Calculation of Severance Allowance Monies Sample Clauses

Calculation of Severance Allowance Monies. ‌ (a) Severance allowance monies for regular full-time and regular part-time employees shall be calculated on the basis of one (1) week’s pay for every two (2) years of service to a maximum of twenty (20) weeks’ pay. Proportionate payments shall be paid for service less than two (2) years as calculated in the following example: If an employee has fifteen (15) years’ service and 1000 hours into her/his sixteenth (16th) year, she/he shall be entitled to:
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Calculation of Severance Allowance Monies. (a) Severance allowance monies for regular full-time and regular part-time employees shall be calculated on the basis of one (1) week’s pay for every two (2) years of service to a maximum of twenty (20) weeks’ pay. Proportionate payments shall be paid for service less than two (2) years as calculated in the following example: If an employee has fifteen (15) years’ service and 1000 into her/his sixteenth (16th) year, she/he shall be entitled to: Fourteen (14) years’ service - 7 weeks Fifteenth (15th) year - 2½ days 1000 hours additional 1000 X 2.5 days 1879.2 or 1.33 days Effective the first pay period between September 30, 2004 and October 13, 2004, the employee shall be entitled to:
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Calculation of Severance Allowance Monies. (a) Severance allowance monies for regular full-time and regular part-time employees shall be calculated on the ba- sis of one (1) week’s pay for every two (2) years of service to a maximum of twenty (20) weeks’ pay. Proportionate payments shall be paid for service less than two (2) years as calculated in the following example: If an employee has fifteen (15) years’ service and 1000 into his/her sixteenth (16th) year, he/she shall be entitled to: Fourteen (14) years’ service - 7 weeks Fifteenth (15th) year - 2 ½ days 1000 hours additional 1000 X 2.5 days 1879.2 or 1.33 days (b) Length of service for part-time employees shall be calcu- lated as follows: (1) total hours worked divided by thirty-seven and one- half (37.5) hours to establish weeks of service and effective September 30, 1993, for hours worked af- ter the first pay period prior to September 30, 1993, total hours worked divided by thirty-six (36) hours to establish weeks of service, then (2) weeks of service to be divided by fifty-two (52) weeks to give years of service for severance allow- ance payment. (c) In addition to the foregoing severance allowance, regular full-time and regular part-time employees shall be paid in cash an amount equivalent to forty percent (40%) of un- used sick leave credits calculated at the employee’s rate of pay at leave.
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Calculation of Severance Allowance Monies. (a) Severance allowance monies for regular full-time and regular part-time employees shall be calculated on the basis of one (1) week’s pay for every two (2) years of service to a maximum of twenty (20) weeks’ pay. Proportionate payments shall be paid for service less than two (2) years. (b) Length of service for part-time employees shall be calculated as follows: i) total hours divided by thirty-six (36) hours to establish weeks of service, then, ii) weeks of service to be divided by fifty-two (52) weeks to give years of service for severance allowance payment. (c) In addition to the foregoing severance allowance, regular full- time and regular part-time employees shall be paid in cash an amount equivalent to forty percent (40%) of unused sick leave credits calculated at the employee’s rate of pay at leave.
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Calculation of Severance Allowance Monies. Severance allowance monies for regular full-time and regular part-time employees shall be calculated on the ba- sis of one (1) week’s pay for every two (2) years of service to a maximum of twenty (20) weeks’ pay. Proportionate payments shall be paid for service less than two (2) years as calculated in the following example: If an employee has fifteen (15) years’ service and into sixteenth (16th) year, shall be entitled to: Fourteen (14) years’ service Fifteenth (15th) year hours additional or days Length of service for part-time employees shall be calcu- lated as follows:
Sample 1
Calculation of Severance Allowance Monies. Severance allowance monies for regular full-time and regular part-time employees shall be calculated on the basis of one (1) week's pay for every two (2) years of service, to a maximum of twenty (20) weeks' pay. Proportionate payments shall be paid for service less than two (2) years as calculated in the following example: If an employee has fifteen (15) years' service and one thousand (1,000) hours into his/her sixteenth (16th) year, he/she shall be entitled to: 14 years' service 7 weeks 15th year 2.5 days 1000 hours additional 1000 x 2.5 days 1957.5 or 1.277 days Effective the beginning of the first pay period after June 23, 1994 but no later than June 30, 1994, the calculation is: 1000 hours additional 1000 x 2.5 days 1879.2 or 1.33 days
Sample 1

