Sick Leave Payout to 401 Sample Clauses

Sick Leave Payout to 401. (a) Plan: The Authority and the Union have met and conferred on an Internal Revenue Code Section 401(a) plan and trust agreement to address the liquidation of sick leave at time of retirement. This plan and trust agreement was originally negotiated with the Berkeley Fire Fighters Association/I.A.F.F. Local 1227 and has been submitted to the Internal Revenue Service for a Determination Letter and a Private Letter Ruling which are pending. If the City receives a positive response from the Internal Revenue Service, the plan and trust agreement will be extended to the employees in the bargaining unit. This will provide the employees with an irrevocable option to defer accrued but unused sick leave at time of retirement into a 401(a) plan or be paid out the balance of the accrued but unused sick leave less withholding of applicable federal and state taxes.
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Related to Sick Leave Payout to 401

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

  • 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.

  • 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.

  • Sick Leave Payoff Employee with accrued, unused sick leave may, at the time of separation, select one of the following options for reimbursement:

  • Sick Leave Benefit There are two types of sick leave benefits. Annual sick leave is the sick leave days credited each year to each employee in accordance with the provisions of the local collective bargaining agreements. Banked sick leave is previously accumulated unused sick leave to which unused annual sick leave may be added at the end of each anniversary year.

  • Sick Leave Payment Any employee, at his/her option may choose to receive payment for sick leave earned during the year which is unused at the end of the year. Any such payment must be for the total number of unused sick leave hours earned during the year, must be based on the hourly rate of pay of the employee multiplied by 50 percent, and all hours for which payment is received must be deducted from the employee’s accumulated leave balance. Sick leave used during a current year will be charged against the most recently earned sick leave. Hourly rate of pay is the hourly rate at the end of the contract year.

  • Sick Leave Accrual Full-time employees will accrue eight (8) hours of sick leave in a calendar month. Part- time employees will accrue sick leave credit on the same proportional basis that their employment schedule bears to a full-time schedule, up to a maximum of eight (8) hours in a calendar month.

  • Sick Leave Incentive Effective September 1, 1986, employees covered by this Agreement, hired on or after October 1, 1977, who are not entitled to disability leave under State Statute R.C.W. 41.26, shall be eligible for the following sick leave incentive program:

  • Vacation Payout Where an employee requests in writing to have a specific number of vacation days paid out, and the Employer agrees to the request, the Employer will issue pay in lieu of vacation. Pay in lieu of vacation, if agreed, will be granted only after a minimum of 15 days' vacation time has already been taken in the year.

  • Accrued 100% sick leave The use of sick leave under this subsection is at the employee's discretion.

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