Common use of Xxxx Leave Buy Out Clause in Contracts

Xxxx Leave Buy Out. An employee who has seven (7) employment years or more of service with the College may elect at the time of retirement from active service under the Retirement System Law (SERS/STRS) to be paid in cash for one-fourth (1/4) of the value of his/her accrued but unused sick leave credit. Such payment shall be considered to eliminate all sick leave credit accrued at that time. The maximum payment which may be made under this provision shall be one-fourth (1/4) of two hundred (200 days).

Xxxx Leave Buy Out. An employee who has seven (7) employment years or more of service with the College may elect at the time of retirement from active service under the Retirement System Law (SERS/STRS) to be paid in cash for one-fourth (1/4) of the value of his/her accrued but unused sick leave credit. Such payment shall be considered to eliminate all sick leave credit accrued at that time. The maximum payment which may be made under this provision shall be one-fourth (1/4) of two hundred (200 days)1600 hours.