Common use of 13th Check Clause in Contracts

13th Check. For employees who retire on or after April 1, 2000, after 5 years of retirement said retirees will be eligible for annual 13th check not to exceed the retirant’s normal monthly retirement check. Said check will be distributed if investment funds attributed to the Police members exceed eight (8%) percent. Participants in the DROP and/or defined contribution plan shall be eligible 5 years after termination of employment. Up to 50% of said excess will be used to make such payments. If 50% of the excess is not sufficient to make a payment equal to a monthly check then the amount available will be distributed equally among the eligible retirees. Unused excess will not be carried over from one year to the next.

13th Check. For employees who retire on or after April 1, 2000, after 5 years of retirement said retirees will be eligible for annual 13th check not to exceed the retirant’s normal monthly retirement check. Said check will be distributed if investment funds attributed to the Police members exceed eight (8%) percent. Participants in the DROP and/or defined contribution plan shall be eligible 5 years after termination of employment. Up to 50% of said excess will be used to make such payments. If 50% of the excess is not sufficient to make a payment equal to a monthly check then the amount available will be distributed equally among the eligible retirees. Unused excess will not be carried over from one year to the next.