Sick Leave Cash Out Provision Sample Clauses

Sick Leave Cash Out Provision. As an alternative to Sick Leave Conversion, EMPLOYEE, upon retirement, may elect a cash out of this benefit as follows: Years of Service Cash-Out Percentage 10 50% 15 60% 20 75% 21 80% 22 85% 23 90% 24 95% 25 or more 100%
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Sick Leave Cash Out Provision. As an alternative to Sick Leave Conversion, employees, upon retirement, may elect a cash out of this benefit, as follows. Years of Service Sick Leave Cash-Out Percentage 10 10% 15 15% 20 65% 21 75% 22 85% 23 90% 24 95% 25 or more 100% (no max) Employee may elect an annual payment of conversion dollars in annual payments that provide equal payout over time. Maximum annual payment will not exceed twenty five thousand dollars ($25,000.00). Once election is made, it may not be changed. Upon death of the employee, payments cease. If the account is valued at less than fifteen thousand dollars ($15,000.00), and cash out elected, the full amount will be paid upon termination of employment. If the employee chooses the cash out option, the employee is not eligible to continue on the City’s group health insurance plan for themself and dependents. However, employee may return per NRS on any even year and pays full cost of coverage and annual payments continue as selected.
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Sick Leave Cash Out Provision. As an alternative to Sick Leave Conversion, employees, upon retirement, may elect a cash out of this benefit, as follows. Years of Service Sick Leave Cash-Out Percentage 10 20% 15 35% 20 65% 21 75% 22 85% 23 90% 24 95% 25 or more 100% (no max) Employee may elect an annual payment of conversion dollars in annual payments that provide equal payout over time. Maximum annual payment will not exceed twenty-five thousand dollars ($25,000.00). Once election is made, it may not be changed. Upon death of the employee, payments cease. If the sick leave payout is nominally over the $25,000.00, at the discretion of the Finance Director, the remaining balance may be paid out. If the account is valued at less than fifteen-thousand dollars ($15,000.00), and cash out elected, the full amount will be paid upon termination of employment. If the sick leave payout is nominally over the $15,000.00, at the discretion of the Finance Director, the remaining balance may be paid out. If the employee chooses the cash out option, the employee is not eligible to continue on the City’s group health insurance plan for themself and dependents. However, employee may return per NRS on any even year and pays full cost of coverage and annual payments continue as selected. Upon a non-service related death of the employee, the employees’ beneficiaries or estate will receive a one- time payment in accordance with years of service in the sick leave cash out table. At no time, will the payment exceed $25,000.00. After the initial payment, the payments cease.
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Sick Leave Cash Out Provision. As an alternative to Sick Leave Conversion, employees, upon retirement, may elect a cash out of this benefit, as follows. Years of Service Sick Leave Cash-Out Percentage 10 20% 15 35% 20 75% 21 80% 22 85% 23 90% 24 95% 25 or more 100% Employee may elect an annual payment of conversion dollars in annual payments that provide equal payout over time. Maximum annual payment will not exceed twenty five thousand dollars ($25,000.00). Once election is made, it may not be changed. Upon death of the employee, payments cease. If the account is valued at less than fifteen thousand dollars ($15,000.00), and cash out elected, the full amount will be paid upon termination of employment. If the employee chooses the cash out option, the employee is not eligible to continue on the City’s group health insurance plan for themself and dependents. However, employee may return per NRS on any even year and pays full cost of coverage and annual payments continue as selected. The initial payment will be made upon termination with annual payments to be made no later than March 31 of each year.
Sample 1Sample 2
Sick Leave Cash Out Provision. As an alternative to Sick Leave Conversion, employees, upon retirement, may elect a cash out of this benefit, as follows. Years of Service Cash Out Percentage 10 10% 15 15% 20 65% 21 75% 22 85% 23 90% 24 95% 25 years or more 100% If the account is valued at less than $15,000, and cash out elected, full amount will be paid upon termination of employment, Employee may elect an annual payment of conversion dollars  In annual payments that provide equal payout over time  Maximum annual payment will not exceed $25,000  Once election is made, it may not be changed  Upon death of the employee, payments cease If the cash out option is selected, the employee opts out of the City Health Insurance plan for themselves and dependents. Employee may return per NRS, and pays full cost of health coverage and annual payments continue as employee elects above.
Sample 1
Sick Leave Cash Out Provision. As an alternative to Sick Leave Conversion, MANAGER, upon retirement, may elect a cash out of this benefit as follows: Years of Service Cash-Out Percentage 10 50% 15 60% 20 75% 21 80% 22 85% 23 90% 24 95% 25 or more 100% Retired MANAGER may elect an annual payment of conversion dollars in annual payments that provide equal payout over time. Maximum annual payment will not exceed twenty-five thousand dollars ($25,000.00). Once election is made, it may not be changed. Upon death of the retired MANAGER, payments will be made to the retired MANAGER’s then living spouse only, and the payments are otherwise nontransferable. If the sick leave payout is nominally over twenty- five thousand dollars ($25,000.00), at the discretion of the Finance Director, the remaining balance may be paid. If the account is valued at less than fifteen-thousand dollars ($15,000.00), and cash-out is elected, the full amount will be paid upon termination of employment. If the sick leave payout is nominally over the fifteen-thousand dollars ($15,000.00), at the discretion of the Finance Director, the remaining balance may be paid out. If the retired MANAGER chooses this cash out option, the retired MANAGER is not eligible to continue on the CITY’s group health insurance plan for themselves and dependents. However, retired MANAGER may return to the CITY’s group health insurance plan pursuant Nevada Revised Statute on any even-numbered year and pay the full cost of coverage and annual cash payments may continue as selected. If still employed as the MANAGER, and MANAGER suffers a non-service-related death, the MANAGER’s beneficiaries or estate shall receive a one-time payment of a percentage of MANAGER’s accumulated sick leave in accordance with years of service in the sick leave cash out table in Option 2. At no time, will the onetime payment exceed twenty-five thousand ($25,000.00) no matter the years of service. After the initial payment, the payments cease. No other benefits are available to MANAGER’s beneficiaries or estate from accumulated sick leave.
Sample 1
Sick Leave Cash Out Provision. As an alternative to Sick Leave Conversion, EMPLOYEE, upon separation from the City, may elect a cash out of this benefit as follows: Years of Service Cash-Out Percentage 10 50% 15 75% 20 85% 22 90% 23 95% 25 or more 100%
Sample 1
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Sick Leave Cash Out Provision. Effective upon ratification and upon request, bargaining unit members who do not accrue vacation leave may cash out three (3) days per year of accumulated, but unused sick leave, by providing notice to the District in June. The cash out shall then be given to the covered member in their subsequent July paycheck. An additional cash-out period will be provided in November 2022 for the three (3) additional days of accumulated, but unused, sick leave from 2021-2022. The cash out shall be given to the covered member in their subsequent December 2022 paycheck.
Sample 1

