Sick Leave Payout Upon Retirement Sample Clauses

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.
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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.
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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.
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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.
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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: 1. Attaining the age sixty (60) and having ten (10) or more years of service credit. 2. Attaining age fifty-five (55) and having thirty (30) or more years of service credit. 3. Attaining age fifty-five (55) while still working and having accumulated fifteen (15) or more years of service, but less than thirty (30), of which the last five (5) consecutive years are immediately preceding the teacher’s retirement allowance effective date (however, the allowance under three (3) is permanently reduced one-half of one percent (1/2 of 1%) for each month from the date of retirement to the date the teacher would attain age sixty (60) and shall thereafter continue at the reduced rate. 4. Any other combination of age and service that would make the retiring (under the retirement system) teacher eligible for retirement under the Michigan Public School Employees Retirement System. Upon death of a retired teacher, receiving benefits under this provision, the balance of any amount owed will be paid to the teacher’s designated beneficiary or in the absence of same, the estate of the teacher.
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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
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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.
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Related to Sick Leave Payout Upon Retirement

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

  • 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.

  • 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).

  • Death, Retirement or Disability Executive’s employment shall terminate automatically upon Executive’s death or Retirement during the Employment Period. For purposes of this Agreement, “Retirement” shall mean normal retirement as defined in the Company’s then-current retirement plan, or if there is no such retirement plan, “Retirement” shall mean voluntary termination after age 65 with ten years of service. If the Company determines in good faith that the Disability of Executive has occurred during the Employment Period (pursuant to the definition of Disability set forth below), it may give to Executive written notice of its intention to terminate Executive’s employment. In such event, Executive’s employment with the Company shall terminate effective on the 30th day after receipt of such written notice by Executive (the “Disability Effective Date”), provided that, within the 30 days after such receipt, Executive shall not have returned to full-time performance of Executive’s duties. For purposes of this Agreement, “Disability” shall mean a mental or physical disability as determined by the Board of Directors of the Company in accordance with standards and procedures similar to those under the Company’s employee long-term disability plan, if any. At any time that the Company does not maintain such a long-term disability plan, “Disability” shall mean the inability of Executive, as determined by the Board, to perform the essential functions of his regular duties and responsibilities, with or without reasonable accommodation, due to a medically determinable physical or mental condition which has lasted (or can reasonably be expected to last) for twelve workweeks in any twelve-month period. At the request of Executive or his personal representative, the Board’s determination that the Disability of Executive has occurred shall be certified by two physicians mutually agreed upon by Executive, or his personal representative, and the Company. Failing such independent certification (if so requested by Executive), Executive’s termination shall be deemed a termination by the Company without Cause and not a termination by reason of his Disability.

  • Deferred Retirement a. An employee who is eligible for paid retirement at the time he or she separates from County service, but elects deferred retirement, may defer participation in the Grant until such time as he or she becomes an active retiree. b. An otherwise eligible employee who is not eligible for paid retirement at the time he or she separates from County service but is eligible for and elects deferred retirement shall not become eligible for participation in the Grant.

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

  • Retirement, Death or Disability If the Executive’s employment terminates during the Term of this Agreement due to his death, a disability that results in his collection of any long-term disability benefits, or retirement at or after age 62, the Executive (or the beneficiaries of his estate) shall be entitled to receive the compensation and benefits that the Executive would otherwise have become entitled to receive pursuant to subsection (d) hereof upon a resignation without Good Reason.

  • TERMINATION UPON RETIREMENT Termination of Executive’s employment based on “

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