Common use of Upon Retirement Clause in Contracts

Upon Retirement. After at least ten (10) complete years (i.e. 120 months) of continuous service with the City, an employee, who is laid off or who qualifies for retirement benefits under the State of Ohio's "Public Employees Retirement System", and actually retires from City Service with a pension from said system, shall be entitled to receive payment for accrued unused sick leave. The rate of pay for such unused sick leave shall be at the employee's straight time hourly rate of pay at separation multiplied by one-third (1/3) of the total number of accrued sick leave hours. Total payment under this provision shall not exceed five hundred forty (540) hours (67.5 paid days). In the event an employee dies while in the employ of the City, except as provided in paragraph (D) of this section, and the employee qualifies for the employee’s respective retirement/pension fund, the employee’s surviving spouse, or secondarily, the employee’s estate shall be paid the aforementioned rate of redemption for accrued unused sick leave.

Upon Retirement. After at least ten (10) complete years (i.e. 120 months) of continuous service with the City, an employee, who is laid off or who qualifies for retirement benefits under the State of Ohio's "Public Employees Retirement System", and actually retires from City Service with a pension from said system, shall be entitled to receive payment for accrued unused sick leave. The rate of pay for such unused sick leave shall be at the employee's straight time hourly rate of pay at separation multiplied by one-third (1/3) of the total number of accrued sick leave hours. Total payment under this provision shall not exceed five hundred forty (540) hours (67.5 paid days). In the event an employee dies while in the employ of the City, except as provided in paragraph (D) of this section, and the employee qualifies for the employee’s respective retirement/pension fund, the employee’s surviving spouse, or secondarily, the employee’s estate shall be paid the aforementioned rate of redemption for accrued unused sick leave.