Common use of Calculation of Benefit Clause in Contracts

Calculation of Benefit. An employee who retires with the City of Madison shall receive a Benefit for the number of days of unused accumulated sick leave held by the retiring employee on his or her date of retirement, based on the following formula: Total hours of accumulated sick leave x regular hourly rate of pay at time of retirement.

Calculation of Benefit. An employee who retires with the City of Madison shall receive a Benefit for the number of days of unused accumulated sick leave held by the retiring employee on his or her date of retirement, based on the following formula: Total hours of accumulated sick leave x multiplied by the regular hourly rate of pay in effect at the time of retirement.

Calculation of Benefit. An employee who retires with the City of Madison shall receive a Benefit for the number of days of unused accumulated sick leave held by the retiring employee on his or her their date of retirement, based on the following formula: Total hours of accumulated sick leave x regular hourly rate of pay at time of retirement.