Sick Leave Payout definition

Sick Leave Payout. Employees who retire on pension or who voluntarily terminate their employment with the Employer, or who are permanently laid off from their employment with the Employer, shall upon termination or retirement be paid any sick leave accumulation they may have to their credit. Employees who have a sick leave credit balance in excess of forty-eight (48) hours, as of December 31, 2002, and on each December 31 thereafter, shall receive a cash payout to a maximum of six (6) unused sick leave days (forty-eight (48) hours), provided no employee's sick leave bank shall fall below forty-eight (48) hours as a result of a cash payout. Eligible employees shall receive a cash payout prior to January 31 of each year.
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Sick Leave Payout. Employees hired prior to November 2, 2015 who retire on pension or who voluntarily terminate their employment with the Co-operative, or who are permanently laid off from their employment with the Co-operative, shall upon termination or retirement be paid any sick leave accumulation they may have to their credit. Sick leave hours accumulated prior to February 20, 1984, shall be paid out at termination or retirement at a rate of fifty percent (50%) of accumulated credits. Employees who have a sick leave credit balance in excess of ninety-six (96) hours, as of December 31, 1984, and on each December 31st thereafter, shall receive a cash payout to a maximum of forty-eight
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Sick Leave Payout. Employees hired prior to November 2, 2015 who retire on pension or who voluntarily terminate their employment with the Co-operative, or who are permanently laid off from their employment with the Co-operative, shall upon termination or retirement be paid any sick leave accumulation they may have to their credit. Xxxx leave hours accumulated prior to February 20, 1984, shall be paid out at termination or retirement at a rate of fifty percent (50%) of accumulated credits. Employees who have a sick leave credit balance in excess of ninety-six (96) hours, as of December 31, 1984, and on each December 31st thereafter, shall receive a cash payout to a maximum of forty-eight (48) unused sick leave hours, provided no employee's sick leave bank shall fall below ninety-six (96) hours as a result of a cash payout. All eligible employees shall receive a cash payout prior to January 31st of each year. In order to be eligible for sick leave pay, an employee must notify his/her Supervisor prior to the commencement of their scheduled shift that they will be unable to attend work.
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Examples of Sick Leave Payout in a sentence

  • The terms "totally disabled" and "retired" shall be defined as stated in the State of Michigan General School Laws and used by the Michigan Public School Employees Retirement Board but, to be eligible for Accumulated Sick Leave Payout, the employee must not only have retired but actually receive retirement benefits within four (4) months after the teacher has retired from the School District.

  • Section 1 Employees who actually retire under the Michigan Public School Employees Retirement Act, or have become totally disabled, and who have spent a minimum of ten (10) years of full-time service in the Marquette Area Public Schools, will be entitled to pay for accumulated Paid Sick Leave as provided in this Article ("Accumulated Sick Leave Payout").

  • I, the undersigned employee, hereby elect retirement effective , and apply to participate in the District’s Terminal Sick Leave Payout Plan (the “Plan”).

  • Rights For Laid Off Employees 15 S Sabbatical Leave 30 Safety 24 Seniority Tie-Breaking If Exactly The Same 16 Seniority Defined 19 Seniority Lists To Be Provided Annually 16 Sick Leave Payout On Retirement 33 Sick Leave 31 Sick Leave Bank.

  • Retirement Options for Employees Sick Leave Payout Retiring employees that are eligible to receive a sick leave payout for their accumulated sick time, have the option of receiving a payment for their accumulated sick‐leave or depositing their sick-leave payment (up to IRS limits) into their 403b retirement account.

  • In the year in which an employee is eligible for and will receive payment for sick leave payout at retirement as provided in Article 29, Sick Leave Payout at Separation, the employee will not be eligible for the annual sick leave payout as provided in this Article.

  • Sick Leave Payout With the exception of those regular employees covered by Letter of Understanding which establishes "grandfather" provisions regarding sick leave payout, no cash payment for unused sick leave will be paid to any employee leaving the service of the Employer.

  • In the event 30 Il-CS 105/14a (Sick Leave Pay-out) is amended or repealed, the parties agree that the Board of Trustees Benefits Regulations for Civil Service Employees regarding payment for Sick Leave shall be automatically amended or repealed consistent with that action and shall have immediate application to the bargaining unit.

  • Full-Time Employees Full-Time Reduced To Part-Time Sick Leave Benefits (Four Hours Per Month Of Service Full-Time) Sick Leave Payout (Annual Six Day Payout) Return To Work After Illness (Must Be Returned Funeral Leave (Up To One Week) Maternity Leave (Up To Weeks) Paternity Leave (Five Days Unpaid) Medical Reports (Maximum $20.00) Maintenance Of Benefits (Maximum Six Months On Sick Leave Or Workers’ Compensation Rehabilitation Benefit Maintenance RETAIL CLERKS DENTAL PLAN..........

  • Except as provided for in Article 26.3 (Sick Leave Payout), all sick leave credits are cancelled upon termination of employment unless the employee is re-engaged within twenty-four (24) calendar months.


