Common use of Minimum Special Payout/Payment Clause in Contracts

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 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- outpayout/payment of seven hundred dollars ($700).

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 Grandparent- ed STD Plan and do not elect to retain their frozen sick bank, shall receive a minimum lump sum pay- outpayout/payment of $700.