Payment Upon Retirement. All sick leave days which have accrued at the retirement date of the full-time employee shall be paid at a ratio of one (1) day for each two (2) days earned up to a maximum of nine hundred sixty (960) hours of pay. The rate will be that of the full-time employee at time of retirement. There is unlimited accumulation of sick leave. To be eligible under this section, the employee must have worked full-time with the City of Avon for ten (10) years or more and shall have attained an age and service requirement under the employee’s pension system and shall have been approved for service retirement, or be granted a disability pension by the Public Employee Retirement System as the result of a service connected disability.
Payment Upon Retirement. An employee who retires from the District under the Michigan School Employee’s Retirement System will receive a one (1) time payment of one hundred twenty-five dollars ($125) for each year of full-time (nine (9) to twelve (12) month annual schedule, thirty (30) hours per week or more) District service and one hundred dollars ($100) for each year of part-time District service. • Upon retirement, secretaries will receive a payment of ten dollars ($10) for each sick day accumulated over two hundred (200) days.
Payment Upon Retirement. Employees who retire shall be paid, at their current rate of pay, for no more than eighty percent (80%) of all accumulated unused sick leave, capped at up to a maximum of one hundred forty-two (142) paid days/994 hours. For example, an employee whose current rate is $30.00 and:
1. has 850 hours of accumulated unused sick leave, shall receive payment for 680 hours, which equals $20,400 (850 hrs x .8 = 680; 680 x $30 = $20,400);
2. has 1200 hours of accumulated unused sick leave, shall receive payment for 960 hours, which equals $28,800 (1200 hrs x .8 = 960; 960 x $30 = $28,800);
3. has 1500 hours of accumulated unused sick leave, shall receive payment for 994 hours (1500 hrs x .80 = 1200 but max rate of 994; 994 x $30 = $29,820) Full year employees who retire shall be paid, at their current rate of pay, for no more than eighty percent (80%) of all accumulated unused sick leave, capped at sixty (60) paid days/480 hours. Payment for sick leave on this basis shall eliminate all sick leave credit of the employee and no future claims against such accumulated sick leave can be made. Such payment shall be made in the first available payroll following the employee’s date of retirement.
Payment Upon Retirement. An employee retiring may, upon request, be paid for thirty-five (35) percent of accrued sick leave provided the employee has a sick leave balance of eight hundred (800) hours or more upon his/her retirement date.
Payment Upon Retirement. Upon retirement from Board employment, as defined by the Water Board Retirement Program, the employee shall be paid for fifty percent (50%) of their accumulated sick leave at their regular rate. For purposes of payment upon retirement, accumulated sick leave will be capped at 1,200 hours.
Payment Upon Retirement. The benefits, based on Employee's participation in the Plan as originally adopted by the Board of Directors of Inter-City Bank on June 16, 1983, shall be paid as Deferred Compensation as follows:
(a) The Compensation Committee hereby accepts the insured participation plan previously approved and accepted by the Board of Directors of Inter-City Bank on June 16, 1983, and amended May 20th, 1986, for the Employee which provides for fixed compensation to the Employee for a fixed period of years. In the event the Employee retires from the Corporation pursuant to the policies of the Corporation related to retirement at or after age sixty (60), the Employee shall have fully accrued deferred compensation credit. At the election of the Employee; but in no event later than six (6) months from the date of retirement, the Corporation shall pay to the Employee the sum of Two Hundred and Fifty Thousand and No/100s ($250,000.00) Dollars, in equally monthly installments of Two Thousand and Eighty Three and thirty three cents ($2,083.33) Dollars, payable on the first business day of each month for a period not to exceed one hundred twenty (120) months from date of commencement. If Employee so retires, but dies before receiving one hundred twenty (120) monthly payments, the Corporation shall continue to make such monthly payments to the beneficiary designated in Paragraph 5 herein, until the total payments made to Employee or his beneficiary equal Two Hundred and Fifty Thousand and No/100s ($250,000.00) Dollars.
(b) If the Employee's employment hereunder is terminated for any reason other than death, but before the Employee shall have attained the age of sixty (60) years, then the amount in the Deferred Compensation Program shall continue to be invested as the Compensation Committee shall so direct in its sole discretion, and no payments shall be made until the Employee shall have attained the age of sixty (60), at which time payments shall be made in the manner and to the same extent as herein set forth above. Notwithstanding the foregoing, or if prior to attaining said age, the Employee should die, then payments shall be made in the manner and to the same extent as set forth in paragraph (a) above.
Payment Upon Retirement. All Unit members with twenty (20) or more years of service with the District will receive $40.00 for each unused sick or personal day which was earned and not used for the six (6) year period immediately preceding retirement. For purposes of this benefit, six (6) years are calculated from the actual date of retirement at the established annual allocation of sick and personal days. This benefit requires a five (5) month advance notice of retirement. A ten percent (10%) penalty shall be imposed on this benefit for each month said notice is late. In the event of an emergency, the Superintendent shall consider an employee's request to waive the above referenced penalty.
Payment Upon Retirement. Company shall follow applicable law for calculating payment upon retirement for unused sick leave.
Payment Upon Retirement. Employees who retire from active service with MetroParks, and who, at the time of retirement, have completed ten or more years of service with MetroParks, meet the eligibility requirements for retirement under the Public Employees Retirement System ("PERS"), and actually retire under PERS, may elect to receive payment for accrued but unused sick leave at the rate of one day of pay for every four days of accumulated sick leave, not to exceed thirty days of pay. In the event of the death of an employee who had a minimum of ten years of service with MetroParks and was qualified to retire under PERS, accrued but unused sick leave will be paid to the employee's estate at the rate of one day of pay for every four days of accumulated sick leave, not to exceed thirty days of pay.
Payment Upon Retirement. In the event of Retirement Employee's Retirement Subaccount shall be paid at the same time, and in the same form, as Employee's Company Contribution Subaccount.
