Redemption of Accumulated Sick Leave at Retirement or Death Sample Clauses

Redemption of Accumulated Sick Leave at Retirement or Death a) Employees who retire after the required number of years of service or employees who retire due to disability and when such disability is connected to work, shall be paid a lump sum of money that is equal to the number of sick days due such employee not to exceed one hundred thirty-five (135) days times the prevailing day rate of pay received by such employee on the date of such retirement.
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Redemption of Accumulated Sick Leave at Retirement or Death. (a) Employees who are retired under either of the Department Pension Plans who have a minimum of twenty five (25) years or twenty (20) years after January 1, 1990 of service or who retires with a service-connected disability shall be paid a lump sum of money that is equal to the number of sick days due such employee, times the prevailing day rate of pay received by such employee on the date of such retirement up to a maximum of one hundred twenty (120) days. Payment under this Section shall be made as soon as practicable, but in no event shall payment be made later than the last day of the first full month following the date of retirement.

Related to Redemption of Accumulated Sick Leave at Retirement or Death

  • Retirement Date If the Executive remains in the continuous employ of the Bank, the Executive shall retire from active employment with the Bank on the Executive’s sixty-fifth (65th) birthday, unless by action of the Board of Directors this period of active employment shall be shortened or extended.

  • Accumulated Sick Leave ‌ The Employer shall inform all employees at least once each year of the number of sick days accumulated and shall make the information available to an employee on request.

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