Pay Intervals. 59 60 The annual compensation of employees working less than 12 months per year will be paid in 10 or 61 11 monthly installments, unless the employee selects the option of voluntarily reducing each 62 monthly installment by an amount required to total 12 monthly installments. 3 1. The District recognizes the value of its long-term employees and provides the following 4 compensation in lieu of other early retirement incentives or bonuses. The service recognition 5 is available only to those employees leaving employment for retirement purposes and who will 6 begin receiving retirement benefits from the Public Employees’ Retirement System immediately 7 upon leaving the District's employment. A year of District service is defined as twelve months 8 and forty hours per week. Partial or part-time years may be combined to create full years and 9 will be rounded down to the nearest full year increment. Hours worked as a substitute do not 10 count towards the Service Recognition Award calculation. 11 12 Example: 195 paid days/year x 7 hours/day = 1,365 hours/year. 1,365 hours/year x 15 years = 13 20,475 hours worked. 20,475 hours worked divided by 2080 = 9.84 years. The employee 14 receives a Service Recognition Award for 9 years. 16 2. The following schedule applies to classified staff members on the Classified Salary Schedule: 18 Years of District Service 19 5 – 9 $13,000 10 – 14 $17,000 15 – 19 $21,000 20 – 24 $25,000 25 + $30,000 20 21 3. Employees receiving the service recognition award may elect these options: 23 a. Cash disbursement 24 b. Purchase of a tax-deferred annuity or similar product 25 c. Benefit Payment Account
Appears in 3 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement
