Retirement Cash Out. a. At the time of separation from the College due to retirement or death, each full-time faculty member or his/her estate will receive payment for unused Personal Leave at a rate of one (1) full day’s per diem pay for each four (4) full accumulated Personal Leave days; part-time faculty will receive payment for unused Personal Leave at a rate of one (1) hour’s pay for each four (4) hours of Personal Leave. For part-time faculty, the cash-out rate will be the hourly rate in effect at the time of the cash out. For purposes of this section, retirement means separation from the College after at least ten (10) years of employment at the College for employees who are at least fifty (50) years old. b. In lieu of a cash payout for sick leave at retirement as provided in this Section, an employee will receive the amount of any such payout in the form of a contribution to a medical reimbursement plan if the employee is eligible to participate in such a plan at the time of his or her reimbursement. Election to participate in a medical expense plan will be determined in accord with the College’s plan.
Appears in 6 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement
