Common use of SICK LEAVE PAYMENT UPON RETIREMENT Clause in Contracts

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.