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:
a. A minimum balance of twenty (20) days must be maintained at all times
b. The maximum number of days eligible for purchase by the BOARD shall be in accordance with F.S. 1012.61(2) (a) (3).
c. The purchase price of the sick leave days purchased shall be set at the EMPLOYEE's current daily rate of pay multiplied by 50% for an EMPLOYEE with zero (0) to twelve (12) years of experience in Xxxxxxx County and by 80% for EMPLOYEES with thirteen (13) or more years of experience in the Xxxxxxx County Schools. Experience is defined in Article 12.016.
d. Days for which an EMPLOYEE receives payment will be deducted from the accumulated leave balance at 100% value even if restricted by item (c) above.
e. All payments made under this section will be considered as salary and, therefore, be subject to federal income tax and social security tax.
f. Application letters must be submitted to the Human Resources/Compensation Office prior to June 30th of each year to be paid the following school year and must include the total number of days requested. In calculating buyout pay, the collective bargaining AGREEMENT in effect at the time the EMPLOYEE elects the buyout provision will be used to determine the appropriate pay. The EMPLOYEE may choose between payment either in the first contractual pay period in the fall or the first pay period in January in the following school year.
Sick Leave Buyout. At the discretion of the EMPLOYEE and the annual approval of the SUPERINTENDENT, accumulated personal sick leave may be purchased by the BOARD under the following conditions:
(a) A minimum balance of twenty (20) days must be maintained at all times.
(b) The maximum number of days eligible for purchase by the BOARD shall be in accordance with Section 1012.61(2) (a) 3, Florida Statutes.
(c) The purchase price of the sick leave days purchased shall be set at the EMPLOYEE's cur- rent daily rate of pay multiplied by:
(i) 50% for an EMPLOYEE with zero (0) to twelve (12) years of experience in Collier County;
(ii) 80% for EMPLOYEES with thirteen (13) or more years of experience in Collier County schools.
(d) A year of experience is defined as
(i) A complete contract year of service.
(ii) In the initial year of employment, a year of experience shall be credited when the beginning date of employment is prior to January 1.
(e) Days for which an EMPLOYEE receives payment will be deducted from accumulated leave balance at 100% value even if restricted by Section 12.11(c) above.
(f) All payments made under this section will be considered as salary and, therefore, be subject to federal income tax and social security tax.
(g) The application form must be submitted to the Human Resources/Compensation Office prior to June 30th of each year to be paid in the following school year and must include the total number of days requested. In calculating buyout pay, the collective bargaining Agreement in effect at the time the EMPLOYEE elects the buyout provision will be used to determine the appropriate pay. The EMPLOYEE may choose between payment either in the first contractual pay period in the fall or the first pay period in January in the following school year.
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 10% (daily rate* .10) of the teacher’s daily rate of pay.
Sick Leave Buyout. (OPSRP Members)
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
Sick Leave Buyout. 1. Upon retirement, the employee shall request to make pre-tax contributions into the WSCFF Employee Benefit Trust in the amount equal to 100% of the employee’s sick leave buyout per Article 10, section F.
2. The trust fund is established in accordance with applicable federal and state laws.
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.
a. This money shall be deposited into an unallocated or individual VEBA/HRA account which has been established by the school corporation for the given teacher as provided for in Article VI, Sections C and E, below.
b. This VEBA/HRA account shall be administered by parties’ vendor of the IRS Section 401 (a).
c. Said VEBA/HRA account shall vest after ten (10) years of employment in the district with such years coming before and/or after creation of this benefit.
d. These VEBA/HRA contributions and the amount generated by the agreed rate of return shall be used to discount dollar for dollar any benefits due a retiring teacher pursuant to Article VI, Section A and B, below.
e. Contributions to individual VEBA/HRA accounts shall be controlled by the applicable VEBA/HRA provisions found at article VI, below.
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. Full time employees who have accumulated over thirty-five days of sick leave may, at the employee's option, sell back to the Employer up to twelve sick days per year at fifty percent of their current daily rate of pay, provided that the sale of such sick leave does not reduce the employee's sick leave accumulation below thirty- five days. Payment for such excess sick leave shall be made in the first pay period in December.
