Common use of Proposed Language Clause in Contracts

Proposed Language. Sick leave cash out for existing employee’s “IRS Constructive Receipt”: Employees hired on or before July 17, 1999, with five or more years of service wishing to cash out future sick leave accruals may make a request by completing and submitting an Irrevocable Sick Leave Cash Out request form to the Director of Human Resources. Forms will be accepted between November 1st of each year through the end of the first full pay period in December. Payout shall be in accordance with appropriate pay out formulas described in Section 10.03. However, the maximum annual amount shall not exceed 50% of employee’s sick leave balance. Employees eligible for this benefit shall at all times maintain a sick leave balance of at least 240 hours.

Proposed Language. Sick leave cash out for existing employee’s “IRS Constructive Receipt”: Employees hired on or before July 17, 1999, with five (5) or more years of service wishing to cash out future sick leave accruals may make a request by completing and submitting an Irrevocable Sick Leave Cash Out request form to the Director of Human Resources. Forms will be accepted between November 1st of each year through the end of the first full pay period in December. Payout shall be in accordance with appropriate pay out formulas described in Section 10.039.03. However, the maximum annual amount shall not exceed 50% of employee’s sick leave balance. Employees eligible for this benefit shall at all times maintain a sick leave balance of at least 240 hours.