Common use of SICK LEAVE CONVERSION UPON RETIREMENT Clause in Contracts

SICK LEAVE CONVERSION UPON RETIREMENT. Section 1. Employees who retire in accordance with the rules and regulations of P.E.R.S. (Public Employees Retirement System of Ohio) shall be compensated in a lump sum for that portion of unused sick leave as follows: For employees hired before February 1, 2015, all sick leave hours on credit up to a maximum of nine hundred sixty (960) hours. Additionally, twenty-five percent (25%) of all sick leave hours over nine hundred sixty (960) hours, up to a maximum of six hundred (600) hours (maximum of one hundred fifty [150] additional hours paid). Under no circumstances will more than one thousand one hundred ten (1,110) hours be paid). For employees hired after February 1, 2015, the maximum sick leave conversion shall be nine hundred sixty (960) hours or twenty-five percent (25%) of their accumulation, whichever is less. A lump sum payment shall be calculated on the basis of the employee's annual wage at retirement divided by 2080, multiplied by the number of sick leave hours for which he/she is to be paid. Such lump sum payment is to be made in two (2) equal payments as mutually agreed upon by the employee and the Employer provided that the employee has given the City six (6) months. If the employee provides advance notification to the City Auditor that the pay out of sick leave is to be transferred to a tax deferred qualifying account, the full lump sum shall be electronically transferred to said account within fourteen (14) days of the employee’s retirement. Section 2. Employees who have retired and received lump sum payments for sick leave credit as outlined above, shall not, upon re-employment by the City, be eligible for sick leave reaccrediting. Section 3. The death of an employee shall be treated as a retirement for the purpose of payment of sick leave lump sum amounts. Only sick leave credit earned by employment with the City may be converted. Section 4. Any sick leave taken for elective surgery or improper use of sick leave, in the three (3) month period immediately preceding retirement, shall be deducted hour-for-hour from the maximum sick leave payable under this article upon retirement.

SICK LEAVE CONVERSION UPON RETIREMENT. Section 1. Employees who retire in accordance with the rules and regulations of P.E.R.S. (Public Employees Retirement System of Ohio) shall be compensated in a lump sum for that portion of unused sick leave as follows: : A. For employees hired before February January 1, 20152014, all sick leave hours on credit up to a maximum of nine hundred sixty (960) hours. Additionally, twenty-five percent (25%) of all sick leave hours over nine hundred sixty (960) hours, up to a maximum of six hundred (600) hours (maximum of one hundred fifty [150] additional hours paid). Under no circumstances will more than one thousand one hundred ten (1,110) hours be paid). . B. For employees hired after February 1, 2015, the maximum sick leave conversion shall be nine hundred sixty (960) hours or twenty-five percent (25%) of their accumulation, whichever is less. A lump sum payment shall be calculated on the basis of the employee's annual wage at retirement divided by 2080, multiplied by the number of sick leave hours for which he/she is to be paid. Such lump sum payment is to be made in two (2) equal payments as mutually agreed upon by full on the employee second pay in June and the Employer first pay in December each year, provided that the employee has given the City six (6) months. If the employee provides months advance notification to the City Auditor that the pay out notice of sick leave is to be transferred to a tax deferred qualifying account, the full lump sum shall be electronically transferred to said account within fourteen retirement (14) days of the employee’s retirementwritten). Section 2. Employees who have retired and received lump sum payments for sick leave credit as outlined above, shall not, upon re-employment by the City, be eligible for sick leave reaccrediting. Section 3. The death of an employee shall be treated as a retirement for the purpose of payment of sick leave lump sum amounts. Only sick leave credit earned by employment with the City may be converted. Section 4. Any sick leave taken for elective surgery or improper use of sick leave, in the three (3) month period immediately preceding retirement, shall be deducted hour-for-hour from the maximum sick leave payable under this article upon retirement.

SICK LEAVE CONVERSION UPON RETIREMENT. Section 1. Employees who retire in accordance with according to the rules and regulations of P.E.R.S. (Public Employees Retirement System of Ohio) established by the applicable retirement board shall be compensated in a lump sum for that portion of unused sick leave as follows: : (a) For employees hired before February November 1, 20152013, all sick leave hours on credit up to a maximum of nine hundred sixty (960) hours. Additionally, twenty-five percent (25%) of all sick leave hours over nine hundred sixty (960) hours, up to a maximum of six hundred (600) hours (maximum of one hundred fifty [150] additional hours paid). Under no circumstances will more than one thousand one hundred and ten (1,1101110) hours be paid). , (b) For employees hired on or after February November 1, 20152013, the maximum sick leave conversion shall be nine hundred sixty (960) hours or twenty-five percent (25%) of their accumulation, whichever is less. A lump sum payment shall be calculated on the basis of the employee's annual wage at retirement divided by 2080’s base hourly rate, multiplied by the number of sick leave hours for which he/she is to be paid. Such lump sum payment is to be made in two (2) equal payments as mutually agreed upon by the employee and the Employer provided that the employee has given the City six (6) months. If the employee provides advance notification to the City Auditor that the pay out of sick leave is to be transferred to a tax deferred qualifying account, the full lump sum shall be electronically transferred to said account within fourteen (14) days of the employee’s retirement. Section 2. Employees who have retired and received lump sum payments for sick leave credit as outlined above, shall not, upon re-employment by the City, be eligible for sick leave reaccrediting. Section 3. The death of an employee shall be treated as a retirement for the purpose of payment of sick leave lump sum amounts. Only sick leave credit earned by employment with the City may be converted. Section 4. Any sick leave taken for elective surgery or improper use of sick leave, in the three (3) month period immediately preceding retirement, shall be deducted hour-for-hour from the maximum sick leave payable under this article upon retirement.