Retirement Leave Bank Sample Clauses

Retirement Leave Bank. 7.1 Retirement leave banks w ill be maintained for employees w ho w ere members of the bargaining unit as of August 25, 2011 and w ho remained members ever since. Retirement leave banks w ill have a cap of 2080 hours. Employees w ho had more than 2080 hours in their retirement leave bank as of March 31, 2011 w ill be allow ed to keep these hours in their bank. Members joining the bargaining unit after August 25, 2011 w ill not be entitled to a Retirement Leave Bank. Employees w ith retirement leave banks w ill have a once annual option of transf erring any or all lieu t ime bank hours into their retirement leave bank up to the cap of 2080 hours. This election w ill occur once annually in January of each year. It is underst ood that the retirement leave bank cap cannot be exceeded. It is underst ood that this once annual election is the only method of putting hours into the retirement leave banks. Once an employee’ s retirement leave bank has reached the cap of 2080 hours no further election w ill be offered. 7.2 Lieu t ime placed into an employee’ s retirement leave bank may, at the discret ion of the employee, be used to advance an employee’ s departure from active employment prior to their official retirement date or be paid out in cash at st raight t ime rates at the actual t ime of retirement. If the employee should leave the City for any other reason prior to retirement, then a cash payment w ill be made at that t ime.
AutoNDA by SimpleDocs
Retirement Leave Bank. Retirement leave banks will be maintained for employees who were members of the bargaining unit as of August 25, 201 1 and who rerr1ained merr1bers ever since. Retirement leave banks will have a cap of 2080 hours. Employees who had more than 2080 hours in their retirement leave bank as of March 31 , 201 1 will be allowed to keep these hours in their bank. Members joining the bargaining unit after August 2 5, 201 1 will not be entitled to a Retirement Leave bank. Employees with retirement leave banks will have a once annual option of transferring any or all lieu time bank hours into their retirement leave bank up to the cap of 2080 hours. This election will occur once annually in January of each year. It is understood that the retirement leave bank cap cannot be exceeded. It is understood that this once annual election is the only method of putting hours into the retirement leave banks. Once an employee's retirement leave bank has reached the cap of 2080 hours no further election will be offered.
Retirement Leave Bank. 1.6.1 Retirement leave banks will be maintained for employees who were members of the bargaining unit as of August 25, 2011 and who remained members even since. Retirement leave banks will have a cap of 2080 hours. Employees who had more than 2080 hours in their retirement leave bank as of March 31, 2011 will be allowed to keep these hours in their bank. Members joining the bargaining unit after August 25, 2011 will not be entitled to a Retirement Leave bank. Employees with retirement leave banks will have a once annual option of transferring any or all lieu time bank hours into their retirement leave bank up to the cap of 2080 hours. This election will occur once annually in January of each year. It is understood that the retirement leave bank cap cannot be exceeded. It is understood that this once annual election is the only method of putting hours into the retirement leave banks. Once an employee’s retirement leave bank has reached the cap of 2080 hours no further election will be offered. 1.6.2 Lieu time placed into an employee’s retirement leave bank may, at the discretion of the employee, be used to advance an employee’s departure from active employment prior to their official retirement date or be paid out in cash at straight time rates at the actual time of retirement. If the employee should leave the City for any other reason prior to retirement, then a cash payment will be made at that time. 1.6.3 Should an employee opt to advance their departure from active employment through the use of his or her retirement leave bank, the employee shall receive the insurance benefits as described in Clause (8)1. 1. The employee will also continue to accrue pension credits, will continue to accumulate vacation leave credits and be entitled to general or designated holiday pay.

Related to Retirement Leave Bank

  • Pre-Retirement Leave An Employee scheduled to retire and to receive a superannuation allowance under the applicable pension Acts or who has reached the mandatory retiring age, shall be entitled to: (a) A special paid leave for a period equivalent to fifty percent (50%) of his/her accumulated sick leave credit, to be taken immediately prior to retirement; or (b) A special cash payment of an amount equivalent to the cash value of fifty percent (50%) of his/her accumulated sick leave credit, to be paid immediately prior to retirement and based upon his/her current rate of pay.

