Sick Leave Cash Out Provision Upon Retirement Sample Clauses

Sick Leave Cash Out Provision Upon Retirement. 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). If the sick leave payout is nominally over the twenty-five thousand dollars ($25,000.00), at the discretion of the Finance Director, the remaining balance may be paid. 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 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 employee chooses the cash out option, the employee is not eligible to continue on the City’s group health insurance plan for themselves 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. Upon a non-service related death of the employee, the employee’s beneficiaries or estate will receive a on- time payment in accordance with years of service in the sick leave cash out table. At no time, will the payment exceed twenty-five thousand ($25,000.00). After the initial payment, the payments cease.