Conversion at Retirement Sample Clauses
The "Conversion at Retirement" clause defines the process by which certain benefits, rights, or financial instruments are converted into a different form upon an individual's retirement. For example, this clause may allow an employee to convert group life insurance coverage into an individual policy or to transform accrued retirement benefits into a lump sum or annuity. Its core practical function is to ensure a smooth transition of benefits at retirement, providing clarity and continuity for retirees as they move from active employment to retirement status.
Conversion at Retirement. For each employee who separates from County Service on regular, non-disability retirement shall convert one hundred percent (100%) of unused sick leave remaining to each employee’s credit at the time of retirement to retirement service credit as provided by Government Code Section 31641.03,
Conversion at Retirement. Effective July 1, 2010, nurses who retire in good 7 standing at age 65 with at least ten years of continuous service immediately preceding 8 their retirement date or at age 60 with at least 15 years of continuous service 9 immediately preceding their retirement date will be eligible to use a percentage of their 10 banked EIH hours to purchase a Medicare supplement to the extent permitted by law or 11 COBRA continuation coverage under any health plan other than a health flexible 12 spending account according to the benefit table below. Otherwise, EIH benefits are not 13 eligible for conversion or cash-out and are recognized instead as a form of insurance 14 available to eligible employees during their term of employment at MCMC. Years of Service Percentage of EIH hours available 10 years 20% 15 years 30% 20 years 40% 25 years or more 50%
Conversion at Retirement. Employees with ten (10) years of accrued service shall be entitled to convert up to nine hundred sixty (960) hours of their accrued ESL at PERS or PFDPF approved retirement on a 1 to 4 basis for a total payout not to exceed two hundred forty (240) hours.
Conversion at Retirement. Employees retiring from the City under a State regulated 26 retirement system shall receive payment for accrued but unused sick leave on the basis of one (1) 27 day for each four (4) days of accrued not to exceed sixty (60), eight (8) hour days or four hundred 28 eighty (480) hours. Payment for sick leave under this provision shall be considered to eliminate all 29 sick leave accrued by the employee, and such payment will be made only once to any employee.
Conversion at Retirement. Upon the retirement under the appropriate 18 but unused sick leave credit. 19
Conversion at Retirement. Employees who separate from active service with the City because of retirement under a State Retirement system from City employment, and who have ten
Conversion at Retirement. Upon simultaneous retirement from the City and from CalPERS, employees shall have the option of applying unused sick leave to their CalPERS account up to the limits set by ▇▇▇▇▇▇▇. The conversion rate will be at the employee’s pay rate at the time of retirement.
Conversion at Retirement. An employee who has not less than ten (10) years of continuous employment with the City of ▇▇▇▇▇▇▇, and who has qualified for retirement benefits from a State of Ohio Public Employee Retirement System shall, upon retirement, be entitled to receive a cash payment equal to the employee’s hourly rate of pay at the time of retirement multiplied by the percentage as listed in Section 11 of the total number of accumulated but unused sick hours earned by the employee and certified by the City Auditor. The resulting number of hours to be paid shall not exceed those listed in the table contained in Section 11 below.
Conversion at Retirement. Upon retirement or separation from the city of 13 Bucyrus, an employee may elect to have compensation from the payment of unused vacation or 14 sick leave rolled into their deferred compensation account. All rules, requirements, and 15 conditions of deferred compensation accounts apply here.
Conversion at Retirement. Upon the retirement under the appropriate State of Ohio Retirement System of a full-time employee who has not less than ten (10) years of continuous service with the Employer, such employee shall be entitled to receive a cash payment equal to his daily rate of pay at the time of retirement multiplied by thirty-five percent (35%) of the total number of accumulated but unused paid sick days earned by the employee as certified by the Finance Director, providing that such resulting number of days to be paid shall not exceed sixty five (65). Such payment shall eliminate all accrued but unused sick leave credit.