Related to Sick Leave Cash Out Provision

  • Sick Leave Cash Out Eligible employees may elect to receive monetary compensation for accrued sick leave as follows: In January of each year an employee whose sick leave balance at the end of the previous year exceeds four hundred eighty (480) hours may elect to convert the sick leave hours earned in the previous calendar year, minus those hours used during the year, to monetary compensation. No sick leave hours may be converted which would reduce the calendar year end balance below four hundred eighty (480) hours. Monetary compensation shall be paid at the rate of twenty-five percent and shall be based on the employee’s current salary. All converted hours will be deducted from the sick leave balance. Employees who separate from University service due to retirement or death shall be compensated for the unused sick leave accumulation from the date of most recent hire in a leave eligible position with the State of Washington at the rate of 25%. Compensation shall be based upon the employee’s wage at the time of separation. For the purpose of this section, retirement shall not include vested out of service employees who leave funds on deposit with the retirement system. Former eligible employees who are re-employed within three (3) years of their separation from service shall be granted all unused sick leave credits, if any, to which they are entitled at time of separation.

  • Sick Leave Annual Cash Out Each January an employee is eligible to receive cash on a one (1) hour for four (4) hours basis for ninety-six (96) hours or less of their accrued sick leave, if:

  • Sick Leave Payment (a) The District shall for all Regular Full-time and Regular Part-time employees who have completed three (3) months continuous employment, subject to the conditions as set forth herein:

  • Sick Leave Separation Cash Out At the time of retirement from state service or at death, an eligible employee or the employee’s estate will receive cash for their compensable sick leave balance on a one (1) hour for four (4) hours basis. For the purposes of this Section, retirement will not include “vested out of service” employees who leave funds on deposit with the retirement system.

  • Vacation Cash Out In each calendar year, an employee may make a one-time request to cash out and receive payment for up to forty (40) hours of vacation. In order to be eligible to cash out vacation hours, the employee must be a regular status employee and have a remaining vacation balance of sixty (60) hours or more. Vacation leave that has been pre-approved will be considered when the request is made in order to determine if they will maintain the minimum vacation balance requirement.

  • Sick Leave Payout No cash payment for unused sick leave will be paid to any employee leaving the service of the Employer.

  • Sick Leave Accrual Full-time employees will accrue eight (8) hours of sick leave in a calendar month. Part- time employees will accrue sick leave credit on the same proportional basis that their employment schedule bears to a full-time schedule, up to a maximum of eight (8) hours in a calendar month.

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