Retirement Conversion. Upon retirement, banked sick leave accrued prior to January 1, 2006, will be recognized as credited service for pension purposes (excluding Xxxx-Xxxxxxx plans).
Retirement Conversion. Bargaining Unit members retiring with 10 or more years of state service will be paid one-fourth of the sick leave balance up to a maximum payment of 240 hours. Payment is based upon the rate of compensation at the time of retirement. The one- time retirement pay out of sick leave eliminates all accrued sick leave on record. These same provisions apply to Bargaining Unit members who die with 10 or more years of state service, with the sick leave pay out paid to the estate.
Retirement Conversion. Upon retirement, Banked Xxxx Leave accrued prior to January 1, 2006, will be recognized as credited service for pension purposes (excluding Xxxx-Xxxxxxx plans). Healthcare Reimbursement Account (HRA). Effective January 1, 2010, the parties agreed to establish a Healthcare Xxxx- bursement Account (HRA) for bar- gaining unit employees covered by the National Agreement. An HRA will be set up for eligible employees who be- come plan participants when they retire in accordance with thePlan Document. However, UFCW Pharmacy Clerks in
Retirement Conversion. Employees who are both eligible for and who elect to take their public employees retirements benefits shall be entitled to convert accrued but unused sick leave to a cash payment on the following basis: Employees may receive, after completion of ten (10) years of continuous service with Tuscarawas County, a cash payment in the amount of one (1) hour’s pay for each four (4) hours of accrued but unused sick leave at the time of retirement. The maximum payment under this provision shall not exceed two hundred and forty (240) hours of pay calculated at one-fourth (1/4) of nine hundred and sixty (960) hours of sick leave accrued but unused.
Retirement Conversion. An employee may elect at the time of retirement from active service with the City to be paid in cash for the value of his accrued but unused sick leave credit. An accumulation of 0 – 400 sick hours has no conversion, 401 – 800 sick hours has a 3 to 1 conversion rate, 801 – 1,200 sick hours has a 2 to 1 conversion rate and 1,201 – 1,600 sick hours has a 1 for 1 conversion rate. The maximum amount of hours to be converted at retirement is 1,600 hours. In order to be able to convert his sick leave into cash, the employee must be retiring under the terms of the pension plan and must have been employed by the City during the last ten years immediately prior to retirement. Further, an employee, other than an employee receiving a disability retirement, must have attained the age of 48 years if he is under the Police Pension Fund and the age of 55 years if he is under the Public Employee’s Retirement System before he can convert his sick leave credit into cash. Such payment shall be made only once to any employee. “Retirement” under this Section is effective upon receipt of the first pension payment for either a service retirement or disability retirement.
Retirement Conversion. The District agrees to provide employees with retirement benefits as specified in ORS 238.350 (1995). The amount of salary used in determining final average salary for retirement benefits will include the monetary value of one-half of the accumulated unused sick leave with pay of each retiring employee and shall establish retirement benefits on the basis of a final average salary reflecting that addition. The benefits received under this Agreement by retired employees will not be affected by changes in the Agreement after the employee’s retirement unless the parties so agree. However, participation by retired employees in insurance plans applies to the group insurance plans in effect for current employees.
Retirement Conversion. An employee who is both eligible for and elects to take her public employee retirement benefits shall be entitled to convert accrued but unused sick leave to a cash payment on the following basis: An employee may receive, after completion of ten (10) years of continuous service with the Employer, a cash payment in the amount of one (1) hour’s pay for each four (4) hours of accrued but unused sick leave at the time of retirement. The maximum payment under this provision shall not exceed two hundred forty (240) hours of pay. For the purpose of this provision, retirement shall be considered that criteria established for retirement from active service with the Employer at the time of separation under the Ohio Public Employees Retirement System (OPERS).
Retirement Conversion. Employees who retire after a minimum of ten (10) years full-time service with the City and who are in good standing at the time of their retirement from active service may choose to be paid in cash for one-fourth (1/4) the value of their earned but unused sick leave credit. The maximum payment may not exceed three hundred (300) hours.
Retirement Conversion. The payment of sick leave balance upon retirement or death shall be in accordance with Policy 6.27 – Paid Leave Programs as currently in effect and as may be amended by the University during the term of this Contract.
Retirement Conversion. When a member shall retire or resign (see Section 2) from the Division of Fire, either through service or disability, and shall have completed twelve (12) years of service in the Division, he shall be compensated in cash, based upon the hourly earning rate at the time of his retirement, provided he has maintained such hourly earning rate for at least four (4) months (except for retirement due to disability, for one- quarter (1/4) of his unused, accrued sick leave hours.) However, in no event shall the accumulated sick leave for conversion purposes exceed one hundred twenty (120) days, as defined herein.
