PAYOUT OF ACCRUED SICK LEAVE UPON RETIREMENT Sample Clauses

PAYOUT OF ACCRUED SICK LEAVE UPON RETIREMENT. 1. For employees hired prior to January 1, 1988, upon retirement from the City, they are eligible to receive a payout equal to one-half (50%) of their accrued sick leave, up to a maximum of two thousand (2,000) hours (a 1,000-hour payout) at their base hourly rate of pay. Any sick leave not cashed out will be reported to CalPERS for service credit per Government Code Section 20965.
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PAYOUT OF ACCRUED SICK LEAVE UPON RETIREMENT. There shall be no cash out value of those hours upon retirement and the hours shall be used solely for the purpose of conversion to service credit as noted above. MEMORANDUM OF UNDERSTANDING BETWEEN THE CITY OF COVINA AND THE POLICE ASSOCIATION OF COVINA EFFECTIVE: JULY 1, 2021
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PAYOUT OF ACCRUED SICK LEAVE UPON RETIREMENT. 1. Upon retirement of employment from the City of Covina, fifty percent (50%) of maximum accrued/earned sick leave hours may be compensated to the employee at MEMORANDUM OF UNDERSTANDING BETWEEN THE CITY OF COVINA AND THE POLICE ASSOCIATION OF COVINA EFFECTIVE: JULY 1, 2021 his/her option at the employee’s base hourly rate of pay. Any sick leave not cashed out will be reported to CalPERS for service credit per Government Code Section 20965. For example, an employee with 2,000 hours would receive a payout of 50% or 1,000 hours and the remaining 1,000 hours would be reported to CalPERS as service credit. If the employee chooses not to cash out any accrued sick leave, all hours shall be converted to CalPERS service credit. Employees hired on or before December 31, 1990 may receive a 50% pay out of their total leave bank and/or convert sick leave hours to service credit as explained above. Employees hired on or after January 1, 1991 and before July 1, 2017 have a maximum sick leave accrual of 1200 hours that may be paid out and/or converted to service credit as explained above. This benefit is forfeited if an employee is terminated for cause.
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Related to PAYOUT OF ACCRUED SICK LEAVE UPON RETIREMENT

  • Vacation Leave on Retirement ‌ An employee scheduled to retire and to receive pension benefits under the Public Service Pension Plan Rules or who has reached the mandatory retiring age, shall be granted full vacation entitlement for the final calendar year of service.

  • Accrued Sick Leave The Board shall provide all employees with a cumulative record 23 of accrued sick leave hours on each pay statement.

  • Accrued 100% sick leave The use of sick leave under this subsection is at the employee's discretion.

  • Life Insurance Upon Retirement 34.1 An employee who retires from the service of the Corporation subsequent to August 1, 2001, will, provided he is 55 years of age or over and has not less than 10 years' cumulative compensated service, be entitled to the sum of $8,000.00, payable to his estate upon his death.

  • Vacation Pay on Retirement Termination is as follows:

  • Deferred Retirement a. An employee who, upon separation from County service, is eligible for paid retirement and elects deferred retirement must defer participation in the Grant until such time as he or she becomes an active retiree.

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • VESTED RETIREMENT GRATUITY VOLUNTARY EARLY PAYOUT a) An Employee eligible for a Sick Leave Credit retirement gratuity as per Appendix A shall have the option of receiving a payout of his/her gratuity on August 31, 2016, or on the employee’s normal retirement date.

  • Disability Retirement If, as a result of your incapacity due to physical or mental illness, You shall have been absent from the full-time performance of your duties with the Company for 6 consecutive months, and within 30 days after written notice of termination is given You shall not have returned to the full-time performance of your duties, your employment may be terminated for "Disability." Termination of your employment by the Company or You due to your "Retirement" shall mean termination in accordance with the Company's retirement policy, including early retirement, generally applicable to its salaried employees or in accordance with any retirement arrangement established with your consent with respect to You.

  • Sick Leave to Establish EI Maternity Benefits If the Employee will be able to establish a new EI Maternity Benefit claim in the six weeks immediately following the birth of her child through access to sick leave at 100% of her regular salary, she shall be eligible for up to six weeks leave at 100% of her regular salary without deduction from the sick days or short term disability leave days (remainder of six weeks topped-up as SEB).

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