Common use of Withdrawal Procedures Clause in Contracts

Withdrawal Procedures. a. The maximum number of days that a member may withdraw is ten percent (10%) of the total days in the bank at the end of the enrollment period (September 15th). b. The member who borrows days will pay back the days at the rate of fifty percent (50%) of his/her monthly accumulated sick leave until the total number of days borrowed has been restored to the bank. Provided in the event a member who owes days to the bank ceases for any reason to earn sick leave days (i.e., retirement, resignation, permanent disability, or death) any days of sick leave at that time to the credit of such member shall be used to repay the bank before any sick leave days are cashed in for severance pay purposes. c. SLB may not be used as a means of increasing retirement compensation or severance.

Withdrawal Procedures. a. The maximum number of days that a member may withdraw is ten percent (10%) of the total days in the bank at the end of the enrollment period (September 15th). b. The member who borrows days will pay back the days at the rate of fifty percent (50%) of his/her monthly annual accumulated sick leave at the end of the salary contract year, each year until the total number of days borrowed has been restored to the bank. Provided in the event a member who owes days to the bank ceases for any reason to earn sick leave days (i.e., retirement, resignation, permanent disability, or death) any days of sick leave at that time to the credit of such member shall be used to repay the bank before any sick leave days are cashed in for severance pay purposes. c. SLB may not be used as a means of increasing retirement compensation or severance.