Loan and Payback Procedures. 1. The maximum number of days a person may borrow from the S.L.B. is 40 days per year. A year is 365 days from when the application was approved. The sick leave committee has the authority to grant additional days, if requested. 2. The participant who borrows days from the S.L.B. will have a period of thirty-six (36) months from the month of the initial loan to repay one-half (1/2) the days borrowed. One-third (1/3) of these days must be repaid each year on the last paycheck of the month of the yearly anniversary date of the loan. 3. In the event the employee is unable to accrue the total number of required days owed to the S.L.B. (1/3 total borrowed) at the end of each 12-month period, the School Treasurer will deduct the employee’s daily rate times the number of accrued days owed for that period. If an employee terminates employment due to a health related issue, disability and/or death, no days will need to be repaid.
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Sources: Collective Bargaining Agreement, Collective Bargaining Agreement