Common use of Retirement Accrual Pay-out Clause in Contracts

Retirement Accrual Pay-out. Upon the retirement of an employee under the state retirement system an employee will be entitled to a pay-out of twenty percent (20%) of his or her accrued sick leave. The rate of pay shall be the employees then existing hourly rate. This pay-out shall also be paid to the employee's spouse or estate upon the employee's death while employed by Delhi Township.

Retirement Accrual Pay-out. Upon the retirement of an employee under the state retirement system an employee will be entitled to a pay-out of twenty percent (20%) of his or her accrued sick leave. The rate of pay shall be the employees employee's then existing hourly rate. This pay-out shall also be paid to the employee's spouse or estate upon the employee's death while employed by Delhi Township.