Common use of SICK LEAVE/RETIREMENT Clause in Contracts

SICK LEAVE/RETIREMENT. 3.1.8.1 Upon retirement, after February 1, 2011, members will be compensated at the rate of $100 for each accumulated leave day. 3.1.8.2 In the event a member dies while employed by the District, any monetary compensation in Section 3.1.8.1 shall be placed in the member’s estate. 3.1.8.3 Within thirty (30) days of the effective date of a member’s service retirement as defined by the New York State Teachers Retirement System (“NYSTRS”), the District will deposit, as a non-elective employer contribution, any monies to which the retiring member is entitled pursuant to paragraph 3.1.8 of the Agreement, into a 403(b) account which the member has identified in writing to the District prior to the effective date of the member’s retirement. The District shall have no obligation to make the payment until; the member has designed a 403(b) account which will accept the payment. The amount paid into the 403(b) account under paragraph 3.1.8, when combined with any other amounts paid into that account in that calendar year, shall not exceed the applicable maximum allowable contribution as defined by Internal Revenue Code §415(c). If the amount to which the member is entitled pursuant to paragraph 3.1.8, along with any other amounts paid into the member’s 403(b) account, in that calendar year, exceeds the applicable maximum as set forth in §415(c), the District shall: (1) for Tier I members with a NYSTRS membership date prior to June 17, 1971, pay any excess amount (minus any required withholdings and/or deductions) to the member directly in that same calendar year, or (2) for all other members, pay such excess amount into the member’s identified 403(b) account in January of the next calendar year, provided that such amount shall not exceed the applicable maximum which may be contributed in that next calendar year on a tax-exempt basis pursuant to the applicable limitations as specified under the Internal Revenue Code; should there be any such excess amounts after such payments in January of that calendar year, the remaining amount shall be paid into the member’s identified 403(b) in January of the next succeeding calendar year.