Sick Leave Upon Retirement/ One Time 403B Payout Sample Clauses

Sick Leave Upon Retirement/ One Time 403B Payout. Upon retirement from teaching, in accordance with the rules and regulations of the MTRS, an employee with a minimum of ten (10) years of service in the Shrewsbury Public Schools, and who retires at the end of the school year shall be paid for unused accumulated sick days, at his/her per diem rate, up to but not in excess of thirty-five (35) days. To be eligible for sick leave buyback the employee must submit a letter of retirement by December 1 preceding the retirement. It is understood that an employee may still elect to retire at a time other than the end of the school year, but such employee shall not be eligible for sick leave buyback. Employees hired to commence work in the 2017-2018 school year and thereafter shall not be eligible for sick leave buy back upon retirement. Such employees shall be eligible to receive a one-time contribution to a 403(b) plan established pursuant to school department guidelines. Such contribution shall be made in the amount of $750850 to be paid in the second October payroll in the year in which the teacher attains professional teacher status.
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Related to Sick Leave Upon Retirement/ One Time 403B Payout

  • 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.

  • Vacation Pay on Retirement Termination is as follows:

  • VESTED RETIREMENT GRATUITY VOLUNTARY EARLY PAYOUT a) An Employee eligible for a Sick Leave Credit retirement gratuity as per Appendix A shall have the option of receiving a payout of his/her gratuity on August 31, 2016, or on the employee’s normal retirement date.

  • 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.

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

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

  • Normal Retirement Date The date on which the Executive attains age sixty-five (65).

  • 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.

  • Deductions from Sick Leave A deduction shall be made from accumulated sick leave of all normal working days (exclusive of holidays) absent for sick leave.

  • 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.

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