Related to Calculation of Severance Allowance Monies

  • DEDUCTIONS FROM SALARY A. The Board agrees to deduct from teachers' salaries unified membership dues for Xxxxxxxxx County Teachers Association, the Maryland State Education Association and the National Education Association as said teachers individually and voluntarily authorize to deduct through an appropriate written authorization form prepared by the Association and approved by the Human Resources Division. The Board agrees to transmit such monies promptly to the Association. 1. Deductions shall be made in twenty (20) equal installments beginning in August and ending in June of each year. For new enrollees, deductions shall be made in sixteen (16) equal installments beginning in October. The Board will not be required to honor any authorizations that are delivered to it later than fifteen (15) working days prior to the distribution of the November payroll, except for authorized deductions for first-year teachers, delivered after the distribution of the November payroll whose deductions will be made in equal installments computed in accordance with the number of pay periods remaining in that school year. 2. The Association will certify to the Board in writing the current rate of membership dues. The Association will give the Board thirty (30) days written notice prior to the effective date of any change in the rate of dues. 3. No later than October 1 of each year, the Board will provide the Association with a list of those teachers from whom dues were deducted on the first payroll. The Board will provide a similar list from the November 15 payroll not later than December 1. 4. In the event that a teacher terminates employment, the Board shall deduct the balance of the unpaid dues for the current membership year from the teacher's final pay check and transmit these dues promptly to the Association. B. Payroll deductions will be available at the request of the teacher for the plans listed below and XXXXX. Except in case of an emergency, the Board shall distribute all monies from payroll deduction accounts to the proper recipients within ten (10) workdays of its deduction following the pay date. 1. 403(b) and 457(b) Programs A list of companies authorized to offer 403(b) and 457(b) products to the employees of the Board will be made available to all employees by September 1 of each fiscal year beginning July 1. The number of authorized companies for which payroll deductions will be made will be determined by the insurance council. The insurance council will recommend a number of providers deemed sufficient to provide an adequate array of eligible investment products for the benefit of all employees. In order to be eligible for inclusion on this authorized list, the companies must meet the following criteria: a. A company must submit a written explanation of their company background, administrative capabilities, products and services for consideration by the insurance council. b. The insurance council will recommend to both the Board and the Association companies that should be on the authorized list. c. When a new company is added to the list before payroll begins, the company must initially sign up a minimum of ten (10) employees. Once the minimum number of employees is signed up, payroll deductions will begin as soon as practical. Approved service-fee based providers must sign up additional employees following the minimum participants schedule listed below for the first three (3) years: Year 1 – minimum of 15 employees Year 2 – minimum of 30 employees Year 3 – minimum of 50 employees After year three (3), if at any time an approved service-fee based provider drops below fifty (50) employees participating in its program for six (6) consecutive months during the school year, it will be dropped from the authorized list of companies at the end of the particular fiscal year in which such event occurs. No- load based providers will not be required to maintain a minimum number of participants due to the lack of on-site marketing. d. At any time the service-fee based company fails to meet this requirement by decision of the insurance council, it can be dropped from the list of authorized companies. At any time, a company fails to comply with IRS regulations, by decision of the insurance council, it can be dropped from the list of authorized companies. 2. Insurance plans approved by the Association and the Board. 3. Teachers desiring payroll deductions for XXXXX shall notify the Board in writing with fifteen

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