Common use of Sick Leave Buy Out Clause in Contracts

Sick Leave Buy Out. Any support staff employee covered by the bargaining units who has ten (10) years of continuous service with the same employer, inclusive of bona fide leaves of absence, and who has attained the age of 55, upon employment termination (except for misconduct or poor job performance) shall be paid for accrued unused sick leave according to the following formula: fifty dollars ($50.00) will be paid for each unused sick day to a maximum payment of $7,500. Payment will be made to the employee or his estate in three equal installments, the first due within 60 days of the employee’s departure and the remaining two on the first and second anniversary of termination. This is a once-in- a-lifetime benefit and may not be repeated if a former employee who has received this payment is subsequently rehired.

Sick Leave Buy Out. Any support staff employee covered by the bargaining units who has ten (10) years of continuous service with the same employer, inclusive of bona fide leaves of absence, and who has attained the age of 55, upon employment termination (except for misconduct or poor job performance) shall be paid for accrued unused sick leave according to the following formula: fifty dollars ($50.00) will be paid for each unused sick day to a maximum payment of $7,500. Payment will be made to the employee or his estate in three equal installmentsinstallment s, the first due within 60 days of the employee’s departure and the remaining two on the first and second anniversary of termination. This is a once-in- a-lifetime benefit and may not be repeated if a former employee who has received this payment is subsequently rehired.

Sick Leave Buy Out. Any Effective on July 1, 2014, any support staff employee covered by the bargaining units who has ten (10) years of continuous service with the same employer, inclusive of bona fide leaves of absence, and who has attained the age of 55, upon employment termination (except for misconduct or poor job performance) shall be paid for accrued unused sick leave according to the following formula: fifty dollars ($50.00) will be paid for each unused sick day to a maximum payment of $7,500. Payment will be made to the employee or his estate in three equal installments, the first due within 60 days of the employee’s departure and the remaining two on the first and second anniversary of termination. This is a once-in- in-a-lifetime benefit and may not be repeated if a former employee who has received this payment is subsequently rehired.