Common use of Sick Leave Separation Cash Out Clause in Contracts

Sick Leave Separation Cash Out. At the time of retirement as defined by the Department of Retirement Systems regulations and/or state laws relating to retirement, from state service or at death, an eligible employee or the employee’s estate will receive cash for their total sick leave balance on a one (1) hour for four (4) hour basis. For the purposes of this Section, retirement will not include “vested out of service” employees who leave funds on deposit with the retirement system. In accordance with state and federal law, agencies and employees in bargaining units may agree to form Voluntary Employee Beneficiary Associations (tax-free medical spending accounts) funded by the retiree sick leave cash out described above.

Sick Leave Separation Cash Out. At the time of retirement as defined by the Department of Retirement Systems regulations and/or state laws relating to retirement, from state service or at death, an eligible employee or the employee’s estate will receive cash for their his or her total sick leave balance on a one (1) hour for four (4) hour basis. For the purposes of this Section, retirement will not include “vested out of service” employees who leave funds on deposit with the retirement system. In accordance with state and federal law, agencies and employees in bargaining units may agree to form Voluntary Employee Beneficiary Associations (tax-free medical spending accounts) funded by the retiree sick leave cash out described above.