RETIREMENT OR SEPARATION. Retirement will be in accordance with the Michigan Public School Retirement Act. Upon termination of employment of a bargaining unit employee with ten (10) years of seniority in this school district at the time of termination, three-quarters (3/4) of the accumulated sick leave days or $400, or $20 times years of service, whichever is greater, will be paid to the employee on a separation bonus. In the event of death before such termination, but after the minimum ten (10) year period, the employee's beneficiary is entitled to receive the bonus. Separation bonus days are paid on the basis of the daily pay rate.
RETIREMENT OR SEPARATION. A. Upon retirement, each employee covered by this Agreement who has at least twenty-five
RETIREMENT OR SEPARATION. A. Upon retirement or separation, an employee shall be compensated at his/her current rate of pay for accrued earned time up to forty-five days in a lump sum payment.
B. The Town agrees that it shall pay to the employee upon his or her voluntary separation or retirement forty-four dollars and forty five cents ($44.45) for each 7 ½ (or 8) hours of accumulated unused long term illness account (LTIA) time remaining in the account of said employee for fifty (50) percent of the total hours of said accumulated LTIA up to a maximum payment of $4,000. In order to be eligible for this benefit said employee must have been employed by the Town of Plymouth for ten (10) years or more.
C. Upon the death of an employee, the same benefits will be paid to the employee’s estate.
RETIREMENT OR SEPARATION. 1. Accumulated sick days will be paid to the employee on a fifty/fifty (50/50) basis at the employee's rate of pay at the time of separation or retirement from the Borough. Payments will be made by Borough check.
2. At the employee's discretion, payment at the current rate of pay shall be given by the Borough to the employee on a fifty/fifty (50/50) basis for any sick days accumulated by the employee. The employee must accumulate fifteen (15) sick days before selling any back.
3. At the employee's discretion, sick time accumulated up to the time of retirement may be converted into vacation time and used for early retirement on a one (1) for one (1) basis.
4. The amount of accumulated sick time shall be capped at 110 days. ,
RETIREMENT OR SEPARATION. 1. Any Bargaining Unit Member with more than one (1) year of continuous service who is discharged or separated from the service of the Department for any reason shall be paid for any unused and accrued PTO. Final compensation for PTO is the combined amount of deferred PTO hours and the number of current year PTO hours still unused. Compensation may not exceed 720 hours unless otherwise approved by the Chief of Police or the Board of Police Commissioners.
RETIREMENT OR SEPARATION. A bargaining unit member who separates from the service for any reason shall be compensated for all accumulated sick leave credit up to a maximum of one thousand forty (1040) hours, at the bargaining unit member's rate of pay at the time of separation. A bargaining unit member may take this payment in a lump-sum or in biweekly installments until the amount of accumulated sick leave is exhausted or for a maximum of thirteen (13) pay periods.
