COMPENSATION FOR SUCCESSFUL COMPLETION Sample Clauses

COMPENSATION FOR SUCCESSFUL COMPLETION. A. Compensation for the successful completion of any step contained in this program shall be defined in the Collective Bargaining Agreement and shall beautomatic. B. Payment shall be based upon the following conversion factor: each five (5) points = one-half of one percent (0.5%). C. Payment for each year of eligibility will occur in January of the following year in a lump sum payment by special check based upon the appropriate percentage of the base annual full rate effective in January of the prior year. Payments shall be made in January of every year. Officers who leave the City in good standing during the year shall receive upon application a pro rata payment as part of their severance pay.