Common use of Xxxx Leave Pay Out Clause in Contracts

Xxxx Leave Pay Out. Teachers with at least fifteen (15) years of employment as a Teacher as defined in this Agreement with the School Corporation, and who are at least 55 years of age as of December 31 during the calendar year in which their employment ends, shall receive reimbursement for accumulated sick and personal business days at the rate of $50.00 per day for each day of accumulated sick or personal business days, up to a maximum of 330 days. The Corporation shall contribute the amount of the payout to the VEBA, for those Teachers hired before July 1, 1998 who are covered by the Corporation’s health insurance. The Corporation shall contribute the amount of the payout to the 401(a) for those Teachers hired before July 1, 1998 who are not covered by the Corporation’s health insurance. For those Teachers hired or rehired on or after July 1, 1998 (including all new hires), the Corporation shall contribute half the amount to each Teacher’s VEBA and half the amount to each Teacher’s 401(a).

Xxxx Leave Pay Out. Teachers with at least fifteen (15) years of employment employ- ment as a Teacher as defined in this Agreement with the School CorporationCorpo- ration, and who are at least 55 years of age as of December 31 during the calendar year in which their employment ends, shall receive reimbursement xxxx- bursement for accumulated sick and personal business days at the rate of $50.00 43.88 per day for each day of accumulated sick or personal business days, up to a maximum of 330 days. The Corporation shall contribute the amount of the payout to the VEBA, for those Teachers hired before July 1, 1998 who are covered by the Corporation’s health insurancein Section 7-B above. The Corporation shall contribute the amount of the payout to the 401(a) for those Teachers hired before July 1, 1998 who are not covered by the Corporation’s health insurancein Section 7-C above. For those Teachers hired or rehired on or after July 1, 1998 (including all new hires)covered in Section 7-D above, the Corporation shall contribute half the amount to each Teacher’s VEBA and half the amount to each Teacher’s 401(a).