Common use of Xxxxxxxxx Pay Clause in Contracts

Xxxxxxxxx Pay. 1. Teachers who leave the Sheffield-Sheffield Lake School System after ten (10) or more years of service with the Sheffield-Sheffield Lake School System shall be paid a lump sum equal to twenty-five percent (25%) of the value of accrued but unused sick leave credit up to a maximum of seventy-five (75) days. Such payment shall be based upon the teacher’s daily rate of pay at the time of separation. Such payment shall be made in two (2) equal installments to the employee’s 403(b) account as established in Section G below. The first payment shall be made at the time of severance. The second payment shall occur during the first month of January following the teacher’s departure.

Xxxxxxxxx Pay. 1. Teachers who leave the Sheffield-Sheffield Lake School System after ten (10) or more years of service with the Sheffield-Sheffield Lake School System shall be paid a lump sum equal to twenty-five percent (25%) of the value of accrued but unused sick leave credit up to a maximum of seventy-five (75) days. Such payment shall be based upon the teacher’s daily rate of pay at the time of separation. Such payment shall be made in two (2) equal installments to the employee’s 403(b) account as established in Section G belowaccount. The first payment shall be made at the time of severance. The second payment shall occur during the first month of January following the teacher’s departure.

Xxxxxxxxx Pay. 1. Teachers who leave the Sheffield-Sheffield Lake School System after ten (10) or more years of service with the Sheffield-Sheffield Lake School System shall be paid a lump sum equal to twenty-five percent (25%) of the value of accrued but unused sick leave credit up to a maximum of seventy-five (75) days. Such payment shall be based upon the teacher’s daily rate of pay at the time of separation. Such payment shall be made in two (2) equal installments to the employee’s 403(b) account as established in Section G below403b account. The first payment shall be made at the time of severanceseverancein the last regular paycheck to the employee. The second payment shall occur during the first month of January following the teacher’s departure.