Sick Leave Payoff Upon Retirement. After an employee retires, the Employer will pay to the employee or the employee's estate in the event of death after retirement, seventy-five (75%) percent of unused accumulated sick leave up to a maximum accumulation of one hundred (100) days at the time the employee retires. Accumulated sick leave shall be converted to a monetary amount, based on the employee's regular straight time hourly rate of pay in effect at the time of retirement. Payoff is currently made within 30 days of retirement date.
Sick Leave Payoff Upon Retirement. After an employee retires, the Employer will pay to the employee or the employee's estate in the event of death after retirement, seventy-five (75%) percent of unused accumulated sick leave up to a maximum accumulation of one hundred (100) days over a seven (7) year period after the date the employee retires. Accumulated sick leave shall be converted to a monetary amount, based on the employee's regular straight time hourly rate of pay in effect at the time of retirement, and paid to the employee or the employee's estate in equal monthly installments for a period of eighty-four (84) months. E X A M P L E Maximum Accumulation: 100 Days Rate of Pay: $21,000 annually = $10.10 per hour Duration of Payments: 84 months (7 years) Rate of Pay-off: 75% Maximum Days for Pay-off: 100 days x 75% = 75 days Maximum Hours for Pay-off: 75 days x 8 hours per day = 600 Hours Monetary Total Pay-off: 600 Hours x $10.10 per hour = $6,060.00 Monthly Installment Payment: $6,060.00 ÷ 84 months = $72.14 per month
