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: 10 50% 15 60% 20 75% 21 80% 22 85% 23 90% 24 95% 25 or more 100%
Sample 1Sample 2Sample 3See All (10)
AutoNDA by SimpleDocs
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. 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 2See All (7)
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. 10 2010% 15 3515% 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 amount, 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 account is nominally over the $15,000.00 amount, 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 the employees’ years of service and the sick leave cash out table contained in this Agreement. At no time, will the payment exceed $25,000.00, and after the initial payment, the payments cease.
Sample 1See All (4)
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: 10 50% 15 75% 20 85% 22 90% 23 95% 25 or more 100%
Sample 1
Sick Leave Cash Out Provision. As an alternative to conversion of accumulated sick leave, EMPLOYEE, upon retirement, may elect to cash out accumulated unused sick leave at the applicable percentage as set forth below: 10 50% 15 60% 20 75% 21 80% 22 85% 23 90% 24 95% 25 or more 100% a. Retired EMPLOYEE may elect annual payments of conversion dollars that provide equal payout over time. b. This benefit is nontransferable and does not survive retired EMPLOYEE. c. Maximum annual payment will not exceed twenty-five thousand dollars ($25,000.00). Once election is made, it may not be changed. If the sick leave payout is nominally over twenty-five thousand dollars ($25,000.00), at the discretion of the Chief Financial Officer, the remaining balance may be paid. d. 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 fifteen-thousand dollars ($15,000.00), at the discretion of the Chief Financial Officer, the remaining balance may be paid. e. If the retired EMPLOYEE chooses this cash out option, the retired EMPLOYEE and dependents are not eligible to continue on the CITY’s group health insurance. However, retired EMPLOYEE may return to the CITY’s group health insurance plan not later than January 31 of an even- numbered year pursuant to NRS 287.0205 and annual cash payments may continue as selected. f. EMPLOYEE who elects conversion of accumulated sick leave to an insurance benefit as set forth in Section 3(R)(3) above is not entitled to sick leave cash-out.
Sample 1
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 21 80% 22 85% 23 90% 24 95% If the account is valued at less than $15,000, and cash out elected, full amount will be paid upon termination of employment, If the cash out option is selected, the employee opts out of City Health Insurance plan for themselves and dependents. Employee may return per NRS on any even year and pays full cost of coverage and annual payments continue as selected.
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
AutoNDA by SimpleDocs
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: 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

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, employees are 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: A. Their sick leave balance at the end of the previous calendar year exceeds four hundred and eighty (480) hours; B. The converted sick leave hours do not reduce their previous calendar year sick leave balance below four hundred and eighty (480) hours; and C. They notify their payroll office by January 31st that they would like to convert their sick leave hours earned during the previous calendar year, minus any sick leave hours used during the previous year, to cash. All converted hours will be deducted from the employee’s sick leave balance.

  • 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 Pool The purpose of the emergency sick leave pool is to furnish additional sick days for certified staff under the negotiated agreement. This leave can only be used during the school year after the teacher has exhausted all regular accumulated sick leave and discretionary leave. Leave will be granted for catastrophic illness or injury of the employee only, on a first-come, first-ask basis. The emergency sick leave pool will be funded by the days certified staff has over the 80-day maximum sick leave this is given to each employee on July 1 of each year. All days over the 80-day accumulated sick leave the employees receive will be put into an emergency sick leave pool with an accumulation not to exceed 80 days for the pool. The maximum number of emergency sick leave pool days that may be accumulated during the school year is 20 days. A written application along with a physician’s statement documenting the nature of the catastrophic illness or injury must be sent to the building principal. The Emergency Sick Leave Pool Committee will meet within 10 calendar days after receiving the application to consider the request. The application may be sent to the building principal before the employee’s regular sick leave ends. The Emergency Sick Leave Pool Committee will consist of six members. One member from each of the four schools (“Primary, Intermediate, Middle, and High School”) the Superintendent and the building principal from the building of the applicant. All members will meet to determine ach request; however, the committee member representing the same building as the applicant will not vote. The building principal and superintendent will vote in all cases. The committee members will serve for a period of two years. The Primary and Middle School members will be elected on even calendar years and the Intermediate and the High School members will be elected on odd calendar years. If a member of the committee leaves the employment of the USD 210 before the end of his/her term, the committee will appoint a new committee member form the affected building. The committee members will be in place by September 1 of each year. The emergency sick leave bank may not be used to cover employees who are receiving pay, salary protection payments, and disability insurance payments or are eligible to receive compensation from workers’ compensation or KPERS disability.

  • 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 All eligible employees shall accrue sick leave at the rate of four (4) hours per pay period of continuous employment beginning with their date of eligibility. Eligible employees being paid for less than a full eighty (80) hour pay period shall have sick leave accruals pro-rated in accord with the schedule set forth in Appendix D.

  • Sick Leave Usage 1. Sick leave may be used by an employee when sick, injured, or quarantined. Also sick leave may be used on the occasion of an illness in the employee's family, where a need can be shown. 2. In computing compensation payable for sick leave, the compensation paid shall be the amount the employee would earn during the sick leave period if working at their current rate of pay and work schedule without the inclusion of overtime earnings.

  • Vacation Payout Where an employee requests in writing to have a specific number of vacation days paid out, and the Employer agrees to the request, the Employer will issue pay in lieu of vacation. Pay in lieu of vacation, if agreed, will be granted only after a minimum of 15 days' vacation time has already been taken in the year.

  • Sick Leave Pay A Nurse granted sick leave shall be paid for the period of such leave at her or his regular hourly rate of pay and the number of hours thus paid shall be deducted from the accumulated sick leave credits of the Nurse.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!