Common use of Sick Leave Buy Back Program Clause in Contracts

Sick Leave Buy Back Program. Teachers who have served in the Framingham Public Schools for fifteen (15) years or more will be entitled to a buy-back of unused sick leave time upon retirement according to the following stipulations: 1. The notification of intent to retire be received by the Office of Human Resources no later than the second (2nd) Friday in the February preceding the retirement. 2. The teacher must retire between the end of the school year and the beginning of the next school year. 3. The teacher must have a minimum of one hundred (100) sick days accumulated at the point of retirement. 4. For every sick day beyond one hundred (100), the teacher will be paid the amount of sixty dollars ($60.00) for each unused sick day. For teachers working less than full time at the point of retirement, the daily rate will be prorated. The financial benefit under this Article shall not exceed seven thousand five hundred dollars ($7,500.00) for each teacher who retires. This amount shall increase to nine thousand dollars ($9,000.00) as of September 1, 2009. 5. Payments for Sick Leave Buy Back and/or Orderly Retirement benefits shall be made in three (3) equal annual payments with the first (1st) payment made one (1) year after retirement, and the second (2nd) and third (3rd) payments made on the second (2nd) and third (3rd) anniversary dates of retirement. 6. Retiring teachers who are eligible for this provision as well as the Orderly Retirement Incentive Provision (see Article 50) will be able to access both provisions but the combined financial benefit shall not exceed seven thousand five hundred dollars ($7,500.00) for each teacher who retires. This amount shall increase to nine thousand dollars ($9,000.00) as of September 1, 2009.

Sick Leave Buy Back Program. Teachers who have served in the Framingham Public Schools for fifteen (15) years or more will be entitled to a buy-back of unused sick leave time upon retirement according to the following stipulations: 1. A. The notification of intent to retire be is received by the Office of Human Resources no later than the second (2nd) Friday in the February preceding the retirement. 2. B. The teacher must retire between the end of the school year and the beginning of the next school year. 3. C. The teacher must have a minimum of one hundred (100) sick days accumulated at the point of retirement. 4. D. For every sick day beyond one hundred (100), the teacher will be paid the amount of sixty dollars ($60.00) for each unused sick day. For teachers working less than full time at the point of retirement, the daily rate will be prorated. The financial benefit under this Article shall not exceed seven thousand five hundred dollars ($7,500.00) for each teacher who retires. This amount shall increase to nine thousand dollars ($9,000.00) as of September 1, 2009. 51. Payments for Sick Leave Buy Back and/or Orderly Retirement benefits shall be made in three (3) equal annual payments with the first (1st) payment made one (1) year after retirement, retirement and the second (2nd) and third (3rd) payments made on the second (2nd) and third (3rd) anniversary dates of retirement. 62. Retiring teachers who are eligible for this provision as well as the Orderly Retirement Incentive Provision (see Article 50) will be able to access both provisions provisions, but the combined financial benefit shall not exceed seven thousand five hundred dollars ($7,500.00) for each teacher who retires. This amount shall increase to nine thousand dollars ($9,000.00) as of September 1, 2009.