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.
Appears in 7 contracts
Retirement Conversion. Bargaining Unit members retiring with 10 or more years of state service will be paid one-fourth (¼) 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- 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.
Appears in 2 contracts
