Port Performance Premium Clause Samples

Port Performance Premium. All represented employees with a current annual performance evaluation of “Meets Expectations” (or better) shall receive premium (Port Performance Premium) pay in the amount of one and one half percent (1.5%) of their annual base salary if and when the Port meets its operating ratio and revenue goals as defined and determined by the Board of Port Commissioners on an annual basis. This Port Performance Premium pay will not be an adjustment of base salary. For those represented employees with a performance evaluation date of June 1, as hereinafter defined, the Port Performance Premium pay will be made in six (6) equal monthly installments commencing on the earliest feasible pay period following Board approval of the “audit of Port financial statements”. The Port will notify the Union within five calendar days of the annual decision of the Port Commissioners as to their operating ratio and revenue goals for the fiscal year. The Port will provide the Union with information as to how the operating ratio and goals are defined and determined. For those represented employees with a performance evaluation date of December 1, as hereinafter defined, the premium pay will be made in six (6) monthly installments commencing in the following January. A represented employee, who is promoted before receiving full payment of their premium, shall be paid the balance of that earned premium in one lump sum at the earliest feasible pay period following the Board’s approval of the promotional appointment.