Common use of Benefit Description Clause in Contracts

Benefit Description. The Human Resources Department administers the Leave Sharing Plan by communicating the needs of potential employee recipients to the Manager of the department in which the employee works and facilitates with the Payroll Department the transfer of employees' PTO donations to the recipients. Those who choose not to participate in the Plan will be respected in administering the Plan. Potential recipients may seek help without divulging their identities to other employees. The identities of donors (and non-donors) will not be released to others. An employee donor may donate accumulated PTO hours provided the donation is a minimum of four (4) hours. An employee donor's PTO is donated in hours which are converted to a dollar value using the donor's current hourly wage rate. The dollar value is then converted back to hours based on the employee recipient's hourly wage. For example: Donor Recipient Hours donated: (multiplied by) 8 hours Dollar value: (divided by) $100.00 Hourly wage: (equals) $12.50 Hourly wage: (equals) $10.00 Dollar value: $100.00 Hours received: 10 hours If an employee recipient returns to work prior to using all the donated hours, the unused donated time will not be returned to the employee donor(s) but will be retained in the employee recipient's PTO bank. In the event of the termination of employment or death of the employee recipient, the unused portion of the donated time will not be returned to the employee donor(s). The Unused time will be paid to the employee recipient upon termination of employment or his/her estate in the event of death. Payroll taxes on the value of donated hours are the responsibility of the employee recipient. Since the employee donor realizes no income, there are also no deductible expenses for IRS reporting purposes.

Benefit Description. The Human Resources Department administers the Leave Sharing Plan by communicating the needs of potential employee recipients to the Manager of the department in which the employee works and facilitates with the Payroll Department the transfer of employees' PTO donations to the recipients. Those who choose not to participate in the Plan will be respected in administering the Plan. Potential recipients may seek help without divulging their identities to other employees. The identities of donors (and non-donors) will not be released to others. An employee donor may donate accumulated PTO hours provided the donation is a minimum of four (4) hours. An employee donor's PTO is donated in hours which that are converted to a dollar value using the donor's current hourly wage rate. The dollar value is then converted back to hours based on the employee recipient's hourly wage. For example: Donor Recipient Hours donated: (multiplied by) 8 hours Dollar value: (divided by) $100.00 Hourly wage: (equals) $12.50 Hourly wage: (equals) $10.00 Dollar value: $100.00 Hours received: 10 hours If an employee recipient returns to work prior to using all the donated hours, the unused donated time will not be returned to the employee donor(s) but will be retained in the employee recipient's PTO bank. In the event of the termination of employment or death of the employee recipient, the unused portion of the donated time will not be returned to the employee donor(s). The Unused time will be paid to the employee recipient upon termination of employment or his/her estate in the event of death. Payroll taxes on the value of donated hours are the responsibility of the employee recipient. Since the employee donor realizes no income, there are also no deductible expenses for IRS reporting purposes.