Common use of Surrender of Unused Days Clause in Contracts

Surrender of Unused Days. On an annual basis, each principal who has completed at least three years of service to the District may surrender a combination of up to 15 days of unused sick leave and floating holidays. In return for those days the individuals will receive their daily rate of pay times the number of surrendered days as a direct salary payment from July 1 through July 15 of the following year or as a payment into an investment(s) of the employee’s choice, including the District approved Health Care Savings Plan.

Surrender of Unused Days. On an annual basis, each principal who has completed at least three years of service to the District director may surrender a combination of up to 15 days of unused sick leave leave, vacation, and floating holidays. In return for those days the individuals will receive their daily rate of pay times the number of surrendered days as a to be paid into an investment(s) of the employee’s choice or direct salary payment from July 1 through July 15 of the following year or as a school year. At no time will payment into an investment(s) of the employee’s choice, including the District approved Health Care Savings Planunused days exceed 15 days.

Surrender of Unused Days. On an annual basis, each principal who has completed at least three years of service to the District a director hired on or before January 1, 2021 may surrender a combination of up to 15 days of unused sick leave leave, vacation, and floating holidays. In return for those days the individuals will receive their daily rate of pay times the number of surrendered days as a to be paid into an investment(s) of the employee’s choice or direct salary payment from July 1 through July 15 of the following year or as a school year. At no time will payment into an investment(s) of the employee’s choice, including the District approved Health Care Savings Planunused days exceed 15 days.