Sick Leave Payout Upon Retirement. Effective May 1, 1998 the Employer shall pay to all those employees who retire from the District, an amount equal to 33 1/3% of the balance of what remains in their sick leave account at date of retirement. Retirement for the purpose of this section applies to anyone eligible to receive a pension or age 55 or better. This does not include layoff or termination for cause.
Sick Leave Payout Upon Retirement. In addition to the benefits provided in “Sections 1.” and “2.” of this article a teacher with at least twelve (12) years of continuous service in the District and who qualifies for retirement under the terms of the Teachers Retirement Association (TRA) shall be eligible to receive as severance pay upon his/her retirement the amount obtained by multiplying fifty percent (50%) of his/her unused number of sick leave hours times the teacher’s hourly rate of pay. One-half of that amount shall be paid to a District-approved special deferral plan or 403(b) account designated by the teacher no later than November 15 following retirement. The other one-half of that amount shall be paid to the teacher’s “Health Care Savings Plan” (HCSP) account no later than November 15 following retirement. The District must receive all required paperwork for this provision no later than November 1 to receive payment no later than November 15.
Sick Leave Payout Upon Retirement. In the event of retirement, an employee who as completed ten (10) years or more with the City of Petaluma shall receive fifty percent (50%) of his or her accumulated but unused sick leave, not to exceed seven hundred (700) hours.
Sick Leave Payout Upon Retirement. In addition to the benefits provided in Sections 1 and 2 of this Article and in Article XVI, a teacher with twelve (12) years of continuous service in the District and who qualifies for retirement under the terms of the Teacher Retirement Association shall be eligible to receive as severance pay upon his/her retirement the amount obtained by multiplying 50% of his/her unused number of sick leave hours times the teacher’s hourly rate of pay. One half of that amount shall be paid to a district-approved special deferral plan or 403(b) account designated by the teacher no later than November 15th following retirement. The other one half of that amount shall be paid to the teacher’s Health Care Savings Plan (HCSP) account no later than November 15 following retirement.
Sick Leave Payout Upon Retirement. Individuals actively employed by the Scott County Board of Education at the time of their retirement will be paid eighty dollars ($80.00) per day for all accumulated and unused sick leave earned in the Scott County Schools if the employee files the necessary paperwork for retirement at least 90 days beforehand. Intent to take buy-out needs to be declared no later than March 1st of previous year to obtain buy-out of current budget, otherwise buy-out funds may come out of the next year’s budget. An intent is non-binding but for budget planning purposes only.
Sick Leave Payout Upon Retirement. Employees, upon retirement, shall be paid on the basis of current wages, fill compensation for any of unused accumulated sick leave, to a maximum of one hundred eighty (180) days. Effective July 1, 2010, any employee hired prior to April 3, 1998 who is eligible for retirement under the Town of Xxxxxx Retirement Plan upon signing, shall continue to receive fill compensation for any of unused accumulated sick leave to a maximum of one hundred eighty (180) days payable at the applicable wage rate effective July 1, 2009. (Affected employees names and dates of hire shall be listed in Appendix A-3). Effective July 1, 2010, any employee hired prior to April 3, 1998 who is not eligible for retirement under the Town of Xxxxxx Retirement Plan upon signing, shall receive eighty percent (80%) compensation for any of unused accumulated sick leave to a maximum of one hundred eighty (180) days payable at the the current rate of pay at the date of retirement. (Affected employees names and dates of hire shall be listed in Appendix A-4).
Sick Leave Payout Upon Retirement. Upon termination of service from Webberville Schools, teachers retiring from the teaching profession will receive 50% of their unused sick days up to 50 days (Example: If a teacher had accumulated sick days at time of retirement equaling 300, the teacher would be paid for 50% of 50 days. In other words, the teacher would be paid for 25 days.) The pay will be computed on the teacher’s current hourly pay at the time of retirement. By mutual agreement between the retiree and the BOARD payment may be made in one lump sum. Retirement means:
