Accumulation and Payment Plan Clause Samples

Accumulation and Payment Plan. A. Accrued sick leave may be accumulated without limit, except that payment of accumulated sick leave shall be granted by the City Manager or his designee on an annual basis to all employees who have a minimum of 120 hours of accumulated sick leave on record on December 1st, and opt to receive payment, during the subsequent December on a date determined by Human Resources, at a rate of fifty percent (50%) of current salary for one-half (1/2) of their annual unused sick leave. B. Payment of accumulated sick leave shall be granted by the City Manager or his designee on an annual basis to all employees covered by this Agreement who have a minimum of 240 hours of accumulated sick leave on record on December 1st, and opt to receive payment, during the subsequent December on a date determined by Human Resources, at a rate of one hundred percent (100%) of current salary for one-half (1/2) of their annual unused sick leave. C. Employees wishing to opt for payments stated in Section 4. (A) and (B) above, must notify Human Resources of said decision 30 days in advance of the payment date. The sick leave hours for which the employee receives payment shall be deducted from his sick leave record with the remaining one-half (1/2) of the annual accumulated sick leave being continued as a credit to the employee's sick leave account. D. In accordance with the annual conversion policy set forth in Section 4. (A), (B) and (C) above, employees shall have the option of depositing their sick leave payment in a City deferred compensation program instead of receiving payment in cash. All deposits made into the deferred compensation program shall be made in accordance with any and all regulations governing the deferred compensation program. E. Upon death, retirement, separation or termination of an employee covered by this Agreement, with a minimum of 60 days or 480 hours of sick leave accumulation, said employee is entitled to receive fifty percent (50%) compensation for that accumulated sick leave. F. Upon death, retirement, separation of termination of an employee covered by this Agreement, with a minimum of five years of service and with between 240 hours and 480 hours of sick leave accumulation, said employee is entitled to receive payment for the difference between that amount of sick leave and 240 hours at fifty percent (50%) compensation. G. In accordance with the payment plan set forth in Section 4. (E) and (F) above, upon separation, termination or retirement of an emplo...
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Accumulation and Payment Plan. A. There is no limit on the amount of sick leave that an employee may accumulate. However, upon his request, an employee may be paid for unused sick leave pursuant to the following: 1. An employee with a minimum sick leave accumulation of one hundred twenty (120) hours as of December 1, will be paid for one-half of the unused sick leave credited during the following twelve (12) month period at a rate of fifty percent (50%) of his current salary. 2. An employee with a minimum sick leave accumulation of two hundred forty (240) hours as of December 1, will be paid for one-half of the unused sick leave credited during the following twelve
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Accumulation and Payment Plan. All regular full-time and part-time employees may convert unused sick leave to compensation pursuant to the following: a. A regular full-time or part-time employee with a minimum sick leave accumulation of one hundred twenty (120) hours as of December 1st, and opt to receive payment, during the subsequent December on a date determined by Cypress Human Resources, at a rate of fifty percent (50%) of current salary for one-half (1/2/) of their annual unused sick leave. b. A regular full-time or part-time employee with a minimum sick leave accumulation of two hundred forty (240) hours as of December 1st, and opt to receive payment, during the subsequent December on a date determined by Cypress Human Resources, at a rate of one hundred percent (100%) of current salary for one-half (1/2) of their annual unused sick leave. c. Employees wishing to opt for payments stated in Section 14.03 (a), (b) above, must notify the Police Communications Director by December 15th for payment in the subsequent December’s special payroll. For example, if an employee submits a payout request for the maximum of 48 hours prior to December 15, 2021, payment will be issued in December 2022 (if eligible). The maximum number of hours eligible for payout in December 2022 will be based on the sick leave hours used in the 2022 payroll year and may be less than the maximum requested. The sick leave hours for which the employee receives payment shall be deducted from their sick leave record with the remaining one-half (1/2) of the annual accumulated sick leave being continued as a credit to the employee’s sick leave account. d. In accordance with the annual conversion policy set forth in Section 14.03 (a), (b) and (c) above, employees shall have the option of depositing their sick leave payment in a deferred compensation program instead of receiving payment in cash. All deposits made into the deferred compensation program shall be made in accordance with any and all regulations governing the deferred compensation program. e. Upon death, retirement, separation, or termination of a regular full-time or part-time employee having a minimum of four hundred eighty (480) hours of sick leave accumulation, said employee or their beneficiary is entitled to receive fifty percent (50%) compensation for accumulated sick leave. f. Upon death, retirement, separation, or termination of a regular full-time employee or part-time employee having a minimum of five (5) years of service and with between two hundr...
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Related to Accumulation and Payment Plan

