Common use of Payment Computation Clause in Contracts

Payment Computation. (A) The service credit year shall commence with the beginning date of the 26th pay period of each payroll year and shall end as of the last day of the 25th pay period of the following payroll year. (B) Payment is based upon total years of City service credit computed as of the closing date of the 25th pay period of each payroll year. (C) Payment for service credit shall be made prior to December 31 of each calendar year. (D) Upon termination for any reason, employees of the Division of Fire who are eligible for service credit pay (or in the event of death, the surviving spouse or estate) will be paid as part of their terminal pay, the final partial year service credit on a pro-rated basis, less applicable withholding and any amounts owed by the employee to the City. (E) Service credit payments shall be paid as outlined below: YEAR AMOUNT

Payment Computation. ‌ (A) The service credit year shall commence with the beginning date of the 26th pay period of each payroll year and shall end as of the last day of the 25th pay period of the following payroll year. (B) Payment is based upon total years of City service credit computed as of the closing date of the 25th pay period of each payroll year. (C) Payment for service credit shall be made prior to December 31 of each calendar year. (D) Upon termination for any reason, employees of the Division of Fire who are eligible for service credit pay (or in the event of death, the surviving spouse or estate) will be paid as part of their terminal pay, the final partial year service credit on a pro-rated basis, less applicable withholding and any amounts owed by the employee to the City. (E) Service credit payments shall be paid as outlined below: YEAR AMOUNT