Sick Leave Award for Retirement Sample Clauses

Sick Leave Award for Retirement. Under Regulation 4573, eligible nurses may receive a sick leave award upon retirement. The payout amounts will be calculated yearly by using an index number multiplied by the BSN step one (1) salary for that year. This formula may not be altered for two years or before the end of the 2022-2023 school year. 2021-22 BSN Step One Amount Per Day First 100 days $42,197 $133.96 101-150 days $42,197 $200.94 151+ days $42,197 $267.92 2022-23 BSN Step One Amount Per Day First 100 days $42,487 $134.88 101-150 days $42,487 $202.32 151+ days $42,487 $269.76
Sample 1
Sick Leave Award for Retirement. In order to be eligible for sick leave award upon retirement teachers must apply for benefit in writing no later than 90 days prior to the expected date of retirement. If benefit is to be used for purchase of PSRS service credit, written notice must be received in Human Resources by January 15th. a.) Have a minimum of 10 days accumulated sick leave. b.) Be continuously employed by Rockwood School District in a certified position for 5 or more years (exception if separation doesn’t exceed 6 months). c.) Must be full-time in final year of retirement, prorated for certified employees working part-time in their final year of employment must be eligible for a retirement benefit as defined by the PSRS (full, modified or disability). Personnel in full-time certified positions, upon retirement from the District, with verification of PSRS retirement eligibility, will receive the following Sick Leave Award: Index Base FY 04-05 ($31,500) FY 16-17 ($41,124) First 100 days $100 per day First 100 days $130.55 per day 101-150 days $150 per day 101-150 days $195.83 per day 151+ days $200 per day 151+ days $261.10 per day Index Base FY 04-05 ($31,500) FY 17-18 ($41,276) First 100 days $100 per day First 100 days $131.03 per day 101-150 days $150 per day 101-150 days $196.55 per day 151+ days $200 per day 151+ days $262.07 per day Index Base FY 04-05 ($31,500) FY 18-19 ($41,429) First 100 days $100 per day First 100 days $131.52 per day 101-150 days $150 per day 101-150 days $197.28 per day 151+ days $200 per day 151+ days $263.04 per day There continues to be no cap on the total number of sick-leave days which can be accumulated. In subsequent years, pay out amounts will be calculated by using an index. The index will be determined by dividing the base reimbursement amounts ($100, $150, $200) by the starting salary for 2004-05 which is $31,500. This index (.0031746 for days 1- 100, .0047619 for days 101-150, and .0063492 for days 151+) will then be multiplied by that year’s starting salary. This formula may not be altered for five years or before the end of the 2021-22 school year. The IRS considers the sick-leave retirement award to be earnings. It requires the payment of the sick-leave retirement award to be subject to withholding taxes and FICA or Med FICA (where applicable). The IRS considers the full amount of the sick-leave award taxable during the first year of retirement. The employee will receive a W-2 form for 20XX that includes the full amount of your award, unl...
Sample 1
Sick Leave Award for Retirement. Under Board of Education Regulation 4573, eligible RAECP members may receive a sick leave award upon retirement. The payout amounts will be calculated yearly by using an index number multiplied by the TBD step one (1) salary for that year.
Sample 1

Related to Sick Leave Award for Retirement

  • Death, Retirement or Disability Executive’s employment shall terminate automatically upon Executive’s death or Retirement during the Employment Period. For purposes of this Agreement, “Retirement” shall mean normal retirement as defined in the Company’s then-current retirement plan, or if there is no such retirement plan, “Retirement” shall mean voluntary termination after age 65 with ten years of service. If the Company determines in good faith that the Disability of Executive has occurred during the Employment Period (pursuant to the definition of Disability set forth below), it may give to Executive written notice of its intention to terminate Executive’s employment. In such event, Executive’s employment with the Company shall terminate effective on the 30th day after receipt of such written notice by Executive (the “Disability Effective Date”), provided that, within the 30 days after such receipt, Executive shall not have returned to full-time performance of Executive’s duties. For purposes of this Agreement, “Disability” shall mean a mental or physical disability as determined by the Board of Directors of the Company in accordance with standards and procedures similar to those under the Company’s employee long-term disability plan, if any. At any time that the Company does not maintain such a long-term disability plan, “Disability” shall mean the inability of Executive, as determined by the Board, to perform the essential functions of his regular duties and responsibilities, with or without reasonable accommodation, due to a medically determinable physical or mental condition which has lasted (or can reasonably be expected to last) for twelve workweeks in any twelve-month period. At the request of Executive or his personal representative, the Board’s determination that the Disability of Executive has occurred shall be certified by two physicians mutually agreed upon by Executive, or his personal representative, and the Company. Failing such independent certification (if so requested by Executive), Executive’s termination shall be deemed a termination by the Company without Cause and not a termination by reason of his Disability.

  • Normal Retirement Normal Retirement Age under the Plan is: (Choose (a) or (b)) [X] (a) 65 [State age, but may not exceed age 65].

  • 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.

  • 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.

  • Sick Leave Credit-Based Retirement Gratuities 1) A Teacher is not eligible to receive a sick leave credit gratuity after August 31, 2012, except a sick leave credit gratuity that the Teacher had accumulated and was eligible to receive as of that day. 2) If the Teacher is eligible to receive a sick leave credit gratuity, upon the Teacher’s retirement, the gratuity shall be paid out at the lesser of, a) the rate of pay specified by the board’s system of sick leave credit gratuities that applied to the Teacher on August 31, 2012; and b) the Teacher’s salary as of August 31, 2012. 3) If a sick leave credit gratuity is payable upon the death of a Teacher, the gratuity shall be paid out in accordance with subsection (2). 4) For greater clarity, all eligibility requirements must have been met as of August 31, 2012 to be eligible for the aforementioned payment upon retirement, and the Employer and Union agree that any and all wind-up payments to which Teachers without the necessary years of service were entitled to under Ontario Regulation 01/13: Sick Leave Credits and Sick Leave Credit Gratuities, have been paid. 5) For the purposes of the following boards, despite anything in the board’s system of sick leave credit gratuities, it is a condition of eligibility to receive a sick leave credit gratuity that the Teacher have ten (10) years of service with the board: i. Near North District School Board ii. Avon Maitland District School Board iii. Xxxxxxxx-Xxxxxxxxx District School Board

  • Disability Retirement If, as a result of your incapacity due to physical or mental illness, You shall have been absent from the full-time performance of your duties with the Company for 6 consecutive months, and within 30 days after written notice of termination is given You shall not have returned to the full-time performance of your duties, your employment may be terminated for "Disability." Termination of your employment by the Company or You due to your "Retirement" shall mean termination in accordance with the Company's retirement policy, including early retirement, generally applicable to its salaried employees or in accordance with any retirement arrangement established with your consent with respect to You.

  • Normal Retirement Age Normal Retirement Age shall mean the date on which the Executive attains age sixty-five (65).

  • Deferred Retirement a. An employee who is eligible for paid retirement at the time he or she separates from County service, but elects deferred retirement, may defer participation in the Grant until such time as he or she becomes an active retiree. b. An otherwise eligible employee who is not eligible for paid retirement at the time he or she separates from County service but is eligible for and elects deferred retirement shall not become eligible for participation in the Grant.

  • Sick Leave Payout No cash payment for unused sick leave will be paid to any employee leaving the service of the Employer.

  • Other Retirement Gratuities A Teacher is not eligible to receive any non-sick leave credit retirement gratuity (such as, but not limited to, service gratuities or RRSP contributions) after August 31, 2012.