Common use of Annual Cash Payment Option Clause in Contracts

Annual Cash Payment Option. Employees who have accumulated at least 480 hours of unused sick leave may, at their option, continue accumulating sick leave or receive a cash payment at a time determined by the District, but no later than June 30 of the same year, for any unused sick leave above 480 hours earned but not used in the preceding year at the following rate: HOURS ACCUMULATED PERCENT OF PAY RATE 480 50% 720 75% 960 100% ELIGIBILITY: This provision does not apply to any employee hired after July 1, 2010

Annual Cash Payment Option. Employees who have accumulated at least 480 four-hundred- eighty (480) hours of unused sick leave may, at their option, continue accumulating sick leave or receive a cash payment at a time determined by the District, but beginning of each calendar year and no later than June 30 of the same year, March 31st for any unused sick leave above 480 four-hundred-eighty (480) hours earned earned, but not used in the preceding year year, at the following rate: HOURS ACCUMULATED PERCENT OF PAY RATE Hours Accumulated Percent Of Pay Rate 480 720 960 50% 720 75% 960 100% ELIGIBILITY: This provision does not apply to any employee hired after July 1, 2010%

Annual Cash Payment Option. Employees who have accumulated at least 480 hours of unused sick leave may, at their option, continue accumulating sick leave or receive a cash payment at a time determined by the District, but no later than June 30 beginning of the same year, each calendar year for any unused sick leave above 480 hours earned but not used in the preceding year at the following rate: HOURS ACCUMULATED PERCENT OF PAY RATE Hours Accumulated Percent of Pay Rate 480 50% 720 75% 960 or more 100% ELIGIBILITY: This provision does not apply to any employee hired after July 1, 2010%

Annual Cash Payment Option. Employees who have accumulated at least 480 hours of unused sick leave may, at their option, continue accumulating sick leave or receive a cash payment at a time determined by the District, but no later than June 30 beginning of the same year, each calendar year for any unused sick leave above 480 hours earned but not used in the preceding year at the following rate: HOURS ACCUMULATED PERCENT OF PAY RATE 480 50% 720 75% 960 or more 100% ELIGIBILITY: This provision does not apply to any employee hired after July 1Effective June 30, 20102017, this annual cash payment option will no longer be available.