Special Accumulation Clause Samples
The Special Accumulation clause defines how certain amounts, such as interest, dividends, or other earnings, are collected and added to a principal sum over a specified period. In practice, this clause may apply to trust funds, insurance policies, or investment accounts, where the accumulated amounts are not distributed immediately but instead reinvested or held until a future date or event. Its core function is to ensure that earnings are systematically gathered and managed, often to maximize growth or to meet specific financial objectives, thereby providing clarity and structure to the handling of accrued amounts.
Special Accumulation. An employee who has accrued the maximum 950 hours of sick leave shall accrue an additional thirty days (30) days of special sick leave accumulation at the rate of pay of two days per month of continuous employment in accordance with this Agreement. The Special Accumulations may be converted by the County at the employee's regular rate and shall only be used to pay for the employee's normal health insurance premium, for up to one (1) year duration, upon request, if the following conditions are met:
a. An employee must exhaust all regular sick leave accumulation, vacation accumulation personal days and compensatory time.
b. An employee must be on approved unpaid leave of absence for medical purposes. Usage of sick leave, three consecutive days and less, after maximum days' accumulation is reached will be deducted from both the Regular and Special Accumulations.
Special Accumulation. An employee who has accrued the maximum 1400 hours of sick leave shall accrue an additional sixty (60) days of special sick leave accumulation at the rate of pay of two (2) days per month of continuous employment in accordance with this Agreement. The Special Accumulations may be converted by the County at the employee's regular rate and shall only be used to pay for the employee's normal health insurance premium, for up to one (1) year duration, upon request, if the following conditions are met:
1. An e m p l o y e e m u s t e x h a u s t a l l r e g u l a r s i c k l e a v e accumulation, vacation accumulation, personal days and compensatory time.
2. An employee must be on approved unpaid leave of absence for medical purposes. Usage of sick leave, three (3) consecutive days and less, after the maximum 120 days accumulation is reached, will be deducted from both the Regular and Special Accumulations.
Special Accumulation. An employee who has accrued the maximum hours of sick leave shall accrue an additional thirty (30) days at the rate of 2 days per month of continuous employment. in accordance with this agreement The special accumulation may be converted by the County at the employee's regular rate of pay converted to hours and shall be used to pay the employee's normal health insurance premium for up to one year's duration if the following conditions are met:
1. An employee must exhaust all regular sick leave accumulation, vacation accumulation and personal days.
2. An employee must be on an approved unpaid leave of absence for medical purposes