Benefit Calculation. The retirement pay benefit shall be calculated according to the following: 1. Multiply the bargaining unit member's accrued, but unused sick leave, by one-fourth (1/4). 2. Multiply the product times the per diem rate of pay appropriate for the bargaining unit member's placement on the base salary schedule. Unit members who move from full-time to part-time (or part- time to full-time) during their career in ▇▇▇▇▇▇▇▇ City Schools shall have their retirement severance payment calculated as follows: a. Multiply the bargaining unit members full-time accrued, but unused sick leave by one-fourth (1/4) from those days accumulated during the time of the unit members full-time employment; and multiply the bargaining unit members part-time accrued, but unused sick leave by one- fourth (1/4) for those days accumulated during the time of the unit members part-time employment. Such calculation shall be made at the rate of pay for full and part-time employment at the time of retirement. 3. The amount of the benefit calculated in Steps 1 and 2 above shall not exceed the value of sixty (60) days of accrued but unused sick leave. 4. Receipt of payment for accrued but unused sick leave shall eliminate all sick leave credit accrued by the bargaining unit member.
Appears in 2 contracts
Sources: Master Agreement, Master Agreement
Benefit Calculation. The retirement pay benefit shall be calculated according to the following:
1. Multiply the bargaining unit member's accrued, but unused sick leave, by one-fourth (1/4).
2. Multiply the product times the per diem rate of pay appropriate for the bargaining unit member's placement on the base salary schedule. Unit members who move from full-time to part-time (or part- time to full-time) during their career in ▇▇▇▇▇▇▇▇ City Schools shall have their retirement severance payment calculated as follows:
a. Multiply the bargaining unit members full-time accrued, but unused sick leave by one-fourth (1/4) from those days accumulated during the time of the unit members full-time employment; and multiply the bargaining unit members part-time accrued, but unused sick leave by one- one-fourth (1/4) for those days accumulated during the time of the unit members part-time employment. Such calculation shall be made at the rate of pay for full and part-time employment at the time of retirement.
3. The amount of the benefit calculated in Steps 1 and 2 above shall not exceed the value of sixty (60) days of accrued but unused sick leave.
4. Receipt of payment for accrued but unused sick leave shall eliminate all sick leave credit accrued by the bargaining unit member.
Appears in 2 contracts
Sources: Master Agreement, Master Agreement
Benefit Calculation. The retirement pay benefit shall be calculated according to the following:
1. Multiply the bargaining unit member's accrued, but unused sick leave, by one-fourth (1/4).
2. Multiply the product times the per diem rate of pay appropriate for the bargaining unit member's placement on the base salary schedule. Unit members who move from full-time to part-time (or part- time to full-time) during their career in ▇▇▇▇▇▇▇▇ Hilliard City Schools shall have their retirement severance payment calculated as follows:
a. Multiply the bargaining unit members full-time accrued, but unused sick leave by one-fourth (1/4) from those days accumulated during the time of the unit members full-time employment; and multiply the bargaining unit members part-time accrued, but unused sick leave by one- fourth (1/4) for those days accumulated during the time of the unit members part-time employment. Such calculation shall be made at the rate of pay for full and part-time employment at the time of retirement.
3. The amount of the benefit calculated in Steps 1 and 2 above shall not exceed the value of sixty (60) days of accrued but unused sick leave.
4. Receipt of payment for accrued but unused sick leave shall eliminate all sick leave credit accrued by the bargaining unit member.
Appears in 1 contract
Sources: Master Agreement