Common use of Retirement Buy Back Clause in Contracts

Retirement Buy Back. An employee who retires from the Village and has been granted a retirement benefit from the New York State Employees’ Retirement System may elect to receive cash payment for up to one-tenth of the employee’s accumulated sick leave. For example, an employee who has accumulated the maximum of sixteen hundred hours may sell-back up to one hundred and sixty hours. Payment will be at the employee’s rate of pay at the time of retirement.

Retirement Buy Back. An employee who retires from the Village Town and has applied for and been granted a retirement benefit from the New York State Employees’ Retirement System may elect to receive cash payment for up to one-tenth of the employee’s accumulated sick leave. For example, an employee who has accumulated the maximum of sixteen two hundred hours may sell-back up to one hundred and sixty twenty hours. Payment will be at the employee’s rate of pay at the time of retirement.