Common use of Retirement Conversion Clause in Contracts

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. Employees who are both eligible for and who elect to take their public employees retirements retirement benefits shall be entitled to convert accrued but unused sick leave to a cash payment on the following basis: Employees may receive, after 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 one­fourth (1/4) of nine hundred and sixty (960) hours of sick leave accrued but unused. Payment for sick leave conversion shall eliminate all accrued sick leave credit. Such payment shall be made only once to any employee.