Retirement Sick Leave Sample Clauses

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. 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% B. At the time of retirement, any employee retiring pursuant to Act 96 of 1975 not classified as full-time shall receive a prorated gross compensation for a part- time employee which shall be calculated as follows: Perform the calculation in Section I to determine the compensation for a corresponding full-time employee then multiply that amount by the part-time employee ratio. The part-time employee ratio is calculated by multiplying the number of days worked per year by the number of hours worked per day divided by 1,820 hours. C. The employee shall have the option to receive a check for the full amount or of having the benefits deposited into a 403(b)(7) account on behalf, and in the name of the employee, subject to withholding deductions as determined by the Internal Revenue Service Code.

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. (1) The amount accumulated in the Sick Leave Bank for Retirement Premiums shall be held on deposit by the City for the purpose of paying the retiree’s COBRA health insurance premiums or alternative health insurance premiums after retirement and until such time as the retiree is eligible for Medicare. When the retiree is eligible for Medicare, any remaining balance of the Sick Leave Bank for Retirement Insurance Premiums shall be forfeited to the City. (2) The City shall reimburse the retiree for health insurance premiums paid prior to reaching Medicare eligibility only after the retiree submits proof of payment of the premium. Proof of payment shall be submitted not more than 60 days after the payment by the retiree. The City shall reimburse the retiree within 30 days of receiving proof of payment.” (3) Not less than 30 days prior to an employee’s retirement, the City shall inform the employee in writing of any insurance and other benefits that the retiree may be entitled to in retirement. 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.

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. 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. 2. For the period of July 1, 2011 through the June 30, 2012, upon retirement only, a secretarial/clerical employee shall be entitled to be paid $40.00 per day for any accumulated sick leave days, to a maximum of $7,500. Upon retirement only, a teacher shall be entitled to be paid $75.00 per day for any accumulated sick leave days, to a maximum of $15,000. 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.