Common use of Sick Leave upon Retirement or Resignation Clause in Contracts

Sick Leave upon Retirement or Resignation. ‌ An employee hired by AMP prior to April 1, 1979, who resigns or retires from AMP employment and has been in the service of AMP for a minimum of ten (10) years shall be eligible for payment of unused accumulated sick leave based on the following calculation. Formula for payment of an employee’s unused accumulated sick leave at the time of resignation or retirement. One and two-tenths of one percent (1.2%) of the employee’s unused accumulated days of sick leave, at the time of resignation or retirement, times the number of full years of service by the employee with AMP times the employee’s daily pay rate at the time of resignation or retirement; provided, however, that in no event shall the payment for unused accumulated sick leave exceed thirty percent (30%) of the monetary value of the employee’s unused sick leave accumulation. Unused sick leave accumulation for the purpose of the payment at time of retirement or resignation shall not exceed the number of days accrued by the employee on April 1, 1979. There shall be no payment for unused accumulated sick leave if an employee’s service with AMP is terminated due to discharge, unless such discharge actually is determined to be without merit.

Sick Leave upon Retirement or Resignation. ‌ An employee hired by AMP prior to April 1, 1979, who resigns or retires from AMP employment and has been in the service of AMP for a minimum of ten (10) years shall be eligible for payment of unused accumulated sick leave based on the following calculation. Formula for payment of an employee’s unused accumulated sick leave at the time of resignation or retirement. One and two-tenths of one percent (1.2%) of the employee’s unused accumulated days of sick leave, at the time of resignation or retirement, times the number of full years of service by the employee with AMP times the employee’s daily pay rate at the time of resignation or retirement; provided, however, that in no event shall the payment for unused accumulated sick leave exceed thirty percent (30%) of the monetary value of the employee’s unused sick leave accumulation. Unused sick leave accumulation for the purpose of the payment at time of retirement or resignation shall not exceed the number of days accrued by the employee on April 1, 1979. There shall be no payment for unused accumulated sick leave if an employee’s service with AMP is terminated due to discharge, unless such discharge actually is determined to be without merit.

Sick Leave upon Retirement or Resignation. ‌ An employee hired by AMP prior to April 1, 1979, who resigns or retires from AMP employment and has been in the service of AMP for a minimum of ten (10) years shall be eligible for payment of unused accumulated sick leave based on the following calculation. Formula for payment of an employee’s unused accumulated sick leave at the time of resignation or retirement. One and two-tenths of one percent (1.2%) of the employee’s unused accumulated days of sick leave, at the time of resignation or retirement, times the number of full years of service by the employee with AMP times the employee’s daily pay rate at the time of resignation or retirement; provided, however, that in no event shall the payment for unused accumulated sick leave exceed thirty percent (30%) of the monetary value of the employee’s unused sick leave accumulation. Unused sick leave accumulation for the purpose of the payment at time of retirement or resignation shall not exceed the number of days accrued by the employee on April 1, 1979. 1979.‌ There shall be no payment for unused accumulated sick leave if an employee’s service with AMP is terminated due to discharge, unless such discharge actually is determined to be without merit.

Sick Leave upon Retirement or Resignation. ‌ An employee hired by AMP AP&T prior to April 1, 1979, who resigns or retires from AMP AP&T employment and has been in the service of AMP AP&T for a minimum of ten (10) years shall be eligible for payment of unused accumulated sick leave based on the following calculation. Formula for payment of an employee’s unused accumulated sick leave at the time of resignation or retirement. One and two-tenths of one percent (1.2%) of the employee’s unused accumulated days of sick leave, at the time of resignation or retirement, times the number of full years of service by the employee with AMP AP&T times the employee’s daily pay rate at the time of resignation or retirement; provided, however, that in no event shall the payment for unused accumulated sick leave exceed thirty percent (30%) of the monetary value of the employee’s unused sick leave accumulation. Unused sick leave accumulation for the purpose of the payment at time of retirement or resignation shall not exceed the number of days accrued by the employee on April 1, 1979. There shall be no payment for unused accumulated sick leave if an employee’s service with AMP AP&T is terminated due to discharge, unless such discharge actually is determined to be without merit.