Common use of 13th Check Clause in Contracts

13th Check. For employees who retire on or after April 1, 2000, and after five years of retirement, said retirees will be eligible yearly for a performance bonus of a 13th (additional) check, not to exceed an amount greater than their monthly pension check. If surplus funds are inadequate to provide a full month’s payment, the checks will be prorated based on the retiree’s monthly benefit. The surplus funds, as determined by the Annual Actuarial Valuation attributed to fire members of the Clinton Township Fire and Police Retirement System, will be a maximum of half the excess over the actuarial assumed rate of return. Surplus or deficit funds in any given year shall not affect any valuations in subsequent years. Any distributions shall be made no later than the second month following the publication of the actuarial valuation.

13th Check. For employees who retire on on/or after April 1, 2000, and after five (5) years of retirement, said retirees will be eligible yearly for a performance bonus of a 13th thirteenth (additional13th) additional check, not to exceed an amount greater than their monthly pension check. If surplus funds are inadequate to provide a full month’s 's payment, the checks will be prorated based on the retiree’s 's monthly benefit. The surplus funds, as determined by the Annual Actuarial Valuation attributed to fire members of the Clinton Township Fire and Police Retirement System, will be a maximum of one-half (1/2) the excess over the actuarial assumed rate of return. Surplus or deficit funds in any given year shall not affect any valuations in subsequent years. Any distributions shall be made no later than the second (2nd) month following the publication of the actuarial valuation.