Sick Leave Conversion for Retirement Sample Clauses

Sick Leave Conversion for Retirement. 11.12.1 For retirement purposes pertaining to teachers, unused sick leave may be accumulated up to 310 days thereafter from the beginning of a teacher’s employment by the school district. The dollar value of such unused sick leave may be used to purchase a portion of, or all of, the cost of continuation after retirement for the teacher and/or spouse in the current district group health insurance plan until such sum is exhausted. The dollar value of unused sick leave shall be calculated by multiplying 1/200th of the average salary for any consecutive (5) year period, by fifty-five hundredths (.55) times the number of unused sick days. The 5 year period shall be selected by the teacher. Lump sum payments representing unused sick leave will not be permitted in any form. When unused sick leave is exhausted, the teacher and/or spouse may remain under the group plan at their own expense.
Sample 1
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Related to Sick Leave Conversion for Retirement

  • Sick Leave Conversion On January 1 of each year, an employee may convert up to a maximum of 30 hours accumulated sick leave at fifty percent (50%) cash value for the sole purpose of reimbursing the employee for medical costs. This conversion is subject to the following:

  • Death or Disability The Executive's employment shall terminate automatically upon the Executive's death during the Employment Period. If the Company determines in good faith that the Disability of the Executive has occurred during the Employment Period (pursuant to the definition of Disability set forth below), it may give to the Executive written notice in accordance with Section 12(b) of this Agreement of its intention to terminate the Executive's employment. In such event, the Executive's employment with the Company shall terminate effective on the 30th day after receipt of such notice by the Executive (the "Disability Effective Date"), provided that, within the 30 days after such receipt, the Executive shall not have returned to full-time performance of the Executive's duties. For purposes of this Agreement, "Disability" shall mean the absence of the Executive from the Executive's duties with the Company on a full-time basis for 180 consecutive business days as a result of incapacity due to mental or physical illness which is determined to be total and permanent by a physician selected by the Company or its insurers and acceptable to the Executive or the Executive's legal representative.

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