Minimum Special Payout/Payment Clause Samples
Minimum Special Payout/Payment. Employees hired prior to July 31, 2009, (1) who elect the IIP and elect to receive a payout OR (2) who are transferred to the IIP from a Grandparented STD Plan and do not elect to retain their frozen sick bank, shall receive a minimum lump sum pay- out/payment of $700.
Minimum Special Payout/Payment. Employees hired prior to <insert date of ratification> (1) who elect the IIP and elect to receive a payout OR (2) who are transferred to the IIP from a Grandparented STD Plan and do not elect to retain their frozen sick bank, shall receive a minimum lump sum payout/payment of $700.
Minimum Special Payout/Payment. Employees hired prior to 2010-05-20 who elect the IIP and elect to receive a payout shall receive a minimum lump sum payout/payment of $700.