Common use of Sick Leave Buy Out Clause in Contracts

Sick Leave Buy Out. At the end of any school year (June 30) an employee who has not used more than three (3) sick leave days that school year and who has sixty (60) or more accumulated unused sick leave days may exercise the option to receive payment from the District equal to the value of 80% of any unused days earned during that school year. An eligible employee who applies for a cash pay-out will receive a gross payment equal to the employee’s daily rate of pay on the employee’s last regular employment day of that school year times 80% of the number of unused sick leave days earned that school year. It is understood that this payment shall be subject to all legal withholdings and is not tax sheltered. The above option may be exercised by the employee if he/she has accumulated sixty (60) or more days of unused sick leave at the end of any school year (June 30) and has not used more than three (3) sick leave days that school year as set forth above.

Sick Leave Buy Out. ‌ At the end of any school year (June 30) an employee who has not used more than three (3) sick leave days that school year and who has sixty (60) or more accumulated unused sick leave days may exercise the option to receive payment from the District equal to the value of 80% of any unused days earned during that school year. An eligible employee who applies for a cash pay-out will receive a gross payment equal to the employee’s daily rate of pay on the employee’s last regular employment day of that school year times 80% of the number of unused sick leave days earned that school year. It is understood that this payment shall be subject to all legal withholdings and is not tax sheltered. The above option may be exercised by the employee if he/she has accumulated sixty (60) or more days of unused sick leave at the end of any school year (June 30) and has not used more than three (3) sick leave days that school year as set forth above.

Sick Leave Buy Out. ‌ At the end of any school year (June 30) an employee who has not used more than three (3) sick leave days that school year and who has sixty (60) or more accumulated unused sick leave days may exercise the option to receive payment receivepayment from the District equal to the value of 80% of any unused days earned during that school year. An eligible employee who applies for a cash pay-out will receive a gross payment equal to the employee’s daily rate of rateof pay on the employee’s last regular employment day of that school year times 80% of the number of unused sick leave days earned that school year. It is understood that this payment shall be subject to all legal withholdings and is not tax sheltered. The above option may be exercised by the employee if he/she has accumulated sixty (60) or more days of unused sick leave at the end of any school year (June 30) and has not used more than three (3) sick leave days that school year schoolyear as set forth above.