SICK LEAVE PAYMENT UPON RETIREMENT Sample Clauses

SICK LEAVE PAYMENT UPON RETIREMENT. 31.1 Employees may receive cash payment for sick leave at retirement per the following: All classified and unclassified employees who have completed ten (10) or more years of active service with the Employer, and who are eligible and have applied for retirement benefits from one of the retirement systems of the State of Ohio, may elect to be paid in cash for one-fourth of their accrued but unused sick leave credit. This payment will be based upon the employee's rate of pay at the time of retirement. The maximum payment allowed will be one-fourth (1/4) of 960 hours (30 days). Upon accepting such payment all sick leave accrued up to that time will be eliminated. Such payment will be made only once to any employee. An employee who returns to employment at the University of Toledo or any other state facility, after retiring, may accrue and use sick leave at the time of second retirement.
Sample 1Sample 2Sample 3See All (8)
AutoNDA by SimpleDocs
SICK LEAVE PAYMENT UPON RETIREMENT. A. An employee hired on or before June 30, 1979, shall upon formal retirement from the City under the Public Employees' Retirement System, be paid for each day of unused sick leave or fraction thereof which has accrued to his/her credit up to and including his/her last day of work, but not to exceed 45 days or 360 hours. An employee hired on or after July 1, 1979 shall not be eligible for sick leave payment upon retirement. B. For employees hired on or before June 30, 1979 sick leave pay off upon retirement shall be the sum of: a. Frozen sick leave balance upon date of retirement. b. Accumulative sick leave balances upon retirement. However, in no event shall the payoff exceed 360 hours.
Sample 1Sample 2Sample 3See All (5)
SICK LEAVE PAYMENT UPON RETIREMENT. Teachers who are retiring with fifteen (15) years of service or more to Xxxxxxxx County Public Schools shall be paid a stipend of $50 per day for unused accumulated sick leave not credited by the Maryland State Retirement and Pension System towards full retirement. This is based on the methodology used by the Maryland State Retirement and Pension System as of 2012.
Sample 1
SICK LEAVE PAYMENT UPON RETIREMENT. A. Eligibility for supplemental compensation on retirement is set forth in N.J.S.A. 11A:6-16 and N.J.A.C. 4A:6-3.1, et seq. B. Upon retirement, an employee shall be entitled to the cash payment calculated at the rate of one (1) day's pay for each two (2) days of unused accumulated sick leave, not to exceed fifteen thousand ($15,000) dollars. The rate of payment shall be calculated based upon the average annual compensation received during the last year of his/her retirement. The payment shall be made in a lump sum within ninety (90) days of retirement. C. To the extent legislation is passed during the term of this agreement which mandates an immediate amendment to the supplemental compensation provisions herein, members of the unit shall be subject to those legislative changes in accordance with that legislation.
Sample 1
SICK LEAVE PAYMENT UPON RETIREMENT. An employee hired on or before June 30, 1979 shall upon formal retirement from the City under the Public Employees' Retirement System be paid for each day of unused sick leave or fraction thereof which has accrued to his credit up to and including his last day of work but not to exceed 45 days or 360 hours. An employee hired on or after July 1, 1979 shall not be entitled to sick leave payoff upon retirement.
Sample 1
SICK LEAVE PAYMENT UPON RETIREMENT. After 10 years of creditable teaching experience in the Boothbay-Boothbay Harbor Community School District, a teacher shall receive payment at the teacher's per diem rate of pay for up to thirty days of accumulated sick leave upon retirement.
Sample 1
SICK LEAVE PAYMENT UPON RETIREMENT. The District shall pay teachers who retire within the meaning of retirement for purposes of the New York State Teachers' Retirement System (NYSTRS) twenty ($20.00) dollars for each accumulated and unused sick leave days in excess of fifty (50) days up to the maximum of 190 accumulated and unused days. The maximum payment amount for each teacher shall not exceed $2,800.00.
Sample 1
AutoNDA by SimpleDocs
SICK LEAVE PAYMENT UPON RETIREMENT. Employees who have a minimum of one-hundred unused accumulated sick days on their effective date of retirement shall be eligible to receive payment for twenty percent (20%) of their accumulated unused sick leave days. For example, if an employee had 100 unused accumulated sick days on the effective date of retirement, he/she is eligible for payment as follows:
Sample 1

Related to SICK LEAVE PAYMENT UPON RETIREMENT

  • Vacation Leave on Retirement ‌ An employee scheduled to retire and to receive pension benefits under the Public Service Pension Plan Rules or who has reached the mandatory retiring age, shall be granted full vacation entitlement for the final calendar year of service.

