify the Board by February 1 of the prior fiscal period of their intent to retire. If an employee fails to give the required notice period in order to allow the Board to budget for the payout then the Board may opt to pay out the retirement allowance in the year following an employees' retirement.

Payment on Retirement. 1. On retirement a regular employee having accrued sick leave to his credit shall receive an allowance in lieu thereof equal to one (1) day pay based on the average hourly rate to a maximum of one hundred (100) days pay as follows: i) Twenty-five percent (25%) for employees having completed five (5) years continuous service with the Board. ii) Fifty percent (50%) for employees having completed ten (10) years continuous service with the Board. iii) Seventy-five percent (75%) for employees having completed fifteen (15) years continuous service with the Board. iv) One hundred percent (100%) for employees having completed twenty- five (25) years continuous service with the Board. 2. Base hourly rate shall include split shift differential and industrial first aid allowances as determined by ArticleArticle 1. 3. In order to be eligible for retirement payout the employee must notify the Board by February 1 of the prior fiscal period of their intent to retire. If an employee fails to give the required notice period in order to allow the Board to budget for the payout then the Board may opt to pay out the retirement allowance in the year following an employees' retirement.