Common use of FORMER ELT EMPLOYEES Clause in Contracts

FORMER ELT EMPLOYEES. The District shall pay employees hired prior to July 1, 2010 the equivalent of fifty percent (50%) of unused accrued sick leave for employees who have been employed in the District at least ten (10) years, or fifty-five percent (55%) for employees who have been employed in the District fifteen (15) or more years. The amount shall be based on the daily rate of pay as of June 30, 2010 and shall not exceed the number of unused, accrued hours as of that date. Employees may elect to have all or part of the severance payment placed into their account with the State of Minnesota Deferred Compensation Plan or the District sponsored Tax Sheltered Annuity (TSA) Plan consistent with the requirements of the plan. The balance, if any, will be paid directly to employees. Employees, not the District, are solely responsible for determining the maximum allowable annual contribution amount to deferred compensation/TSA. To the extent permitted by Federal law and Treasury regulations or other similar guidance, accrued bona fide sick will be paid within two and one-half (2½) months of Participant’s severance from employment so long as the employee would have been able to use the leave if employment had continued. Any balance remaining after application of the above calculations shall be paid out as a lump sum payment.

FORMER ELT EMPLOYEES. The District shall pay employees hired prior to July 1, 2010 the equivalent of fifty percent (50%) of unused accrued sick leave for employees who have been employed in the District at least ten (10) years, or fifty-five percent (55%) for employees who have been employed in the District fifteen (15) or more years. The amount shall be based on the daily rate of pay as of June 30, 2010 and shall not exceed the number of unused, accrued hours as of that date. Employees may elect to have all or part of the severance payment placed into their account with the State of Minnesota Deferred Compensation Plan or the District sponsored Tax Sheltered Annuity (TSA) Plan consistent with the requirements of the plan. The balance, if any, will be paid directly to employees. Employees, not the District, are solely responsible for determining the maximum allowable annual contribution amount to deferred compensation/TSA. To the extent permitted by Federal law and Treasury regulations or other similar guidance, accrued bona fide sick will be paid within two and one-half (2½) months of Participant’s severance from employment so long as the employee would have been able to use the leave if employment had continued. Any balance remaining after application of the above calculations shall be paid out as a lump sum payment.