Common use of Retention Pay Clause in Contracts

Retention Pay. Section 1. Consistent with the HR Rules, regular and unclassified benefit-earning employees with at least five years of continuous employment* as of December 1 of the current year are eligible to receive retention pay in December. Years of Employment Retention Pay 5 $ 400 6 $ 480 7 $ 560 8 $ 640 9 $ 720 10 $ 800 11 $ 850 12 $ 900 13 $ 950 14 $1000 15 $1050 16 $1100 17 $1150 18 and over $1200 *Based on hire date as a regular or unclassified employee (or on hours of eligible service converted to a date in APEX if hired before October 11, 2009). Federal and state taxes, FICA, Medicare and PERA are withheld from retention (stability) pay. At the discretion of the EMPLOYER, time on authorized LEAVE OF ABSENCE for education may be included in computing retention compensation. Such retention payment shall be paid in a lump sum on a December payroll.

Retention Pay. Section 1. Consistent with the HR Rules, regular and unclassified benefit-earning employees with at least five years of continuous employment* as of December 1 of the current year are eligible to receive retention pay in December. Years of Employment Retention Pay 5 $ 400 6 $ 480 7 $ 560 8 $ 640 9 $ 720 10 $ 800 11 $ 850 12 $ 900 13 $ 950 14 $1000 15 $1050 16 $1100 17 $1150 18 and over $1200 *Based on hire date as a regular or unclassified employee (or on hours of eligible service converted to a date in APEX if hired before October 11, 2009). Federal and state taxes, FICA, Medicare and PERA are withheld from retention (stability) pay. At the discretion of the EMPLOYER, time on authorized LEAVE OF ABSENCE for education may be included in computing retention compensation. Such retention payment shall be paid in a lump sum on a December payroll.