Common use of Conversion of Accumulated Sick Leave Clause in Contracts

Conversion of Accumulated Sick Leave. Employees retiring and qualifying for retirement under Nevada PERS with between twenty (20) and twenty-five (25) years of total service with the City of Sparks may elect to convert the following percentages of the employee's accumulated sick leave balance to an unfunded city account for the purpose of paying for health benefits under the City‟s group health insurance plan, or other subsidy on a monthly basis. Years of Continuous Service Conversion Percentage 20 years or more 75% 21 years or more 80% 22 years or more 85% 23 years or more 90% 24 years or more 95% 25 years or more 100% The account would be assigned a present value as of the date of retirement equal to the number of hours of accumulated sick leave multiplied by the employee's base hourly rate at the time of retirement. The city will account for a retiree's accumulated sick leave and ▇▇▇▇▇ said account on a dollar-for-dollar basis. The City will pay the retiree's medical coverage so long as there is a balance of accumulated sick leave adequate to cover the monthly premium. When a retired employee becomes eligible for Medicare coverage or other federal programs, the retiree will receive Medicare supplemental coverage so long as there is a balance of accumulated sick leave adequate to cover the monthly premium. A surviving spouse will continue to receive medical coverage under this benefit so long as there is a balance of accumulated sick leave adequate to cover the monthly premium. This benefit is nontransferable and does not survive the retiree except as to a surviving spouse as described above. The fund to which the accumulated sick leave is credited does not accrue interest and does not have cash value. The City pays for the retiree's medical coverage by debiting the monthly cost of such coverage out of the appropriate City fund.

Conversion of Accumulated Sick Leave. Employees retiring and qualifying for retirement under Nevada PERS with between a minimum of twenty (20) and twenty-five (25) years of total service with the City of Sparks may elect to convert the following percentages a percentage of the employee's accumulated sick leave balance to an unfunded city City account for the purpose of paying for health benefits medical coverage under the City‟s City's then-existing group health medical insurance planplan or the Medical Plan offered through the Public Employees Benefits Plan, or other subsidy on a monthly basis. The schedule of conversion is as follows: Years of Continuous Service Conversion Percentage 20 years or more 75% 21 years or more 80% 22 years or more 85% 23 years or more 90% 24 years or more 95% 25 years or more 100% The account would be assigned a present value as of the date of retirement equal to the number of hours of accumulated sick leave multiplied by times the employee's base hourly rate at the time of retirement. The city City will account for a the retiree's accumulated sick leave and ▇▇▇▇▇ debit said account on a dollar-for-dollar basis. The City will pay the retiree's medical coverage so long as there is a balance of accumulated sick leave adequate to cover the monthly premium. When a retired employee becomes eligible for Medicare coverage or other federal programs, the retiree will receive Medicare supplemental coverage so long as there is a balance of accumulated sick leave adequate to cover the monthly premium. A surviving spouse will continue to receive medical coverage under this benefit so long as there is a balance of accumulated sick leave adequate to cover the monthly premium. This benefit is nontransferable and does not survive the retiree except as to a surviving spouse as described abovedescribed. The fund to which the accumulated sick leave is credited does not accrue interest and does not have cash value. The City pays for the retiree's medical coverage by debiting the monthly cost of such coverage from the retiree's accumulated sick leave balance and paying the actual cost out of the appropriate City fund. Should an employee transfer into this contract from another unit or resolution within the City, the employee will retain the conversion benefit earned under the previous contract.