Xxxx Leave Conversion at Retirement Sample Clauses

Xxxx Leave Conversion at Retirement. 1. Employees who retire and qualify for retirement benefits in accordance with the requirements of the Teachers’ Pension and Annuity Fund (TPAF) or Public Employees’ Retirement System (PERS) shall be permitted to convert unused accumulated sick leave days into cash at the time of retirement. Days donated to the sick bank specified in Article XIV of the Agreement shall be excluded from this conversion option. Days withdrawn from the sick leave bank shall be deducted from the individual’s accumulated sick leave at retirement prior to calculating severance pay. 2. The conversion rate will be one (1) day for each two (2) days of unused accumulated sick leave to a maximum of fifty (50) days per person at the employee’s per diem rate for employees with fifteen (15) years of service in the district as of June 30, 1998, or who reach the age of fifty (50) by June 30, 1998. For all other teachers the conversion rates shall be one (1) day for each three (3) days of unused accumulated sick leave to a maximum of fifty (50) days per person at the employee’s per diem rate. The maximum payment for employees hired before June 30, 2012 shall be twenty thousand dollars ($20,000). The maximum payment for employees hired after June 30, 2012 shall be fifteen thousand dollars ($15,000). 3. The Board agrees to make payment to the estate of any staff member who dies while still in the employ of the Board, according to the formula defined in this section.
Sample 1
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Xxxx Leave Conversion at Retirement. The City agrees to contract with PERS to implement Section 20965 Credit for Unused Sick Leave, whereby unused accumulated sick leave at the time of retirement is converted to additional service credit at the rate of 0.004 year of service credit for each day of unused sick leave. There is no cost to the employee.
Sample 1

Related to Xxxx Leave Conversion at Retirement

  • Sick Leave Conversion Sick leave accumulation in excess of 1,440 hours may be converted to paid vacation time at a ratio of two (2) hours of sick leave time for one (1) hour of vacation time, to a maximum of five (5) regularly-assigned workdays (not to exceed a total of forty (40) hours in any year. There shall be no conversion of unused sick leave in any amount at any time to any cash payment other than the above-described conversion to vacation time or severance pay in Article 13.

  • 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.

  • Disability Retirement If, as a result of your incapacity due to physical or mental illness, You shall have been absent from the full-time performance of your duties with the Company for 6 consecutive months, and within 30 days after written notice of termination is given You shall not have returned to the full-time performance of your duties, your employment may be terminated for "Disability." Termination of your employment by the Company or You due to your "Retirement" shall mean termination in accordance with the Company's retirement policy, including early retirement, generally applicable to its salaried employees or in accordance with any retirement arrangement established with your consent with respect to You.

  • Normal Retirement Date The term “Normal Retirement Date” means “Normal Retirement Date” as defined in the primary qualified defined benefit pension plan applicable to the Executive, or any successor plan, as in effect on the date of the Change in Control of the Company.

  • Termination Due to Retirement Subject to Section 7 below, in the event of Termination due to Retirement, then (regardless of any subsequent death of the Employee) the Option will continue to vest pursuant to Section 3, and the last date on which the Option may be exercised is the day prior to the Expiration Date.

  • TERMINATION UPON RETIREMENT Termination of Executive’s employment based on “

  • Death, Retirement or Disability Executive’s employment shall terminate automatically upon Executive’s death or Retirement during the Employment Period. For purposes of this Agreement, “Retirement” shall mean normal retirement as defined in the Company’s then-current retirement plan, or if there is no such retirement plan, “Retirement” shall mean voluntary termination after age 65 with ten years of service. If the Company determines in good faith that the Disability of Executive has occurred during the Employment Period (pursuant to the definition of Disability set forth below), it may give to Executive written notice of its intention to terminate Executive’s employment. In such event, Executive’s employment with the Company shall terminate effective on the 30th day after receipt of such written notice by Executive (the “Disability Effective Date”), provided that, within the 30 days after such receipt, Executive shall not have returned to full-time performance of Executive’s duties. For purposes of this Agreement, “Disability” shall mean a mental or physical disability as determined by the Board of Directors of the Company in accordance with standards and procedures similar to those under the Company’s employee long-term disability plan, if any. At any time that the Company does not maintain such a long-term disability plan, “Disability” shall mean the inability of Executive, as determined by the Board, to perform the essential functions of his regular duties and responsibilities, with or without reasonable accommodation, due to a medically determinable physical or mental condition which has lasted (or can reasonably be expected to last) for twelve workweeks in any twelve-month period. At the request of Executive or his personal representative, the Board’s determination that the Disability of Executive has occurred shall be certified by two physicians mutually agreed upon by Executive, or his personal representative, and the Company. Failing such independent certification (if so requested by Executive), Executive’s termination shall be deemed a termination by the Company without Cause and not a termination by reason of his Disability.

  • Early Retirement Date Early Retirement Date shall mean a retirement from employment which is effective prior to the Normal Retirement Age stated herein, provided the Executive has attained age sixty (60) with thirty (30) years of service with the bank.

  • Mandatory Retirement Retirement shall be mandatory only to the extent required by law.

  • Retirement Date If the Executive remains in the continuous employ of the Bank, the Executive shall retire from active employment with the Bank on the Executive’s sixty-fifth (65th) birthday, unless by action of the Board of Directors this period of active employment shall be shortened or extended.

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