Common use of Part One Clause in Contracts

Part One. An eligible teacher may purchase up to seven hundred twenty-five (725) hours of Retirement Incentive from accrued accumulative leave based upon the following formula: Accrued accumulative leave x daily rate of pay ÷ 7.25 hours. The compensation to be paid each eligible teacher will be the product of the number of hours of accumulative leave times the teacher’s daily rate of pay ÷ 7.25 hours, but will not exceed $45,000.

Part One. An eligible teacher may purchase up to seven hundred twenty-five fifty (725750) hours of Retirement Incentive from accrued accumulative leave based upon the following formula: Accrued accumulative leave x daily rate of pay ÷ 7.25 7.5 hours. The compensation to be paid each eligible teacher will be the product of the number of hours of accumulative leave times the teacher’s daily rate of pay ÷ 7.25 7.5 hours, but will not exceed $45,000.