Redemption of Sick Leave Hours Upon Retirement Sample Clauses

Redemption of Sick Leave Hours Upon Retirement. Employees retiring from the City under a normal service retirement as established under the terms of this Agreement may redeem unused sick leave at the time of retirement by selecting one of the conversion methods authorized in this subsection—all conversions are computed using the base pay in effect for the applicable conversion period. Credited sick leave from another agency will be deducted from a retiring employee's total sick leave accumulation for the purpose of calculating the redemption. To qualify for use of this benefit, an employee must have at least 25 years of continuous service with the City [15 years for those employees grandfathered under the 15-year retiree-medical benefit (also see Section 7.03.
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Redemption of Sick Leave Hours Upon Retirement. Employees retiring from the City under a normal service retirement as established under the terms of this MOU may redeem unused sick leave at the time of retirement by selecting one of the conversion methods authorized in this subsection—all conversions are computed using the base pay in effect for the applicable conversion period. Credited sick leave from another agency will be deducted from a retiring employee's total sick leave accumulation for the purpose of calculating the redemption. To qualify for use of this benefit, employees hired before July 1, 2005, must have at least 15 years of continuous service with the City, be at least 50 years of age, and utilize one of the sick leave redemption options included in this subsection on or before June 30, 2020. For an employee utilizing sick leave redemption options on or after July 1, 2020, and for an employee hired on or after July 1, 2005, the employee must have at least 25 years of continuous service with the City and be at least 50 years of age or, in the case of option "C.4" of this subsection, be at least 46 ("3% @ 50" retirement plan) or 51 (3% @ 55" retirement plan), as applicable, years of age and within 4 years of his/her planned retirement date/normal retirement age (NRA). This option is not available to employees who retire with a disability retirement. 1. Unused sick leave may be redeemed during the final pay period prior to retirement for a lump-sum cash settlement paid at the rate of 2 hours of accumulated sick leave redeemed for 1 hour of wages at the employee's current base rate of pay. Applicable payroll taxes would apply. 2. The City's CalPERS contract provides an option for normal service retirees to receive additional time-in-service credit by converting sick leave at the rate of 8 hours of sick leave accrual for .004-year-of-service credit. 3. Pursuant to federal and state law, employees attaining the minimum age of 46 (3% @ 50" retirement plan) or 51 (3% @ 55" retirement plan), as applicable, and who are within 4 years of their planned retirement date/NRA may take advantage of the 457 Deferred Compensation Plan "Catch-Up" provisions and allowances as defined in the City's Great West 457 Plan document. Employees may not make "Special Section 457 Catch-Up" contributions in the year they actually retire/attain their NRA. To the extent allowed by federal and state law and the City's deferred compensation plan, the City will allow, in 1 or more of the 3 calendar years ending prior to an e...
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Redemption of Sick Leave Hours Upon Retirement of this Agreement. following:
Sample 1

Related to Redemption of Sick Leave Hours 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.

  • TERMINATION UPON RETIREMENT Termination of Executive’s employment based on “

  • 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.

  • Death, Retirement or Disability Executive’s employment shall terminate automatically upon Executive’s death or Retirement during the Employment Period. For purposes of this Agreement, “Retirement” shall mean normal retirement as defined in the Company’s then-current retirement plan, or if there is no such retirement plan, “Retirement” shall mean voluntary termination after age 65 with ten years of service. If the Company determines in good faith that the Disability of Executive has occurred during the Employment Period (pursuant to the definition of Disability set forth below), it may give to Executive written notice of its intention to terminate Executive’s employment. In such event, Executive’s employment with the Company shall terminate effective on the 30th day after receipt of such written notice by Executive (the “Disability Effective Date”), provided that, within the 30 days after such receipt, Executive shall not have returned to full-time performance of Executive’s duties. For purposes of this Agreement, “Disability” shall mean a mental or physical disability as determined by the Board of Directors of the Company in accordance with standards and procedures similar to those under the Company’s employee long-term disability plan, if any. At any time that the Company does not maintain such a long-term disability plan, “Disability” shall mean the inability of Executive, as determined by the Board, to perform the essential functions of his regular duties and responsibilities, with or without reasonable accommodation, due to a medically determinable physical or mental condition which has lasted (or can reasonably be expected to last) for twelve workweeks in any twelve-month period. At the request of Executive or his personal representative, the Board’s determination that the Disability of Executive has occurred shall be certified by two physicians mutually agreed upon by Executive, or his personal representative, and the Company. Failing such independent certification (if so requested by Executive), Executive’s termination shall be deemed a termination by the Company without Cause and not a termination by reason of his Disability.

  • 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.

  • Retirement or Disability If you retire under the terms of any qualified pension plan provided by the Company or one of its subsidiaries, or if you are totally and permanently disabled, the Option may be exercised as to the total number of shares subject to the Option (without regard to the exercise schedule set forth in paragraph 4) at any time within one year after the date of retirement or disability retirement, but not after the Expiration Date.

  • Normal Retirement Date The term “Normal Retirement Date” means “Normal Retirement Date” as defined in the primary qualified defined benefit pension plan applicable to the Executive, or any successor plan, as in effect on the date of the Change in Control of the Company.

  • Distributions on Account of Separation from Service If and to the extent required to comply with Section 409A, no payment or benefit required to be paid under this Agreement on account of termination of the Executive’s employment shall be made unless and until the Executive incurs a “separation from service” within the meaning of Section 409A.

  • Termination Due to Retirement Subject to Section 7 below, in the event of Termination due to Retirement, then (regardless of any subsequent death of the Employee) the Option will continue to vest pursuant to Section 3, and the last date on which the Option may be exercised is the day prior to the Expiration Date.

  • Normal Retirement Normal Retirement Age under the Plan is: (Choose (a) or (b)) [X] (a) 65 [State age, but may not exceed age 65].

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