Common use of Rate of Supplemental Compensation Clause in Contracts

Rate of Supplemental Compensation. 1. Each certified employee who retires under a state administered retirement system with at least twenty (20) years of pension credit and each non-certified employee who retires under a state administered retirement system with at least ten (10) years of pension credit shall be entitled upon retirement to supplemental compensation for accumulated sick leave days credited to such employee as of the last day of employment. 2. Supplemental compensation shall be calculated as follows: a. A retiring employee with fewer than fifty (50) accumulated sick days at the time of retirement shall receive supplemental compensation equal to eighty-five dollars ($85) per accumulated sick day. b. A retiring employee with at least fifty (50) but fewer than one hundred (100) accumulated sick days at the time of retirement shall receive supplemental compensation equal to one hundred ten dollars ($110) per accumulated sick day. c. A retiring employee with at least one hundred (100) but fewer than one hundred fifty (150) accumulated sick days at the time of retirement shall receive supplemental compensation equal to one hundred thirty five dollars ($135) per accumulated sick day. d. A retiring employee with one hundred fifty (150) or more accumulated sick days at the time of retirement shall receive supplemental compensation equal to one hundred sixty dollars ($160) per accumulated sick day. e. In no case shall the daily rate of payment for supplemental compensation exceed the retiring employees daily rate of pay at the time of retirement. For example, a retiring employee whose daily rate of pay at the time of retirement is $85 and who has 160 accumulated sick days shall receive supplemental compensation in the amount of $13,600, not $25,600. f. The total amount of supplemental compensation for an employee working for the Board as of June 30, 2003 shall be subject to a cap of thirty thousand dollars ($30,000). Employees who commence working for the Board after June 30, 2003 shall be subject to a cap of fifteen thousand dollars ($15,000).

Rate of Supplemental Compensation. 1. Each certified employee who retires under a state administered retirement system with at least twenty (20) years of pension credit credit, and each non-certified employee who retires under a state administered retirement system with at least ten (10) years of pension credit shall be entitled upon retirement to supplemental compensation for accumulated sick leave days credited to such employee as of the last day of employment. 2. Supplemental compensation shall be calculated as follows: a. A retiring employee with fewer than fifty (50) accumulated sick days at the time of retirement shall receive supplemental compensation equal to eightyseventy-five dollars ($8575) per accumulated sick day. b. A retiring employee with at least fifty (50) but fewer than one hundred (100) accumulated sick days at the time of retirement shall receive supplemental compensation equal to one hundred ten dollars ($110100) per accumulated sick day. c. A retiring employee with at least one hundred (100) but fewer than one hundred fifty (150) accumulated sick days at the time of retirement shall receive supplemental compensation equal to one hundred thirty twenty five dollars ($135125) per accumulated sick day. d. A retiring employee with one hundred fifty (150) or more accumulated sick days at the time of retirement shall receive supplemental compensation equal to one hundred sixty fifty dollars ($160150) per accumulated sick day. e. In no case shall the daily rate of payment for supplemental compensation exceed the retiring employees daily rate of pay at the time of retirement. For example, a retiring employee whose daily rate of pay at the time of retirement is $85 and who has 160 accumulated sick days shall receive supplemental compensation in the amount of $13,600, not $25,60024,000. f. The total amount of supplemental compensation for an employee working for the Board as of June 30, 2003 shall be subject to a cap of thirty thousand dollars ($30,000). Employees who commence working for the Board after June 30, 2003 shall be subject to a cap of fifteen thousand dollars ($15,000).

Rate of Supplemental Compensation. 1. Each certified employee who retires under a state administered retirement system with at least twenty (20) years of pension credit and each non-certified employee who retires under a state administered retirement system with at least ten (10) years of pension credit shall be entitled upon retirement to supplemental compensation for accumulated sick leave days credited to such employee as of the last day of employment. 2. Supplemental compensation shall be calculated as follows: a. A retiring employee with fewer than fifty (50) accumulated sick days at the time of retirement shall receive supplemental compensation equal to eighty-five dollars ($85) per accumulated sick day. b. A retiring employee with at least fifty (50) but fewer than one hundred (100) accumulated sick days at the time of retirement shall receive supplemental compensation equal to one hundred ten dollars ($110) per accumulated sick day. c. A retiring employee with at least one hundred (100) but fewer than one hundred fifty (150) accumulated sick days at the time of retirement shall receive supplemental compensation equal to one hundred thirty five dollars ($135) per accumulated sick day. d. A retiring employee with one hundred fifty (150) or more accumulated sick days at the time of retirement shall receive supplemental compensation equal to one hundred sixty dollars ($160) per accumulated sick day. e. In no case shall the daily rate of payment for supplemental compensation exceed the retiring employees daily rate of pay at the time of retirement. For example, a retiring employee whose daily rate of pay at the time of retirement is $85 and who has 160 accumulated sick days shall receive supplemental compensation in the amount of $13,600, not $25,600. f. The total amount of supplemental compensation for an employee working for the Board as of June 30, 2003 shall be subject to a cap of thirty thousand dollars ($30,000). ) for those retiring in the 2012-2013 school year, of twenty-two thousand five hundred dollars ($22,500) for those retiring in the 2013-2014 school year, and fifteen thousand dollars ($15,000) for those retiring thereafter. g. Employees who commence working for the Board after June 30, 2003 shall be subject to a cap of fifteen thousand dollars ($15,000).