Common use of Retiree Benefits Clause in Contracts

Retiree Benefits. A. Upon a unit member’s retirement, he/she shall receive thirty ($30.00) for each unused day of sick leave accumulated up to two hundred and nine (209) days. Should the unit member die while in active service, the designated beneficiary shall receive the amount of thirty dollars ($30.00) for each unused day of sick leave accumulated up to two hundred and nine (209) days. At the option of the bargaining unit member, all or a portion of the stipend may be placed into a tax deferred or sheltered annuity plan. Note: Unused days of sick leave will also be converted to months of creditable service by the Maryland State Retirement and Pension System.