Common use of Service Recognition Credit Clause in Contracts

Service Recognition Credit. Teachers will accrue a service recognition credit of $1,000 each year. The accumulated credit may be cashed out at the end of the year three. No payment would be made before the end of the year three. If the employee does not remain with the District for three years, the accumulated credit would be forfeited. Teachers who defer the credit in year three and remain with the District through year five will receive a credit equivalent to $1,500.00 for each of the five years. Teachers who defer the credit in year five and remain with the District through year seven will receive a credit equivalent to $2,000 for each of the seven years.

Service Recognition Credit. Teachers will accrue a service recognition credit of $1,000 each year. The accumulated credit may be cashed out at the end of the year three. No payment would be made before the end of the year three. If the employee does not remain with the District for three years, the accumulated credit would be forfeited. Teachers who defer the credit in year three and remain with the District through year five will receive a credit equivalent to $1,500.00 1,500 for each of the five years. Teachers who defer the credit in year five and remain with the District through year seven will receive a credit equivalent to $2,000 for each of the seven years. Teachers who defer the credit in year seven and remain with the District through year ten will receive a credit equivalent to $2,500 for each of the ten years.