  • TERMINATION UPON RETIREMENT Termination of Executive’s employment based on “

  • Pre-Retirement Death Benefit (a) Normal form of payment. If (i) the Director dies while employed by the Bank, and (ii) the Director has not made a Timely Election to receive a lump sum benefit, this Subsection 4.1(a) shall be controlling with respect to pre-retirement death benefits. The balance of the Director=s Retirement Income Trust Fund, measured as of the later of (i) the Director=s death, or (ii) the date any final lump sum Contribution is made pursuant to Subsection 2.1(b), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable for the Payout Period. Such benefits shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is less than the rate of return used to annuitize the Retirement Income Trust Fund, no additional contributions to the Retirement Income Trust Fund shall be required by the Bank in order to fund the final benefit payment(s) and make up for any shortage attributable to the less-than-expected rate of return. Should Retirement Income Trust Fund assets actually earn a rate of return, following the date such balance is annuitized, which is greater than the rate of return used to annuitize the Retirement Income Trust Fund, the final benefit payment to the Director=s Beneficiary shall distribute the excess amounts attributable to the greater-than-expected rate of return. The Director=s Beneficiary may request to receive the unpaid balance of the Director=s Retirement Income Trust Fund in a lump sum payment. If a lump sum payment is requested by the Beneficiary, payment of the balance of the Retirement Income Trust Fund in such lump sum form shall be made only if the Director=s Beneficiary notifies both the Administrator and trustee in writing of such election within ninety (90) days of the Director=s death. Such lump sum payment shall be made within thirty (30) days of such notice. The Director=s Accrued Benefit Account (if applicable), measured as of the later of (i) the Director's death or (ii) the date any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account pursuant to Subsection 2.1(c), shall be annuitized (using the Interest Factor) into monthly installments and shall be payable to the Director's Beneficiary for the Payout Period. Such benefit payments shall commence within thirty (30) days of the date the Administrator receives notice of the Director=s death, or if later, within thirty (30) days after any final lump sum Phantom Contribution is recorded in the Accrued Benefit Account in accordance with Subsection 2.1(c).

  • Post-Retirement Benefits The present value of the expected cost of post-retirement medical and insurance benefits payable by the Borrower and its Subsidiaries to its employees and former employees, as estimated by the Borrower in accordance with procedures and assumptions deemed reasonable by the Required Lenders is zero.

  • Disability Retirement If, as a result of your incapacity due to physical or mental illness, You shall have been absent from the full-time performance of your duties with the Company for 6 consecutive months, and within 30 days after written notice of termination is given You shall not have returned to the full-time performance of your duties, your employment may be terminated for "Disability." Termination of your employment by the Company or You due to your "Retirement" shall mean termination in accordance with the Company's retirement policy, including early retirement, generally applicable to its salaried employees or in accordance with any retirement arrangement established with your consent with respect to You.

  • Death, Retirement or Disability Executive’s employment shall terminate automatically upon Executive’s death or Retirement during the Employment Period. For purposes of this Agreement, “Retirement” shall mean normal retirement as defined in the Company’s then-current retirement plan, or if there is no such retirement plan, “Retirement” shall mean voluntary termination after age 65 with ten years of service. If the Company determines in good faith that the Disability of Executive has occurred during the Employment Period (pursuant to the definition of Disability set forth below), it may give to Executive written notice of its intention to terminate Executive’s employment. In such event, Executive’s employment with the Company shall terminate effective on the 30th day after receipt of such written notice by Executive (the “Disability Effective Date”), provided that, within the 30 days after such receipt, Executive shall not have returned to full-time performance of Executive’s duties. For purposes of this Agreement, “Disability” shall mean a mental or physical disability as determined by the Board of Directors of the Company in accordance with standards and procedures similar to those under the Company’s employee long-term disability plan, if any. At any time that the Company does not maintain such a long-term disability plan, “Disability” shall mean the inability of Executive, as determined by the Board, to perform the essential functions of his regular duties and responsibilities, with or without reasonable accommodation, due to a medically determinable physical or mental condition which has lasted (or can reasonably be expected to last) for twelve workweeks in any twelve-month period. At the request of Executive or his personal representative, the Board’s determination that the Disability of Executive has occurred shall be certified by two physicians mutually agreed upon by Executive, or his personal representative, and the Company. Failing such independent certification (if so requested by Executive), Executive’s termination shall be deemed a termination by the Company without Cause and not a termination by reason of his Disability.

  • Retirement, Death or Disability If the Executive’s employment terminates during the Term of this Agreement due to his death, a disability that results in his collection of any long-term disability benefits, or retirement at or after age 62, the Executive (or the beneficiaries of his estate) shall be entitled to receive the compensation and benefits that the Executive would otherwise have become entitled to receive pursuant to subsection (d) hereof upon a resignation without Good Reason.

  • Deferred Retirement a. An employee who is eligible for paid retirement at the time he or she separates from County service, but elects deferred retirement, may defer participation in the Grant until such time as he or she becomes an active retiree. b. An otherwise eligible employee who is not eligible for paid retirement at the time he or she separates from County service but is eligible for and elects deferred retirement shall not become eligible for participation in the Grant.

  • Sick Leave Payout No cash payment for unused sick leave will be paid to any employee leaving the service of the Employer.

  • Sick Leave Bonus ‌ For every six (6) months of perfect sick leave attendance after July 1, 1987, the employee will receive eight (8) hours of bonus time. This bonus time will be prorated for part-time employees. Such bonus time can be used for any leave purpose covered by this Agreement. Such bonus time shall be counted as vacation leave credits for purposes of determining eligibility for carry- over and cash payments.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!