More Definitions of Sick Leave Payout

Sick Leave Payout. Employees who retire on pension or who voluntarily terminate their employment with the Employer, or who are permanently laid off from their employment with the Employer, shall upon termination or retirement be paid any sick leave accumulation they may have to their credit, to a maximum of one hundred and twenty (120) hours credit. Return to Work After Illness: After absence due to illness or injury, the employee must be returned to his . or her job when capable of performing his or her duties.
Sample 1
Sick Leave Payout. Employees hired prior to November 2, 2015 who retire on pension or who voluntarily terminate their employment with the Co-operative, or who are permanently laid off from their employment with the Co-operative, shall upon termination or retirement be paid any sick leave accumulation they may have to their credit. In order to be eligible for sick leave pay, an employee must notify their Supervisor prior to the commencement of their scheduled shift that they will be unable to attend work.
Sample 1
Sick Leave Payout. Employees who retire on pension or who voluntarily terminate their employment with the Co-operative, or who are permanently laid off from their employment with the Co-operative, shall upon termination or retirement be paid any sick leave accumulation they may have to their credit. Employees who have a sick leave credit balance in excess of twelve (12) days (ninety-six [96] hours), as of December 31st, 1983, and on each December 31st thereafter, shall receive a cash payout to a maximum of six (6) unused sick leave days (forty-eight [48] hours), provided no employee's sick leave bank shall fall below twelve (12) days (ninety-six [96] hours), as a result of a cash payout. Eligible employees shall receive a cash payout prior to January 31st of each year. Only those hours accumulated at the rate of four (4) hours per month (an employee working an average of thirty-six (36) hours per week for thirteen (13) consecutive weeks) are to be considered for the purposes of the sick leave payout.
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Sick Leave Payout means a lump sum payment received from the Regina Police Services Sick Leave Plan upon retirement, death or Termination of Service in respect of a Civilian employee who:
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Related to Sick Leave Payout

  • Sick Leave means the period of time an employee is absent from work by virtue of being sick or disabled or because of an accident not covered by Workers' Compensation.

  • Vacation Year means the twelve (12) month period commencing on the first (1st) day of April in each calendar year and concluding on the thirty-first (31st) day of March of the following calendar year.

  • Vacation means annual vacation with pay.

  • Continuing Employee has the meaning set forth in Section 6.7(a).

  • Leave Year means the year ending with the anniversary date of the employee’s appointment.

  • Recoverable Incentive Compensation means Incentive Compensation received by a Covered Officer during the Lookback Period that exceeds the amount of Incentive Compensation that would have been received had such amount been determined based on the Accounting Restatement, computed without regard to any taxes paid (i.e., on a gross basis without regard to tax withholdings and other deductions). For any compensation plans or programs that take into account Incentive Compensation, the amount of Recoverable Incentive Compensation for purposes of this Policy shall include, without limitation, the amount contributed to any notional account based on Recoverable Incentive Compensation and any earnings to date on that notional amount. For any Incentive Compensation that is based on stock price or TSR, where the Recoverable Incentive Compensation is not subject to mathematical recalculation directly from the information in an Accounting Restatement, the Administrator will determine the amount of Recoverable Incentive Compensation based on a reasonable estimate of the effect of the Accounting Restatement on the stock price or TSR upon which the Incentive Compensation was received. The Company shall maintain documentation of the determination of that reasonable estimate and provide such documentation to the Exchange in accordance with the Listing Standards.

  • Accrued Professional Compensation means, at any given moment, all accrued, contingent and/or unpaid fees and expenses (including, without limitation, success fees) for legal, financial advisory, accounting and other services and reimbursement of expenses that are awardable and allowable under section 328, 330(a) or 331 of the Bankruptcy Code and were rendered before the Effective Date by any Retained Professional in the Chapter 11 Cases, or that are awardable and allowable under section 503 of the Bankruptcy Code, that have not been denied by a Final Order, all to the extent that any such fees and expenses have not been previously paid (regardless of whether a fee application has been filed for any such amount). To the extent that the Bankruptcy Court or any higher court denies or reduces by a Final Order any amount of a Retained Professional’s fees or expenses, then those reduced or denied amounts shall no longer constitute Accrued Professional Compensation.

  • Final compensation of a member means:

  • Accrued Benefit means the amount standing in a Participant's Account(s) as of any date derived from both Employer contributions and Employee contributions, if any.

  • Eligible Earnings means the Grantee's base salary (prior to any deferrals under a cash or deferred compensation plan sponsored by the Corporation or an Affiliate) paid during the Plan Year. From time to time the Plan Administrator may, in its sole discretion, establish rules for determining the amounts of Eligible Earnings for employees who become Grantees other than on the first day of a Plan Year as well as any reduction of Eligible Earnings as a result of paid leave of absences.

  • Accrued Compensation means an amount which shall include all amounts earned or accrued through the "Termination Date" (as hereinafter defined) but not paid as of the Termination Date, including (i) base salary, (ii) reimbursement for reasonable and necessary expenses incurred by the Executive on behalf of the Company during the period ending on the Termination Date, (iii) vacation pay and (iv) bonuses and incentive compensation (other than the "Pro Rata Bonus" (as hereinafter defined)).

  • Early Retirement Benefit means the retirement benefit payable to a member following early

  • Bonus means the bonus described in the Section 2.3.

  • Clawback Eligible Incentive Compensation means all Incentive-based Compensation Received by an Executive Officer (i) on or after the effective date of the applicable Nasdaq rules, (ii) after beginning service as an Executive Officer, (iii) who served as an Executive Officer at any time during the applicable performance period relating to any Incentive-based Compensation (whether or not such Executive Officer is serving at the time the Erroneously Awarded Compensation is required to be repaid to the Company), (iv) while the Company has a class of securities listed on a national securities exchange or a national securities association, and (v) during the applicable Clawback Period (as defined below).