  • Leave Bank 1. A sick leave bank shall be maintained within the District. The purpose of the Leave Bank is to provide a bank of sick leave days from which staff may draw in cases of extended absences due to illness or injury which renders the staff member incapable of working. 2. The bank was funded initially by a mandatory contribution from each employee of one (1) day from that employee’s individual sick leave account, as well as a 100-day contribution from the school district. 3. The sick leave bank shall be administered by the Superintendent and the Association President(s). 4. For new employees, a mandatory contribution of one (1) day shall be made by them on the day on which their initial individual leave time is allotted to them. Leave days in the bank will carry over from year to year. The bank will contain a maximum of 500 days and a minimum of 250 days. Employees who leave the district, excluding staff who retire under PERA, shall contribute any remaining accrued days to the leave bank. At such time as the bank drops below 250 days, an additional contribution of one (1) day per employee shall be made to replenish the bank’s days at the beginning of the school year 5. Persons who have used all of their leave entitlement shall be eligible to draw from the leave bank under the following condition: a. Only when under a doctor’s care. b. For each first day granted from the leave bank per occurrence the employee shall be docked the current substitute pay. c. For a recurring illness or a medical condition that requires periodic and consistent medical treatment of a severe disablement, Sick Leave Bank Days (in increments of half days) may be granted for all absences resulting from these conditions d. Any individual who is absent as a result of a medically diagnosed catastrophic illness or injury may access the bank for up to and including sixty (60) additional days. Utilization of these days shall require the submission of a new Leave Bank Application to the bank. 6. An individual who meets the requirements stated above can use a total of no more than thirty (30) days per school year from the leave bank. 7. An individual may request days from the Leave Bank any time prior to but within thirty (30) calendar days after the individual returns to work. Applications submitted at a time outside these limits will not be considered by the Superintendent and Association President(s). The request must be submitted to the Superintendent office using the Leave Bank Application. The application can be located in the appendix of this agreement. Upon receipt of the application the Superintendent shall forward the request to the Association President(s). The Superintendent and Association President(s) shall meet, within ten (10) days to consider such request. Within five (5) days following said meeting, the applicant shall be notified, in writing, of the status of the request. 8. Any individual who has accessed the leave bank and resigns their position in the same contract year will be docked their daily rate of pay for each day used from the bank. 9. Elective treatment or surgery is defined as a condition diagnosed by a Doctor that admission sometime in the future is acceptable for a condition causing minimal or no pain, dysfunction or disability and can be safely postponed until non-contract time. Such conditions shall not qualify for Leave Bank Days. 10. The District is liable only for the total number days in the leave bank.

  • Sick Leave Bank The school corporation agrees to, and hereby establishes a voluntary sick leave bank to which certificated persons may contribute unused sick leave days, and from which a contributing individual may draw sick leave days when the individual’s annual and accumulated sick leave days are exhausted, in accordance with the following provisions. Please see the definitions of sick leave under Article IV. 1. The sick leave bank shall apply to all persons employed by the school corporation whose employment requires the holding of a license issued by the Indiana Department of Education, whether or not any such person is a member of the bargaining unit to which this contract applies. 2. A “contributing individual” is one who, within the first thirty (30) days of the contract year, signs a contribution form. Such contribution form shall require the assigning of one (1) day of sick leave to the sick leave bank and an individual may contribute up to five (5) total days if so motivated during any enrollment period. 3. A person shall cease to be a contributing individual upon the failure of such individual to sign such contribution form and such individual shall thereafter not be entitled to draw any sick leave days from the sick leave bank until becoming a contributing member the following year. 4. Present and new faculty members who wish to become “contributing individuals” may do so by following the procedure in paragraph two (2). Staff who hire in after the annual enrollment period closes can still enroll under equivalent timelines as original enrollment period. 5. Use of the sick leave bank shall be subject to the following limitations: a. Sick bank leave shall be used on a teacher’s first day receiving no pay as long as the teacher has exhausted all accumulated sick days, as well as all annual sick and personal days. Days may need to be allotted retroactively to allow time for the sick bank committee to meet and review the request. In the event a teacher on sick bank leave returns to work and then finds it necessary on advice of a doctor to take additional leave for the same disability, no additional days shall be deducted subject to the approve of the Sick Bank Review Committee. b. In the even a teacher is disabled as a result of illness or injury of a different nature during the same school year, any additional sick leave bank time granted is subject to approval of the Sick Bank Review Committee. c. Sick bank leave shall be used for the purposes permitted by the Federal Medical Leave Act (FMLA) and must be supported by a written request by the contributing individual and the appropriate FMLA certification specifying the nature of the illness and prognosis report for the teacher’s return to work. d. Days taken from the sick leave bank shall apply only to those days on which a teacher would receive pay if the teacher were not under disability. e. All contractual leave days shall be waived while drawing pay from the sick leave bank so that a teacher in no case will be drawing double pay for any day. f. This sick leave bank section shall not operate in any manner such that any teacher receiving workers compensation benefits receives more than such teacher’s regular pay. g. Paid holidays, if any, shall not be charged against the sick leave bank, but shall be compensated for under the terms of the teacher’s contract. h. Sick leave bank days shall not be used during summer school employment, nor shall such days be used at any other times except the regular school year. i. Leave from the sick leave bank may not be used for maternity or childbirth leave, but may be used for any physical disability arising out of a pregnancy. j. Teachers who, as of the beginning of the school year in which sick leave bank benefits are requested and used, have accumulated the following number of sick leave days under the sick leave section of this contract, shall be eligible to draw up to a maximum number of days from the sick leave bank in any single year as follows: (1) 0-10: Up to 60 days (2) 11-40: Up to 90 days (3) 41 or over: Up to 120 days k. Teachers may be awarded fewer than maximum days (listed in Section j) at the discretion of the Sick Bank Review Committee. 6. Should the sick leave bank fall to a thirty (30) day balance during a school year, an additional contribution will be requested and will count toward the subsequent enrollment period. 7. A Sick Bank Review Committee shall be formed and shall be comprised of three (3) members appointed by the exclusive representative and one (1) individual appointed by the Superintendent. The committee shall consider and review all requests for use of sick bank days to ensure that all applications submitted, and any grants made, are in accordance with the provisions of this contract. 8. The school district shall notify certificated employees of the enrollment period for the sick bank, including required contribution forms and appropriate deadlines, within the first five (5) school days of each school year. 9. If there are seven hundred and fifty (750) days in the bank at the time of open enrollment, no contribution will be necessary unless it falls below the previously described number of thirty (30) days.

