Sick Day Payout. 39.1 To qualify, an individual must have ten (10) years seniority in the bargaining unit. Payout will be calculated using the employee's base wage inserted in the following formulas: Accumulated Sick Days ◊ 0 – 48 Payout at 15% of base daily wage x number of days ◊ 49 – 60 30% of base daily wage x number of days ◊ 61 – 72 35% of base daily wage x number of days ◊ 73 – 84 40% of base daily wage x number of days ◊ 85 – 200 45% of base daily wage x number of days ◊ 201 or above 55% of base daily wage x number of days 39.2 Severance pay equal to or greater than $4,000.00 shall be deposited into a non-elective employer contribution to a 403b plan designated by the Board.
Sick Day Payout. 1. Upon confirmation of retirement of the employee the Board agrees to pay twenty- eight ($28) dollars per day of accumulated sick leave. The number of days will be determined by dividing the number of accumulated hours of sick leave by the number of hours worked per day (or the average worked per day) by the employee at the time of retirement rounded up to the next full day increment.
Sick Day Payout. A teacher who retires from Fairfield Community School Corporation with at least fifteen (15) years of service in the district will receive thirty dollars ($30.00) for each day of accumulated sick leave not to exceed the maximum number of accumulated days listed in Article VI B. ii. The payment for accumulated sick leave will be made in the form of one payment into a Non-Elective 403(b) Plan in June of his/her final year. To the extent that if any of these payments would exceed the non-elective 403(b) Plan Contributions the excess above the maximum limitations would be paid to the teacher in cash.
Sick Day Payout. At the time of retirement, provided the employee has been employed for the last ten (10) years, any sick days over eighty (80) with a cap of 170 days shall be collected by the employee at the rate of 25% pay per day in a lump sum total. A day shall be considered six and one-half (6 ½) hours. This benefit shall be paid no later than two (2) payroll cycles of the employee’s effective retirement date.
Sick Day Payout. Employees with accumulated sick leave over 20 days will have the option to sell back five (5) unused sick days at 100% of the daily rate up to two (2) times each school year (December and June).
Sick Day Payout. At the time of retirement, provided the employee has been employed for
Sick Day Payout. The college will pay for unused sick leave days at 50% of the employee’s daily rate of pay at the time of retirement. The computation shall be based upon 260 days, divided into the annual base salary.
Sick Day Payout. Any employee who retires and has served in the Xxxxxx Creek Community Schools for not less than twenty (20) years shall be eligible for payment of one-half (½) of his/her then current daily rate of pay for each day of accrued, but unused, sick leave to a maximum of one hundred (100) days.
