Common use of Payout Clause in Contracts

Payout. a. The Board will pay out the incentive bonus either in the year the employee retires or during the year following retirement and shall be calculated as a percentage of the employee’s salary scale in the following amounts: Age in Month of Retirement Percentage of Annual Salary 55-59 years of age 35% 60-64 years of age 25% b. The salary used in the calculation of the incentive bonus will be based on an average of the employee’s five best years of service.

Payout. a. 13.2.1 The Board will pay out the incentive bonus either in the year the employee retires or during the year following retirement and shall be calculated as a percentage of the employee’s salary scale in the following amounts: Age in Month of Retirement Percentage of Annual Salary 55-59 years of age 35% 60-64 years of age 25% b. 13.2.2 The salary used in the calculation of the incentive bonus will be based on an average of the employee’s five best years of service.

Payout. a. The Board will pay out the incentive bonus either in the year the employee retires or during the year following retirement and shall be calculated as a percentage of the employee’s employee‘s salary scale in the following amounts: Age in Month of Retirement Percentage of Annual Salary 55-59 years of age 35% 60-64 years of age 25% b. The salary used in the calculation of the incentive bonus will be based on an average of the employee’s employee‘s five best years of service.