Common use of Benefit Calculation Clause in Contracts

Benefit Calculation. The amount of the benefit due an employee shall be calculated by: a. Multiplying the employee’s accrued but unused sick leave by one-fourth. b. Multiplying the product times the per diem rate of pay appropriate for that individual’s placement on the base salary schedule. c. The amount of the benefit calculated in steps one and two shall not exceed the value of 62 days of accrued but unused sick leave. d. In the event of death of an employee who is eligible for an actuarially reduced or unreduced STRS retirement benefit, their severance accumulated to that point will be paid to the established beneficiary. Receipt of payment for accrued but unused sick leave shall eliminate all sick leave credit accrued by the employee. No employee who terminates employment or whose employment is terminated for reasons other than retirement as defined in this policy shall be eligible for payments described.

Benefit Calculation. The amount of the benefit due an employee shall be calculated by: a. Multiplying the employee’s accrued but unused sick leave by one-fourth. b. Multiplying the product times the per diem rate of pay appropriate for that individual’s placement on the base salary schedule. c. The amount of the benefit calculated in steps one and two shall not exceed the value of 62 days of accrued but unused sick leave. d. In the event of death of an employee a member of the bargaining unit who is eligible for an actuarially reduced or unreduced STRS SERS retirement benefit, their severance accumulated to that point will be paid to the established beneficiary. Receipt of payment for accrued but unused sick leave shall eliminate all sick leave credit accrued by the employee. No employee who terminates employment or whose employment is terminated for reasons other than retirement as defined in this policy shall be eligible for payments described.