Sick Leave Conversion at Retirement. Any full-time employee, regardless of length of service at Cincinnati State, who formally retires per the regulations of SERS and is eligible to draw retirement benefits from the system may convert accumulated sick leave up to a maximum of 30 days at the rate of one day for every three days of sick leave into a lump sum payment upon the effective date of official retirement. When the lump sum cash payment amount an eligible employee may receive is computed, the rate shall be computed as .00384 x the employee's current annual salary x the number of eligible days.
Appears in 5 contracts
Sick Leave Conversion at Retirement. Any full-time employee, regardless of length of service at Cincinnati State, who formally retires per retiresper the regulations of SERS and is eligible to draw retirement benefits from the system may convert accumulated sick leave up to a maximum of 30 days at the rate of one day for every three days of sick leave into a lump sum payment upon the effective date of official retirement. When the lump sum cash payment amount an eligible employee may receive is computed, the rate therate shall be computed as .00384 x the employee's current annual salary x the number of eligible days.
Appears in 4 contracts