  • Vacation Leave on Retirement ‌ An employee scheduled to retire and to receive pension benefits under the Public Service Pension Plan Rules or who has reached the mandatory retiring age, shall be granted full vacation entitlement for the final calendar year of service.

  • Sick Leave Bank Committee The committee shall consist of two members of the administration, appointed by the Superintendent, and two members of the bargaining unit, appointed by the President of the Association. The President of the Association will act as chairperson of this committee and will have no voting power except in the event of a tie vote by the committee.

  • REGISTERED RETIREMENT SAVINGS PLAN 1. In this Article:

  • Savings and Retirement Plans During the Employment Period, the Executive shall be entitled to participate in all other savings and retirement plans, practices, policies and programs, in each case on terms and conditions no less favorable than the terms and conditions generally applicable to the Company’s other executive employees.

  • Continuing Employment (a) Continuing employment means full-time or fractional-time employment that does not have a fixed end date or a contingency upon which the employment contract will come to an end. (b) All employment other than fixed-term employment and casual employment will be continuing employment. (c) Notwithstanding subclause 16.0(b) above, the University may employ a person in Continuing (Contingent Funded Research) employment on a full-time or fractional-time basis in accordance with the terms of this Agreement.

  • Retirement Incentive a) If an employee gives the Board an irrevocable notice of retirement by February 1st four (4) years prior to the school year of retirement, the Board shall pay him/her a six percent (6%) retirement incentive, inclusive of all other increases in TRS creditable compensation, for each of his/her remaining four (4) years of service. If an employee gives the Board an irrevocable notice of retirement by February 1st three (3) years prior to the school year of retirement, the Board shall pay him/her a six percent (6%) retirement incentive, inclusive of all other increases in TRS creditable compensation, for each of his/her remaining three (3) years of service. If an employee gives the Board an irrevocable notice of retirement by February 1st two (2) years prior to the school year of retirement, the Board shall pay him/her a six percent (6%) retirement incentive, inclusive of all other increases in TRS creditable compensation, for each of his/her remaining two (2) years of service. If an employee gives the Board an irrevocable notice of retirement by February 1st one (1) year prior to the school year of retirement, the Board shall pay him/her a six percent (6%) retirement incentive, inclusive of all other increases in TRS creditable compensation, for his/her remaining year of service. Once an employee submits an irrevocable notice of retirement by February 1st, that employee shall be removed from the salary schedule contained in Article IX of this Agreement. All calculations for increased TRS creditable earnings will be based on the TRS creditable earnings in the year prior to the submission of the irrevocable notice of retirement. Once the employee submits an irrevocable notice of retirement an employee’s creditable earnings shall be increased by six percent (6%) of the previous year, but in no case will the employee’s TRS creditable earnings increase exceed six percent (6%) of the previous year. If, after submitting an irrevocable notice of retirement by February 1st, the employee resigns from, or is dismissed from duties for which the employee was paid a stipend or additional compensation the previous year, the retirement incentive for that employee will be recalculated accordingly. b) To be eligible, an employee must submit an irrevocable notice of retirement by February 1st which must be accompanied by a Teachers’ Retirement System (TRS) member requested “Personal Statement of Benefits” and a “Benefit Estimate” confirmation of total years of service. An employee with ten (10) years of full-time service with Neoga C.U.S.D. No. 3 is considered to be eligible for the retirement incentive by meeting one of the following conditions at the time of retirement: 1) The employee is sixty (60) years of age and has ten (10) years of creditable TRS service. 2) The employee is at least fifty-five (55) years of age and has thirty- five (35) years of creditable TRS service. c) If, during the term of this Agreement, any legislation and/or TRS rules/regulations are enacted or not reenacted and/or adopted or amended that result in a greater cost to the District than the costs generated by this Agreement, or that change the definition of what is subject to the 6% TRS cap, the parties agree that this Section shall be null and void and upon the demand of any party shall meet to bargain language to succeed this paragraph.

  • Early Retirement Incentive The Employer may offer to any faculty member or a faculty member may apply for one of the early retirement incentive alternatives described herein, provided the faculty member meets the following criteria. The Union shall be advised in writing of any offer of early retirement made to a faculty member.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!