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 2010% 15 3515% 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, 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
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
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Related to Sick Leave Cash Out Provision

  • 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 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.

  • Sick Leave Pool a. The Sick Leave Pool is intended to provide security to supplement other insurance benefits by allowing employees to "buy" insurance for extended illness, or other disability. Pool Days may be used to "make an employee whole" if disability or Workers' Compensation benefits are less than normal base pay. When "buying" Pool Days, employees convert Earned Time days on a 1:3 basis. Similar to purchasing insurance, the employee may pick a given number of days to exchange for coverage in case of extended disability.

  • 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.

  • Sick Leave Payoff Employee with accrued, unused sick leave may, at the time of separation, select one of the following options for reimbursement:

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