Service Recognition Stipend Sample Clauses

Service Recognition Stipend. Effective with the completion of the July 1, 2017 seniority list, all current bargaining unit members will be eligible for Service Recognition based on their number of total years of seniority. Seniority thresholds must be met prior to July 1 for each year’s processing of this recognition. The Service Recognition is a one-time stipend, minus applicable taxes. Xxxxxxxx will be issued as soon as administratively possible once the seniority list is deemed final for that year. Once an individual receives the recognition for a threshold, they are not eligible to receive it again in that category. Service Recognition stipends will not become a regular part of that employee’s base rate for future years in calculating percentage increases. For the initial application and processing of the Service Recognition effective July 1, 2017, the bargaining unit member only receives the stipend for the category they are currently in. There will be no retroactive application of previous seniority thresholds. The service thresholds are as follows: 10 years of seniority = $220 20 years of seniority = $220 30 years of seniority = $225 40 years of seniority = $230

Service Recognition Stipend. Each employee with fifteen (15) years of continuous service who retires under IMRF will receive a one-time, gross lump sum payment of one thousand one hundred dollars ($1,100) in their last year of employment prior to retirement. To the extent that receipt of the stipend will result in an employee receiving more than a six percent (6%) increase in total salary over the previous year’s salary, the remaining portion shall be paid to the employee in the second calendar month after the effective date of the employee’s retirement. This bonus shall increase by fifty dollars ($50) for each additional year of continuous service, up to a maximum of two thousand six hundred dollars ($2,600) for employees with forty-five (45) years of continuous service, pursuant to the following schedule: Years of Service Lump Sum Payment 15 $1,100 16 1,150 17 1,200 18 1,250 19 1,300 20 1,350 21 1,400 22 1,450 23 1,500 24 1,550 25 1,600 26 1,650 27 1,700 28 1,750 29 1,800 30 1,850 31 1,900 32 1,950 33 2,000 34 2,050 35 2,100 36 2,150 37 2,200 38 2,250 39 2,300 40 2,350 41 2,400 42 2,450 43 2,500 44 2,550 45 2,600