Common use of Longevity Bonus Clause in Contracts

Longevity Bonus. A. An annual longevity bonus will be paid to benefit eligible pharmacists who have reached 15 or more years of longevity credit based on the following criteria: (1) Hired before January 1, 2003: the longevity credit equals experience credit granted at date of hire, plus years worked since date of hire in current bargaining unit pharmacist position. (2) Hired on or after January 1, 2003: the longevity credit equals continuous years of service at Allina as a bargaining unit pharmacist. Experience credit is not applicable to longevity credit in this scenario. (3) Non-benefit eligible pharmacists: years of service will be credited towards eligibility for the longevity bonus in the event the employee later becomes benefit eligible. B. Methodology and timing of longevity bonus: (1) 15 – 19 years of longevity credit Bonus equals: [FTE* x 2080] x .75% x hourly rate of pay (2) 20 – 24 years of longevity credit Bonus equals: [FTE* x 2080] x 1.5% x hourly rate of pay (3) 25 plus years of longevity credit Bonus equals: [FTE* x 2080] x 2.0% x hourly rate of pay * FTE appointment at anniversary date

Longevity Bonus. A. An annual longevity bonus will be paid to benefit eligible pharmacists who have reached 15 or more years of longevity credit based on the following criteria: (1) Hired before January 1, 2003: the longevity credit equals experience credit granted at date of hire, plus years worked since date of hire in current bargaining unit pharmacist position. (2) Hired on or after January 1, 2003: the longevity credit equals continuous years of service at Allina as a bargaining unit pharmacist. Experience credit is not applicable to longevity credit in this scenario. (3) Non-benefit eligible pharmacists: years of service will be credited towards eligibility for the longevity bonus in the event the employee later becomes benefit eligible. B. Methodology and timing of longevity bonus: (1) 15 – 19 years of longevity credit Bonus equals: [FTE* x 2080] x .75% x hourly rate of pay (2) 20 – 24 years of longevity credit Bonus equals: [FTE* x 2080] x 1.5% x hourly rate of pay (3) 25 plus years of longevity credit Bonus equals: [FTE* x 2080] x 2.0% x hourly rate of pay * FTE appointment at anniversary date (2) The annual longevity bonus will be calculated on the employee’s anniversary date. The longevity bonus will be included in the employee’s paycheck for the first full pay period of the calendar quarter following the employee’s anniversary date.