Common use of Annual Leave Payout Clause in Contracts

Annual Leave Payout. Employees participating in DROP subject to employer policy have one of the following options: a. Option 1: Receive their annual leave as a lump-sum distribution at the time of enrollment in DROP, b. Option 2: Receive a lump-sum payment at the end of the DROP period. c. If option (1) is chosen (annual leave paid as a lump-sum at the time of enrollment in DROP), this dollar amount will be included in the employee’s compensation for retirement benefit calculation purposes (FRS). d. If option (2) is chosen (wait until end of DROP period), this dollar amount is not included in the FRS benefit calculation. e. Under option (1) or option (2) above, annual leave will be placed into the St. Xxxxx County School District Special Payment Plan subject to contribution limits. Any annual leave in excess of Plan contribution limits will be paid to the participant subject to Federal tax and related payroll taxes (Social Security and Medicare).

Annual Leave Payout. Employees participating in DROP subject to employer policy have one of the following options: a. Option 1: Receive their annual leave as a lump-sum distribution at the time of enrollment in DROP, b. Option 2: Receive a lump-sum payment at the end of the DROP period. c. If option (1) is chosen (annual leave paid as a lump-sum at the time of enrollment in DROP), this dollar amount will be included in the employee’s compensation for retirement benefit calculation purposes (FRS). d. If option (2) is chosen (wait until end of DROP period), this dollar amount is not included in the FRS benefit calculation. e. Under option (1) or option (2) above, annual leave will be placed into the St. Xxxxx Johns County School District Special Payment Plan subject to contribution limits. Any annual leave in excess of Plan contribution limits will be paid to the participant subject to Federal tax and related payroll taxes (Social Security and Medicare).