  • Compensation and Payment Terms (a) S&C’s fees for the Services shall be calculated at the rate(s) set forth in Exhibit “A” attached hereto. The Maximum Compensation to S&C for the Services performed under this Agreement is One Hundred Two Thousand Five Hundred and 00/100 Dollars ($102,500.00).In no event shall the amount paid by County to S&C under this Agreement exceed said Maximum Compensation without an approved change order. (b) S&C understands and agrees that the Maximum Compensation stated is an all- inclusive amount and no additional fee, cost or reimbursed expense shall be added whatsoever to the fees stated in the attached Exhibit “A.” (c) County will pay S&C based on the following procedures: Upon completion of the tasks identified in the Scope of Services, S&C shall submit to County staff person designated by the Facilities Management and Planning Director, one (1) electronic (pdf) copy of the invoice showing the amounts due for services performed in a form acceptable to County. County shall review such invoices and approve them within 30 calendar days with such modifications as are consistent with this Agreement and forward same to the Auditor for processing. County shall pay each such approved invoice within thirty (30) calendar days. (d) Accrual and payment of interest on overdue payments shall be governed by Chapter 2251 of the Texas Government Code. (e) S&C understands and agrees that County’s obligation to make any payment(s) hereunder is dependent upon S&C’s completion of the Services in a timely, good, and professional manner and in accordance with the performance representations made in Section 25 of this Agreement. Therefore, County reserves the right to withhold payment pending verification of satisfactory work performed.

  • Settlement Funding and Payments 4.1 Payments from the Gross Settlement Amount. Five (5) business days prior to the anticipated Effective Date, the Administrator will send Class Counsel and Defendant’s Counsel the account information so that Defendant can wire the GSA. Within 10 business days after Defendant funds the Gross Settlement Amount, the Administrator will mail checks to the Participating Class Members, Aggrieved Employees, the LWDA, Class Counsel, and Class Representatives pursuant to the allocations set forth in Section 3 of this Agreement. Disbursement of the Class Counsel Fees Payment, the Class Counsel Litigation Expenses Payment and the Class Representative Service Payments shall not precede disbursement of Individual Class Payments and Individual PAGA Payments. 4.2 Uncashed Checks. Settlement checks that are not cashed within 160 calendar days from the date of issuance by the Administrator will be voided. The Administrator shall transmit the funds represented by such voided checks in conformity with the Code of Civil Procedure Section 384, subd. (b) to Bet Tzedek (“Cy Pres Recipient”).

  • Compensation and Payment 3.1 Consultant’s fees shall be calculated at the rates set forth in the attached Exhibit A. The Maximum Compensation for the performance of Services within the Scope of Services described in Exhibit A is ten thousand five hundred eighty-five dollars and no/100 ($10,585.00) as set forth in Exhibit A. In no case shall the amount paid by County under this Agreement exceed the Maximum Compensation without a written agreement executed by the parties. 3.2 All performance of the Scope of Services by Consultant including any changes in the Scope of Services and revision of work satisfactorily performed will be performed only when approved in advance and authorized by County. 3.3 County will pay Consultant based on the following procedures: Upon completion of the tasks identified in the Scope of Services, Consultant shall submit to County staff person designated by the County Engineer, one (1) electronic (pdf) copy of the invoice showing the amounts due for services performed in a form acceptable to County. County shall review such invoices and approve them within 30 calendar days with such modifications as are consistent with this Agreement and forward same to the Auditor for processing. County shall pay each such approved invoice within thirty (30) calendar days. County reserves the right to withhold payment pending verification of satisfactory work performed.

  • Collection and Payment The Trustees shall have power to collect all property due to the Trust; to pay all claims, including taxes, against the Trust Property or the Trust, the Trustees or any officer, employee or agent of the Trust; to prosecute, defend, compromise or abandon any claims relating to the Trust Property or the Trust, or the Trustees or any officer, employee or agent of the Trust; to foreclose any security interest securing any obligations, by virtue of which any property is owed to the Trust; and to enter into releases, agreements and other instruments. Except to the extent required for a corporation formed under the Delaware General Corporation Law, the Shareholders shall have no power to vote as to whether or not a court action, legal proceeding or claim should or should not be brought or maintained derivatively or as a class action on behalf of the Trust or the Shareholders.

  • Expense Accrual and Payment Services (1) For each valuation date, calculate the expense accrual amounts as directed by the Trust as to methodology, rate or dollar amount. (2) Process and record payments for Fund expenses upon receipt of written authorization from the Trust. (3) Account for Fund expenditures and maintain expense accrual balances at the level of accounting detail, as agreed upon by USBFS and the Trust. (4) Provide expense accrual and payment reporting.