METHOD OFPAYMENT Sample Clauses

METHOD OFPAYMENT. The Board shall pay, by direct deposit, on each alternate Thursday, to each teacher in its employ, an amount equal to the teacher’s annual salary divided by twenty-six less authorized and statutory deductions. The first pay date in the school year shall be the second Thursday in August, excepting that, whenever there is a three (3) week span between the second Thursday in August and the last pay day in July of the immediately preceding school year, then the first pay date in place of the second Thursday in August in the school year shall be the Monday preceding the second Thursday in August. In June of each year, the Board shall give all teachers notice ofthe first pay date for August ofthe next school year. All net pay amounts will be deposited in the account in the financial institution of the teacher’s choice on each individual pay date.