Common use of SICK LEAVE CREDIT PAYMENT Clause in Contracts

SICK LEAVE CREDIT PAYMENT. From Part A of Appendix A - “Retirement Gratuities were frozen as of August 31, 2012. A Teacher is not eligible to receive a sick leave credit gratuity or any non-sick leave credit retirement gratuity (such as, but not limited to, service gratuities or RRSP contributions) after August 31, 2012, except a sick leave credit gratuity that the Teacher had accumulated and was eligible to receive as of that day. L11.01 The Employer shall pay to a Teacher, who has not fewer than five (5) consecutive years of contracted service with the Hastings and Xxxxxx Xxxxxx District School Board, and who resigns for the purpose of retiring to a pension (including commuted value under the TPP Act) an amount equal to the Teacher’s rate of salary, wages or other remuneration for one-half the number of days standing to the Teacher’s credit in the Teacher’s accumulated sick leave credit account. 01.01 SLCP = ½ of CSL x S x N 01.02 Where SLCP is the amount of sick leave credit payment; CSL is the number of accumulated Sick Leave Credits accrued in 10.06 (“Bank A”), and the balance of supplementary Sick Leave Credits accrued in 10.07 (“Bank B”) to a maximum of 200 days; S is the Teacher’s salary at the time of retirement; N is the number of years of contracted service to a maximum of twenty (20).