Common use of Sick Leave Pay Out Clause in Contracts

Sick Leave Pay Out. In addition to the benefits provided in Section 2 and Section 4 of this Article, an employee who qualifies for retirement under the terms of PERA shall be eligible to receive as severance pay upon his/her retirement the amount obtained by multiplying (fifty percent) 50% of his/her unused number of sick leave hours times the employee’s hourly rate of pay. This amount shall be paid to a District-approved Special Pay Deferral Plan or 403(b) account no later than sixty (60) days following retirement.

Sick Leave Pay Out. In addition to the benefits provided in Section 2 and Section 4 of this Article, an employee who qualifies for retirement under the terms of PERA XXXX shall be eligible to receive as severance pay upon his/her retirement the amount obtained by multiplying (fifty percent) 50% of his/her unused number of sick leave hours times the employee’s hourly rate of pay. This amount shall be paid to a District-approved Special Pay Deferral Plan or 403(b) account no later than sixty (60) days following retirement.