Common use of Sick Leave Cash Out Provision Clause in Contracts

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.

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 202010% 15 353515% 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.

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 202010% 15 353515% 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 $25,000.0025,000.00 amount, at the discretion of the Finance Director, the remaining balance may be paid out. If the account is valued at less than fifteen-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 account is nominally over the $15,000.0015,000.00 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 in and the sick leave cash out tabletable contained in this Agreement. At no time, will the payment exceed $25,000.00. After , and after the initial payment, the payments cease.

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 $25,000.0025,000.00 amount, at the discretion of the Finance Director, the remaining balance may be paid out. If the account is valued at less than fifteen-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 account is nominally over the $15,000.0015,000.00 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 in and the sick leave cash out tabletable contained in this Agreement. At no time, will the payment exceed $25,000.00. After , and after the initial payment, the payments cease.