Common use of Past Service Recognition Plan Clause in Contracts

Past Service Recognition Plan. (a) The Past Service Recognition Plan (PSRP) shall apply only to Permanent Employees hired on or before 1987 December 31. The Plan shall not apply to any Employees hired on or after 1988 January 01. (b) PSRP pay shall be paid to all eligible Permanent Full-time Employees on the basis of the greater of sixty dollars ($60) or one half (½) day's pay at their December 31st regular rate of pay, for each five (5) year period of service. All eligible Employees shall receive PSRP pay in a lump sum payment in the first pay of December each year. Eligible Permanent Part-time Employees shall qualify for a pro-rated PSRP benefit on the same basis as eligible Permanent Full-time Employees. (c) PSRP pay shall be pro-rated in cases where an Employee, during a calendar year completes a five (5) year period of service, for example, moves up from five (5) years to ten (10) years increment. (d) PSRP pay shall be pro-rated in the year the Employee terminates employment with the Employer. (e) PSRP pay shall be pro-rated when any of the situations as outlined in Article 12.03(b) occur.

Past Service Recognition Plan. (a) The Past Service Recognition Plan (PSRP) shall apply only to Permanent Employees hired on or before 1987 December 31. The Plan shall not apply to any Employees hired on or after 1988 January 01. (b) PSRP pay shall be paid to all eligible Permanent Full-time Employees on the basis of the greater of sixty dollars ($60) or one half (½1/2) day's pay at their December 31st regular rate of pay, for each five (5) year period of service. All eligible Employees shall receive PSRP pay in a lump sum payment in the first pay of December each year. Eligible Permanent Part-time Employees shall qualify for a pro-rated PSRP benefit on the same basis as eligible Permanent Full-time Employees. (c) PSRP pay shall be pro-rated in cases where an Employee, during a calendar year completes a five (5) year period of service, for example, moves up from five (5) years to ten (10) years increment. (d) PSRP pay shall be pro-rated in the year the Employee terminates employment with the Employer. (e) PSRP pay shall be pro-rated when any of the situations as outlined in Article 12.03(b) 13.04 occur.