Vacation Payout at Retirement Clause Samples

Vacation Payout at Retirement. Vacation payout at retirement for all members of the bargaining unit shall be as follows: A. Employees shall receive 12 days, either in a cash settlement or in vacation time, these days having been earned during the previous year. B. Employees shall also receive a cash payout of one day per month for each month worked during the calendar year of retirement. C. Where the City can verify by its records that an employee received a full vacation during the first calendar year of service, the employee shall not be entitled to the 12-day optional cash or time payout at retirement as provided for above in Section 8 A.
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Vacation Payout at Retirement. PERS II and III: Employees who are eligible for retirement under the provisions of the PERS II or PERS Ill plan, AFSCME Employees shall have any and all vacation paid out at time of separation of service (pursuant to Chapter 9.20 of the Personnel Manual) deposited into that AFSCME Employee's HRA VEBA. This is a mandatory deposit, and employees shall not have the ability to take unused vacation at time of separation as pay.
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Related to Vacation Payout at Retirement

  • Vacation Payout Where an employee requests in writing to have a specific number of vacation days paid out, and the Employer agrees to the request, the Employer will issue pay in lieu of vacation. Pay in lieu of vacation, if agreed, will be granted only after a minimum of 15 days' vacation time has already been taken in the year.

  • 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.

  • 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.

  • Retirement Pay Any teacher with ten (10) years consecutive teaching experience in the Park Hill School District immediately prior to retirement from PSRS without an age reduction for early retirement, shall receive upon retirement from the Park Hill School District a terminal amount based upon the following formula: (Notation, the teacher must make application to PSRS for retirement and begin drawing from PSRS on the first available month following retirement). Years of service to the Park Hill School District to be divided by ten (10) and multiplied by one-ninth (1/9) of the last completed contract. Retirement notification after December 15 for the current academic year will result in a reduction of $1,000.00 from the total under Article 36. In the event of a sudden severe illness of the teacher, teacher’s legally recognized spouse, and/or child, the transfer of a legally recognized spouse, or being called into active military duty may be cause for the District not to impose the late notification reduction of $1,000.00. A teacher who otherwise qualifies for payment under Article 36 and dies while currently classified as an active employee will receive such payment.

  • Normal Retirement Benefit Upon Termination of Employment on or after the Normal Retirement Age for reasons other than death, the Company shall pay to the Executive the benefit described in this Section 2.1 in lieu of any other benefit under this Agreement.