Common use of CASH AWARDS PROGRAM Clause in Contracts

CASH AWARDS PROGRAM. As provided for in Personnel Rule Section 2124, the Agency will have a cash awards program. The amount awarded will be 50% of the first year’s savings resulting from implementation of the suggestion provided that no awards in excess of $5,000 will be paid and further provided that suggestions that produce savings less than $125 will not be eligible for awards. Determination of the amount to be awarded shall be made by the cash awards committee with the approval of the Board of Directors. The cash awards committee shall make an initial determination of the amount of savings produced by the suggestion and forward its findings to the Board of Directors. The Board of Directors may accept or modify the committee’s findings and the final determination of the Board of Directors as to the amount of first year’s savings shall determine the amount of the award.