PAYOUT OF SICK LEAVE ACCRUAL Sample Clauses

PAYOUT OF SICK LEAVE ACCRUAL. The employer will provide access to a Retirement Health Savings (RHS) Plan pursuant to regulations set forth by the Internal Revenue Code that allows participant to accumulate assets tax-free to pay for medical expenses in retirement. Employees shall contribute one hundred percent (100%) of their paid sick leave accrual as calculated in this section to their individual RHS account. Upon retirement in accordance with the provisions of the Iowa Public Employees Retirement System (IPERS), or upon the death of an employee, the employee or his/her next of kin shall receive payment as follows: For those employees hired prior to July 1, 2000 the employee may choose between option A or B below. Option A - fifty percent of the employee's accumulated sick leave hours in excess of seven hundred and twenty hours and up to a maximum of one thousand six hundred and eighty hours. In no event shall payment exceed 480 hours (1680-720=960; 50% of 960=480). Option B - twenty five percent of the employee's accumulated sick leave hours up to a maximum of one thousand six hundred and eighty hours. In no event shall payment exceed 420 hours. (25% of 1,680=420). For those employees hired after July 1, 2000:
Sample 1Sample 2Sample 3
AutoNDA by SimpleDocs
PAYOUT OF SICK LEAVE ACCRUAL. The employer will provide access to a Retirement Health Savings (RHS) Plan pursuant to regulations set forth by the Internal Revenue Code that allows participant to accumulate assets tax-free to pay for medical expenses in retirement. Employees shall contribute one hundred percent (100%) of their paid sick leave accrual as calculated in this section to their individual RHS account. Upon retirement in accordance with the provisions of the Iowa Public Employees Retirement System (IPERS), or upon the death of an employee, the employee or his/her next of kin shall receive payment as follows: For those employees hired prior to July 1, 2000 the employee may choose between option A or B below. Option A - fifty percent of the employee's accumulated sick leave hours in excess of seven hundred and twenty hours and up to a maximum of one thousand six hundred and eighty hours. In no event shall payment exceed 480 hours (1680-720=960; 50% of 960=480). Option B - twenty five percent of the employee's accumulated sick leave hours up to a maximum of one thousand six hundred and eighty hours. In no event shall payment exceed 420 hours. (25% of 1,680=420). For those employees hired after July 1, 2000: Twenty five percent of the employee's accumulated sick leave hours up to a maximum of one thousand six hundred and eighty hours. In no event shall payment exceed 420 hours. (25% of 1,680=420). In the event an employee had worked in a part-time position, during employment, the 720 and 1,680 hours addressed above shall be pro-rated to reflect the FTE level. An example is found below: Full-Time Part-Time (.50 FTE) 1,680 - 720 = 960 840 - 360 = 480 50% of 960 - 480 hrs 50% of 480 - 240 hrs Any payment of unused sick leave hours shall be calculated on the basis of any employee's actual regular earnings (excluding overtime pay) in effect at the time of the payout. Except as provided in this section, an employee shall not otherwise be entitled to a payout of unused sick leave accruals upon termination of employment.
Sample 1

Related to PAYOUT OF SICK LEAVE ACCRUAL

  • Sick Leave Accrual All eligible employees shall accrue sick leave at the rate of four (4) hours per pay period of continuous employment beginning with their date of eligibility. Eligible employees being paid for less than a full eighty (80) hour pay period shall have sick leave accruals pro-rated in accord with the schedule set forth in Appendix D.

  • Leave Accrual After the first 30 days of active military service in any one calendar year, employees shall not accrue City-paid vacation, holiday, or sick leave benefits or other forms of paid leave; provided, however, that any public employee on military leave for intermittent training periods shall continue to accrue the same vacation, sick, and holiday leave up to a maximum period of 180 cumulative days per calendar year as if the employee had not been on military leave.

  • Vacation Leave Accrual ‌ After a full-time employee has been in pay status for eighty (80) non-overtime hours in a calendar month, the employee will accrue vacation leave according to the rate schedule below. Vacation leave accrual for part-time employees will be proportionate to the number of hours the part-time employee is in pay status during the month to that required for full-time employment.

  • Accumulation of Sick Leave The unused portion of an Employee's sick leave shall accrue for her future benefit, up to a maximum of one hundred and thirty (130) days.

  • Sick Leave Payout No cash payment for unused sick leave will be paid to any employee leaving the service of the Employer.

  • Amount of Sick Leave Employees shall be granted sick leave on the basis of one and one-half (1 1/2) days per month of service in a continuing appointment, at the F.T.E. of current appointment. If in any one year employees have not used their sick leave, or only a portion thereof, it shall accrue to their credit for future use and benefits.

  • Vacation Accrual Regular employees shall accrue hours of vacation with pay for each hour of compensation to a maximum of eighty (80) hours per biweekly work period according to the following schedule, commencing with the employee's hire date of his latest period of County employment.

  • Vacation Leave Accrual Rate Schedule Full Years of Service Hours Per Year

  • Accrual of Sick Leave a. A full-time employee shall accrue four (4) hours of sick leave for each biweekly pay period, or the number of hours that are directly proportionate to the number of days worked during less than a full-pay period, without limitation as to the total number of hours that may be accrued. b. A part-time employee shall accrue sick leave at a rate directly proportionate to the percent of time employed. c. An employee appointed under Other Personal Services (OPS) shall not accrue sick leave.

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

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!