Retirement Buy Out. At the time of separation from state service due to retirement or death, an eligible employee or the employee's estate shall receive remuneration at a rate equal to one (1) hour's current monetary compensation of the employee for each four (4) hours of a. Accumulated sick leave hours taken will be first deducted from accumulated compensable hours. b. Eligibility requirements for retirement buy out of sick leave shall comply with the requirements of the plan in which the employee is enrolled. The employee must meet retirement guidelines before sick leave buy out shall be paid. The provisions of this subsection are contingent on the continuation of the enabling legislation.
Appears in 4 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement
