Common use of Payment Upon Retirement Clause in Contracts

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. 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 or been hired prior to November 1, 2009, and shall have attained an age and service requirement under the employee’s pension (retirement) 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. 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 '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.