Common use of Benefit Calculation Clause in Contracts

Benefit Calculation. The amount of severance pay check due an employee shall be computed as follows: ▇. ▇▇▇▇▇▇▇▇▇ pay shall be computed upon retirement of a bargaining unit member by multiplying 25% times the total days accumulated unused sick leave to a maximum of sixty-two (62) days. B. The product obtained in item A shall be multiplied by the hourly rate of pay (appropriate for that individual’s placement on the salary schedule) times the hours worked per day. C. Receipt of the payment for the accrued but unused sick leave as outlined above when an employee retires under the designation of retirement shall eliminate all sick leave credit accrued by the employee.

Benefit Calculation. The amount of severance pay check due an employee shall be computed as follows: ▇. ▇▇▇▇▇▇▇▇▇ pay shall be computed upon retirement of a bargaining unit member by multiplying 25% times the total days accumulated unused sick leave to a maximum of sixty (60) days beginning with the 2010-11 school year, and to a maximum of sixty-two (62) daysbeginning with the 2011-12 school year. B. b. The product obtained in item A one shall be multiplied by the hourly rate of pay (appropriate for that individual’s individuals placement on the salary schedule) times the hours worked per day. C. c. Receipt of the payment for the accrued but unused sick leave as outlined above when an employee retires under the designation of retirement shall eliminate all sick leave credit accrued by the employee.