Common use of Sick Leave Exchange Clause in Contracts

Sick Leave Exchange. All employees eligible for a normal retirement on or before December 31, 2010 shall have the following sick leave exchange and service time purchase opportunity: i. The ability to exchange fifty (50) days of accrued sick, vacation or annual leave for which they would otherwise be paid at retirement for one year of added service for eligibility and benefit accrual purposes, and in addition, may also purchase a year of additional service for eligibility and benefit accrual purposes at the rate of thirty percent (30%) of current salary/year. ii. The total service time gained through accrual exchange may not exceed three (3) years and the total gained through a combination of accrual exchange and purchase may not exceed four (4) years. Purchase of service may include transfer of funds from qualified 457 Plans (Deferred Compensation) to the Defined Benefit Plan to the extent permitted by IRS Regulations.

Sick Leave Exchange. All employees eligible for a normal retirement on or before December 31, 2010 shall have the following sick leave exchange and service time purchase opportunity: i. The ability to exchange fifty (50) days of accrued sick, vacation sick or annual leave for which they would otherwise be paid at retirement for one year of added service for eligibility and benefit accrual purposes, and in addition, may also purchase a year of additional service for eligibility and benefit accrual purposes at the rate of thirty percent (30%) of current salary/year. ii. The total service time gained through accrual exchange may not exceed three (3) years and the total gained through a combination of accrual exchange and purchase may not exceed four (4) years. Purchase of service may include transfer of funds from qualified 457 Plans (Deferred Compensation) to the Defined Benefit Plan to the extent permitted by IRS Regulations.