PAYROLL OPTION Sample Clauses

PAYROLL OPTION. Each teacher shall have the right to elect to be paid in twenty-six (26) or twenty-one (21) equal installments every other Friday. Those teachers electing the twenty-six (26) pays may receive the balance of their pay in June if they notify the bookkeeper, in writing, by the 1st pay period in May. Unless the Employee notifies the Employer otherwise, the Employee shall be paid in twenty-six

PAYROLL OPTION. Applicable only when an amount is shown in the Declarations. The Insured’s entire ordinary payroll expense is insured for a period of time not in excess of 90 consecutive days immediately following the date of loss, which may continue during a total or partial suspension of business, insuring only to the extent necessary to resume the “normal” business of the Insured with the same quality of service which existed immediately preceding the destruction or damage by the perils insured against, and which would have been earned had no destruction or damage by perils insured against occurred. This item does not insure any portion of salaries described under “insured standing charges”. The Insurer shall not be liable, in the event of loss, for a greater proportion of the loss under this item than the amount hereby insured under the said item bears to 80% of the Insured’s entire ordinary payroll expense, excluding only salaries hereby described under “standing charges”, that would have been earned (had no destruction or damage by a peril insured against occurred) during the 90 consecutive days immediately following the date of damage to or destruction of the described property.

PAYROLL OPTION. 14.1 By September 1 each school term thereafter, teachers may elect a pay plan of 24 paychecks payable on the 15th and last business day of each month, including June, July and August. Teachers employed before August 23, 2003, who have chosen to be paid on a ten-month basis in twenty (20) equal installments may continue this choice. Teachers switching from twenty (20) installments to twenty-four (24) installments may not switch back. 14.2 Teachers will retain the current option of receiving all remaining June, July and Xxxxxx xxxxxxxxx in June. 14.3 New teachers will be offered the option of receiving a $500 advance on the last payday in August. The advance will be recouped through equal deductions from the four paychecks to be received in September and October of the school year in which the advance occurs. 14.4 All teachers will be paid by direct deposit to the institution of the teacher’s choice. 14.5 All teachers electing to be paid under 14.2 above will receive their last pay for the school year no later than June 30.