Unused Sick Day Benefit Banks Earned Sample Clauses

Unused Sick Day Benefit Banks Earned. Prior to July 1, 2012. Bargaining unit employees shall retain any bank of unused sick days that the bargaining unit employee accumulated prior to July 1, 2012 in a “retained sick day bank.” Employees may use days from their retained sick day bank at their own election during a short-term disability leave as set forth below. Up to three hundred, twenty-five (325) retained sick days earned from BOARD employment prior to July 1, 2012 and left unused in the retained sick day bank at the employee’s resignation, retirement or death shall be paid out at the employee’s rate of pay at the time of the employee’s separation based on the following qualifying events and in the following percentages: Qualifying Event Percentage of Accumulated Sick Leave To Be Paid Out Resignation or retirement with 33.95 or more years of service 100% Resignation or retirement with at least 20 but less than 33.95 years of service 90% Resignation or retirement at age 65 with less than 20 years of service 85% Employee’s Death 100% For employees hired before July 1, 2012, CPS will contribute, at retirement, the employee’s accumulated sick payout to the employee's 403(b) account, up to the maximum extent allow by law. If no account exists, one will be established with one of the authorized vendors, based on agreed-upon criteria. ● A contribution will be made for all employees, with sick pay balances eligible for payout and meeting the pension benefit eligibility requirements. ● No exceptions. ● Contributions made from the employee’s sick leave payout will not be subject to state or Medicare tax, as allowed by law.