Sick Leave Payout at Retirement Sample Clauses

Sick Leave Payout at Retirement. Upon retirement, the Cities shall credit the unused sick leave to increase retirement benefits under PERS, as provided in ORS 237.153. For purposes of PERS sick leave fold-in, the sick leave cap in the PERS bank will be1,894 hours for 40 hour employees and 2,500 hours for 24 hour shift employees. For all twenty-four (24) hour shift employees, the Cities will maintain a separate tracking system for sick leave fold-in purposes in accordance with PERS guidelines. In the event that PERS changes their guidance for the accrual deductions the contract will be reopened for the purpose of negotiating the sick leave cap for PERS reporting. a. Eugene employees shall have no payment of unused sick leave. b. Springfield employees, effective July 1, 2015, there shall be no payment of sick leave at death, retirement or disability retirement, except for employees hired on or before June 30, 2015, as described below. i. Eligible Springfield employees who are members of PERS Tier 1 or Tier 2 shall have any remaining balance between the hours reported to PERS from the PERS sick leave bank and hours in the employee’s City sick leave bank shall be paid out up to 480 hours for 40 hour employees and 720 hours for 24 hour shift employees. Payment of sick leave shall only be made upon retirement, disability retirement or as payment to the estate or beneficiary of a deceased employee. Eligibility for disability retirement shall be determined by PERS. ii. Eligible Springfield employees who are members of OPSRP shall have their unused accumulated sick leave balance from their City sick leave bank paid out up to a maximum of 480 hours for 40 hour employees and 720 hours for 24 hour shift employee. Payment of sick leave shall only be made upon retirement, disability retirement or as payment to the estate or beneficiary of a deceased employee. Eligibility for disability retirement shall be determined by PERS.
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Sick Leave Payout at Retirement. Upon retirement under the provisions of the Michigan Public School Employees Act, employees who are eligible to begin drawing retirement benefits immediately and choose to do so shall be paid at their annual rate for any accumulated sick leave, up to 95 days. The number of days paid will increase to 110 days for employees who are at the maximum sick leave accumulation under Article 12, paragraph C of this agreement. Payment is subject to the following eligibility requirements: 1. The employee must have been hired BEFORE July 1, 2018. Employees hired after this date are not eligible for the payout of any sick leave benefits. 2. Employees hired before July 1, 1990, must have 10 years of service with the CISD. 3. Employees hired on or after July 1, 1990, but before October 1, 2000, must have 15 years of service with the CISD. 4. Employees hired on or after October 1, 2000, but before July 1, 2018, must have 20 years of service with the CISD. Employees are eligible only once to receive a benefit under this section. Employees who receive payment and return to the CISD are not eligible for additional sick leave payment. The parties recognize that there are a number of itinerant staff who have a hire date different than their seniority date due to the District absorbing positions from local school districts. For those employees, the District agrees to use seniority date for purposes of determining benefit eligibility under this section.
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Sick Leave Payout at Retirement. At the time of retirement from OP&F, any full-time employee with ten (10) or more years of service with the City shall be paid in cash for one-fourth (1/4) the value of the employee’s accrued but unused sick leave credit. The payment shall be based on the employee’s rate of pay at the time of retirement and eliminates all sick leave credit accrued but unused by the employee at the time payment is made. The value of accrued but unused sick leave credit that is paid shall not exceed the value of thirty (30) days or 240 hours of accrued but unused sick leave. City of Bellbrook – IAFF Contract December 1, 2014 through November 30, 2017 12-09-14 14-MED-05-0784
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Sick Leave Payout at Retirement. At the time of retirement from OP&F, any full- time employee with ten (10) or more years of service with the City shall be paid in cash for one- fourth (1/4) the value of the employee’s accrued but unused sick leave credit. The payment shall be based on the employee’s rate of pay at the time of retirement and eliminates all sick leave credit accrued but unused by the employee at the time payment is made. The value of accrued but unused sick leave credit that is paid shall not exceed the value of forty (40) days or 320 hours of accrued but unused sick leave.
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Sick Leave Payout at Retirement. Subject to the following terms, all accumulated sick leave will be paid in a lump sum to the employee upon retirement. 8.5.1 Group “A” 1. Group A consists of individuals whose age + years of service as of 9/1/05 is 65 or greater. 2. Group A is grandfathered as follows “All accumulated sick leave, up to one hundred twenty (120) days. Days in excess of one hundred twenty (120) and up to one hundred sixty-five (165) additional, shall be used for the 41J retirement rider for ERS covered employees.
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Related to Sick Leave Payout at Retirement

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

  • 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.

  • Sick Leave Pay A Nurse granted sick leave shall be paid for the period of such leave at her or his regular hourly rate of pay and the number of hours thus paid shall be deducted from the accumulated sick leave credits of the Nurse.

  • 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.

  • Sick Leave Incentive The City will institute a sick leave incentive based on the usage of the bargaining unit; further, the City will pay each person who qualifies during January of each year. The incentive will be calculated and monitored by the Personnel Department and will be based on the pay periods during a calendar year. The incentive shall be awarded only when the bargaining unit's average sick leave usage is less than the City average and the following conditions are met: When the bargaining unit's sick leave usage is greater than forty (40) hours but less than the City average, the City will pay each member using between zero (0) and sixteen (16) hours of sick leave, eight (8) hours pay and any member using more than sixteen (16) but equal to or less than twenty-four (24) hours, four (4) hours pay. When the bargaining unit's average sick leave usage is equal to or less than forty (40) hours, the City will pay each member who used between zero (0) and sixteen (16) hours, sixteen (16) hours of pay at their current hourly rate. Those members who used more than sixteen (16) but equal to or less than twenty-four (24) hours, will receive eight (8) hours of pay.

  • 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.

  • 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).

  • Pre-Retirement Leave An Employee scheduled to retire and to receive a superannuation allowance under the applicable pension Acts or who has reached the mandatory retiring age, shall be entitled to: (a) A special paid leave for a period equivalent to fifty percent (50%) of his/her accumulated sick leave credit, to be taken immediately prior to retirement; or (b) A special cash payment of an amount equivalent to the cash value of fifty percent (50%) of his/her accumulated sick leave credit, to be paid immediately prior to retirement and based upon his/her current rate of pay.

  • 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.

  • Normal Retirement Normal Retirement Age under the Plan is: (Choose (a) or (b)) [X] (a) 65 [State age, but may not exceed age 65].

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