Sick Leave Buyout. At the discretion of the EMPLOYEE and the annual approval of the BOARD, accumulated personal sick leave may be purchased by the BOARD under the following conditions:
Sick Leave Buyout. Employees who separate from state service due to retirement or death shall be compensated for their unused sick leave accumulation at the rate of 25%. Compensation shall be based upon the employee’s salary at the time of separation. For the purpose of this subsection, retirement shall not include “vested out–of–service” employees who leave funds on deposit with the retirement system. Compensation for unused sick leave shall not be used in computing the retirement allowance; therefore no contributions are to be made to the retirement system for such payments, nor shall such payments be reported as compensation. An employee who separates from the classified service for any reason other than retirement or death shall not be paid for accrued sick leave. Annually, employees may also buy out up to twelve (12) days of sick leave per year at the rate of 25% so long as their total accumulation after the buyout is sixty (60) days or more.
Sick Leave Buyout. A buyout of accumulated sick leave days (total sick hours/7), paid at 7.5% (daily rate*.075) of the teacher’s daily rate of pay.
Sick Leave Buyout. All full time paid members shall be entitled to buy out sick leave above the Minimum Cap in the form of an annual contribution to their deferred compensation plan at a dollar for dollar rate. The hours accrued above the minimum cap as of the 1st payday in November shall be the amount of hours eligible for buyout into the Employees deferred compensation account (aka Health Savings Plan, Health Savings Account, Hartford Deferred Compensation Account, or an equivalent approved plan of or by the District). The DISTRICT shall transfer eligible funds into the EMPLOYEE’s deferred compensation account as of the 2nd day in December.
Sick Leave Buyout. Upon retirement, each bargaining unit employee shall receive 25% of their accrued sick leave balance.
Sick Leave Buyout. Retroactive to January 1, 1992, any employee who is eligible for retirement and retires from either the New York State Retirement System or from TIAA/CREF and who has at least fifty
Sick Leave Buyout. The School District and the Association that sick leave buyout and service payment upon separation of service provided under Article IV shall be made in the form of an employer non-elective contribution, not to exceed the applicable contribution limit under Section 415(c)(1) of the Internal Revenue Code, (“Code”), as adjusted for cost of living increases. For Employer Non-elective Contributions made post-employment to former employees' 403(b) accounts, the Contribution Limit shall be based on the employees’ compensation, as determined under Section 403(b)(3) of the Code and in any event, no Employer Non-elective Contribution shall be made on behalf of such former employees after the fifth taxable year following the taxable year in which such employees terminated employment In the event that the calculation of the Employer Non-elective Contribution exceeds the applicable Contribution Limits, the excess amount shall be handled by the Employer as follows:
Sick Leave Buyout. Annually by no later than June 30th, the Sheridan Community Schools will buy all unused sick leave days above one hundred eighty-four (184) days at the prevailing substitute teacher daily rate of pay, not to exceed 13 days in any given year.
Sick Leave Buyout. Effective September 1, 2002, pursuant to Pubic Act 92-0599 and sub- sequently upon the Employee’s request, unused sick leave that can be used for sick leave buy-out will be paid at the current rate of earnings as part of earnings from the University during the period of up to two years of employment prior to retirement, subject to the 20 percent limitation and the guidelines set by SURS. The Employee must submit an irrevocable “election to retire” prior to receiving this benefit. In the event that Act 92-0599 is repealed or amended, unused sick leave that can be used for sick leave buy-out will not be paid as employment prior to retirement to the extent prohibited by such amendment, unless a new agreement allowing such payment is negotiated by the University and UPI. Employees already receiving the benefit at the time of the repeal or amendment of Act 92-0599 will have the choice to continue receiving the benefit.
Sick Leave Buyout. Sick leave paid upon retirement, layoff, or job abolishment pursuant to Article 17, will be paid at fifty percent (50%) of actual time accrued, up to a maximum of 1800 hours for 56 hour employees and 1250 hours for 40 hour employees. For example: If a member retires and has accrued 1532 hours of sick leave, the maximum amount paid will be 766 hours at the member’s regular hourly rate of pay. If a member retires and has accrued 5961 hours of sick leave, the maximum amount paid will be 1800 hours at the member’s regular hourly rate of pay.
