Retirement Sick Leave. Employees having sick leave to their credit shall after five (5) years of service and upon retirement due to age or illness receive 50% of said sick leave in salary, to a maximum of 125 days. OR Employees retiring due to age or illness after Five (5) years of service shall receive one (1) month’s salary for each Five (5) years of service or fraction thereof to a maximum of Six (6) month’s salary. Employees shall have the option of choosing either of the above options upon retirement due to age or illness.
Retirement Sick Leave. Retirement Service Increment benefits for service to the District will be calculated according to the following schedule: • after 5 years service= 33-1/3% x substitute rate (not to exceed $100) x accumulated sick leave (to a maximum of 175 days) • after 10 years service= 50% x same formula • after 20 years service= 75% x same formula • after 25 years service= 87% x same formula • after 30 years service= 100% x same formula These formulae will be used to calculate a severance pay to be paid to the eligible employee retiring pursuant to Act 96 of 1975. If a teacher dies while employed by the District, a sum of money based on the above- stated formulae will be paid to the employee's designated beneficiary. Any employee forced to retire because of permanent disability will receive a sum of money based on the above-state formula.
Retirement Sick Leave. 1. Upon retirement only, a secretarial/ clerical employee shall be entitled to be paid $30.00 per day for any accumulated sick leave days, to a maximum of $6,000. Upon retirement only, a teacher shall be entitled to be paid $55.00 per day for any accumulated sick leave days, to a maximum of $12,000. Notification for retirement must be submitted to the Board of Education on or before December 1 of the school year prior to the date of retirement, so the funds can be budgeted and paid during the school year of retirement, or payment shall be deferred until July of the following school year.
Retirement Sick Leave. A. At the time of retirement, any full-time employee retiring pursuant to Act 96 of 1975 who has accumulated sick leave shall be compensated according to the calculation set forth below: The number of unused accrued sick leave hours (to a maximum of 100 days) multiplied by the applicable hourly rate of normal compensation multiplied by the percentage based on years of service determined below: 5 years of service 33 1/3% 10 years of service 50% 20 years of service 75% 30 years of service 100%
Retirement Sick Leave. Each employee shall be authorized to bank up to ninety (90) additional days of sick leave once they have accumulated the maximum number of sick days authorized under Article XX, Section 1. The additional sick leave may be used solely for the purpose of offsetting the cost of retirement health insurance. Employees wishing to participate in the retirement sick leave bank shall notify the City Clerk in writing of their intention. Each day of sick leave banked shall be banked using the sum of their hourly wage times eight (8) hours of work. The Finance Director shall keep a record of each employee’s retirement sick leave bank in the respective employee’s personnel file. Sick leave banked for the purposes of offsetting the cost of retirement insurance shall be used solely for that purpose. Under no circumstances shall an employee be authorized to bank more than ninety (90) days for this purpose. For purposes of this Agreement, any time the term “retirement” is used herein it shall mean an act whereby an employee voluntarily leaves the employment of the City and begins to collect retirement benefits under the Illinois Municipal Retirement Fund (IMRF) as said employee may so qualify from time to time under the rules and requirements of IMRF.
Retirement Sick Leave. 1. Upon retirement only, a secretarial/ clerical employee shall be entitled to be paid $25.00 per day for any accumulated sick leave days, to a maximum of $6,000. For the 2005-06 school year, the daily rate shall increase to $35.00. For the 2006-07 school year, the daily rate shall be $30.00. The maximum payment shall remain at $6,000 for all years. Upon retirement only, a teacher shall be entitled to be paid $50.00 per day for any accumulated sick leave days, to a maximum of $12,000. For the 2005-06 school year, the daily rate shall increase to $60.00. For the 2006-07 school year, the daily rate shall be $55.00. The maximum payment shall remain at $12,000 for all years. Notification for retirement must be submitted to the Board of Education on or before December 1 of the school year prior to the date of retirement, so the funds can be budgeted and paid during the school year of retirement, or payment shall be deferred until July of the following school year.
Retirement Sick Leave. Each employee shall be authorized to bank up to ninety (90) additional days of sick leave once they have accumulated the maximum number of sick days authorized under Article XX, Section 1. The additional sick leave may be used solely for the purpose of offsetting the cost of retirement health insurance. Employees wishing to participate in the retirement sick leave bank shall notify the City Clerk in writing of their intention. Each day of sick leave banked shall be banked using the sum of their hourly wage times eight (8) hours of work. The Finance Director shall keep a record of each employee’s retirement sick leave bank in the respective employee’s personnel file. Sick leave banked for the purposes of offsetting the cost of retirement insurance shall be used solely for that purpose. Under no circumstances shall an employee be authorized to bank more than ninety (90) days for this purpose.
