Common use of Payout of Benefits Clause in Contracts

Payout of Benefits. Each employee who has reached the age and service requirement of the Michigan Public School Employees Retirement Act and has completed at least ten (10) years of service with the Grand Rapids Community College shall receive, upon retirement, the amount of $40 per day for each accumulated sick leave day(s) or $45 per year of service, whichever is greater.

Payout of Benefits. Each employee who has reached the age and service requirement of the Michigan Public School Employees Retirement Act and has completed at least ten (10) years of service with the Grand Rapids Community College shall receive, upon retirement, the amount of forty five dollars ($40 45.00) per day for each accumulated sick leave day(s) or fifty dollars ($45 50.00) per year of service, whichever is greater.

Payout of Benefits. Each employee who has reached the age and service requirement of the Michigan Public School Employees Retirement Act and has completed at least ten (10) years of service with the Grand Rapids Community College shall receive, upon retirement, the amount of $40 per day for each accumulated sick leave day(s) days or $45 per year of service, whichever is greater.

Payout of Benefits. Each employee who has reached the age and service requirement of the Michigan Public School Employees Employees’ Retirement Act and has completed at least ten (10) years of service with the Grand Rapids Community College shall receive, upon retirement, the amount of forty-five dollars ($40 45) per day for each accumulated sick leave day(s) or fifty dollars ($45 50) per year of service, whichever is greater.

Payout of Benefits. Each employee who has reached the age and service requirement of the Michigan Public School Employees Retirement Act and has completed at least ten (10) years of service with the Grand Rapids Community College shall receive, upon retirement, the amount of forty five dollars ($40 45) per day for each accumulated sick leave day(s) or fifty dollars ($45 50) per year of service, whichever is greater.