Sick Time Buy-Out Sample Clauses

Sick Time Buy-Out. A regular employee covered by this Agreement who has twenty (20) or more years of seniority when retiring on or after that employee's normal retirement date shall be entitled to payment for one-half of that employee's unused sick time accumulated as of the date of the employee's retirement, which buy-out payment of accumulated unused sick time shall not exceed payment for seventy (70) days plus any unused sick time in the current contract year to which the employee is entitled, i.e., such buy-out payment shall be for no more than 82 sick days. Employees discharged for just cause shall not be entitled to such payments for either accumulated or current unused sick time. An employee leaving the University in good standing with at least five (5) years of continuous full time service, who is not eligible for the sick time buy-out provision above, shall be entitled to be paid for 25% (one-fourth) of any accumulated sick time, up to a maximum of thirty (30) days. Payment will be at the employee's rate in effect at the time of payment.
Sample 1
AutoNDA by SimpleDocs

Related to Sick Time Buy-Out

  • Sick Time An employee shall have all of his/her accrued sick leave credits transferred when the employee is transferred to a different State agency.

  • Prime Time Vacation Period Subject to the provisions of this article, it is the intent of the parties that no employee will be restricted in the time of year they choose to take their vacation. The Employer will make every effort to allow employees to take their vacation during the period of April 15th to October 15th inclusive, which will be defined as the prime time vacation period.

  • Sick Leave Buy Back To encourage and reward employees who maintain good job attendance, the parties agree to the following incentive award: Employees who utilize two (2) sick leave days or less each assigned school calendar year and year-round employees who utilize three (3) sick leave days or less during each assigned school calendar year - upon request – shall receive payment for up to eight (8) days of sick leave, provided the employee worked the full assigned calendar year.* The following procedures apply to the payment of sick leave under this section.

  • Sick Leave Buyback The Board agrees to buy sick leave days back from those teachers who have more than one hundred (100) accumulated sick leave days at the end of a school year. The value of each unused day will be determined based on the formula in Section A above. The total amount calculated will be deposited into the teacher’s Section 401(a) account. If a teacher has in excess of 6 personal days, the days will be transferred to the total sick day accumulation for this calculation. The number of days will be figured using the above chart in this section.

  • Death Buy Out Notwithstanding the foregoing provision of Section 8, the Members covenant and agree that on the death of any Member, the Company, at its option, by providing written notice to the estate of the deceased Member within 180 days of the death of the Member, may purchase, acquire, and redeem the Interest of the deceased Member in the Company pursuant to the provision of Section 8.5.

  • Unpaid Time Off All accruals must be exhausted prior to taking unpaid time off (unless eligible for EIT access).

  • Sick Leave Separation Cash Out ‌ At the time of retirement from state service or at death, an eligible employee or the employee’s estate will receive cash for their compensable sick leave balance on a one (1) hour for four (4) hours 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.

  • Sick Leave Cash Out Eligible employees may elect to receive monetary compensation for accrued sick leave as follows: In January of each year an employee whose sick leave balance at the end of the previous year exceeds four hundred eighty (480) hours may elect to convert the sick leave hours earned in the previous calendar year, minus those hours used during the year, to monetary compensation. No sick leave hours may be converted which would reduce the calendar year end balance below four hundred eighty (480) hours. Monetary compensation shall be paid at the rate of twenty-five percent and shall be based on the employee’s current salary. All converted hours will be deducted from the sick leave balance. Employees who separate from University service due to retirement or death shall be compensated for the unused sick leave accumulation from the date of most recent hire in a leave eligible position with the State of Washington at the rate of 25%. Compensation shall be based upon the employee’s wage at the time of separation. For the purpose of this section, retirement shall not include vested out of service employees who leave funds on deposit with the retirement system. Former eligible employees who are re-employed within three (3) years of their separation from service shall be granted all unused sick leave credits, if any, to which they are entitled at time of separation.

  • Vacation Buy Back Employees shall have the option of requesting pay in lieu of time off up to a maximum of 144 hours of vacation time each year, during each year of the contract in increments of eight (8) hrs. Such requests are subject to the approval of the department head and the availability of funds.

  • Lunch Time The “duty free” lunch time for assistants will be the same length as the building lunch time for students provided that the lunch is no less than thirty (30) minutes in length.

Time is Money Join Law Insider Premium to draft better contracts faster.