Vacation Payoff at Retirement or Separation Sample Clauses

Vacation Payoff at Retirement or Separation. ‌ An employee who leaves City employment during the initial six (6) months of their probationary period shall not be entitled to vacation pay. Employees who leave City service after successful completion of their first six (6) months of employment shall be entitled to payment for accrued vacation leave. In case of death, compensation for accrued vacation leave shall be paid to the beneficiary of the employee. Maximum accumulation for purposes of payoff upon retirement or separation is eighty (80) hours more than either (a) the amount the employee earns in a year plus 8.060 hours for every twelve (12) months of service past two-hundred sixteen (216), or (b) one-third (1/3) of the total vacation accrual in the last thirty-six (36) calendar months of employment, whichever is greater.
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Vacation Payoff at Retirement or Separation. Employees who leave City service after successful completion of their first six months of employment shall be entitled to payment for accrued vacation level. Employees are eligible to cash out up to one year of accrual plus 80 hours. In case of death, compensation for accrued vacation leave shall be paid to the beneficiary of the employee. Accrual payout caps at time of termination: Length of Continuous Service In Years Non-Exempt Payout Cap 0 - 2 Years (0-35 Months) 176.02 3-7 Years (36-95 Months) 192.01 8 - 12 Years (96-155 Months) 208.05 13 - 17 Years (156-215 Months) 232.05 18 Years (216-227 Months) 240.00 19 Years (228-239 Months) 248.01 20 Years (240-251 Months) 256.05 21 Years 252-263 Months) 264.08 22 Years (264-275 Months) 272.14 23 Years 276-287 Months) 280.17 24 Years (288-299 Months) 288.21 25 Years (300-311 Months) 296.24 26 Years (312-323 Months) 304.30 27 Years (324-335 Months) 312.34 28 Years (336-347 Months) 320.37 29 Years 348-359 Months) 328.40 30 Years (360-371 Months) 336.46 31 years (372-383 Months) 344.50 32 Years (384-395 Months) 352.53 Exempt Payout Cap 216.08 231.92 248.01 272.01 280.04 288.00 296.01 304.04 312.10 320.14 328.17 336.20 344.24 352.30 360.33 368.37 376.40 384.46 392.47 33 Years (396-407 Months) 360.57 34 Years (408-419 Months) 368.60 35 Years (420-431 Months) 376.66 36 Years (432-443 Months) 384.69 37 Years (444-455 Months) 392.73 38 Years (456-467 Months) 400.76 39 Years (468-479 Months) 408.82 40 Years (480-491 Months) 416.88 41 Years (492-503 Months) 424.94 42 Years (504-515 Months) 433.00 43 Years (516-527 Months) 441.06 44 Years (528-539 Months) 449.12 45 Years (540-551 Months) 457.18 46 Years (552-563 Months) 465.24 47 Years (564-575 Months) 473.30 48 Years (576-587 Months) 481.36 49 Years (588-559 Months) 489.42 50 Years (600-611 Months) 497.48 51 Years (612+ Months) 500.00 400.53 408.56 416.62 424.63 432.69 440.72 448.76 456.79 464.83 472.86 480.89 488.93 496.96 500.00 500.00 500.00 500.00 500.00 500.00
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Related to Vacation Payoff at Retirement or Separation

  • Vacation Pay on Retirement Termination is as follows:

  • 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.

  • Employer Compensation Upon Separation An Employee, upon her separation from employment, shall compensate the Employer for vacation which was taken but to which she was not entitled.

  • Employee Compensation Upon Separation An Employee, upon her separation from employment, shall be compensated for vacation leave to which she is entitled.

  • 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.

  • RETIREMENT SEVERANCE PAY Any employee who works regularly each week on a permanent part-time basis or on a full-time basis and who has ten or more years of service with the Shaker Heights Board of Education, may elect at the time of his/her retirement from active service (retirement from active service shall mean actual retirement under one of Ohio’s public employee retirement systems or eligibility for retirement under such retirement systems with retirement from the Shaker schools and election to withdraw retirement funds in a lump sum payment) to receive severance pay in an amount equal to: One-fourth (1/4) of his/her unused accumulation at the per diem rate of said employee’s basic contract salary in effect at the time of the last day of employment in Shaker Heights. Supplemental contracts, extended service, overtime or any other compensation will not be included in the calculation.

  • 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.

  • Retirement Severance (a) Upon qualification for benefits in accordance with the rules and regulations of the Michigan Public School Employees Retirement System the retiring bus driver shall be paid for all unused sick leave days at a rate that is 50% of the current rate based on the current bid route time. The retiree after 10 or more consecutive years of service will receive 75% of the above amount. Bus monitors who meet the MPSERS qualification shall be paid for all unused equivalent sick leave days at a rate of $15 per day. This will not apply to discharged employees.

  • 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.

  • Pre-Retirement Leave An employee scheduled to retire and to receive a superannuation allowance under the applicable Superannuation Act(s), or who has reached the mandatory retiring age, shall be entitled to:

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