Common use of Completion of Clause in Contracts

Completion of. Percent of Annual Pay 15 or more years of service 4% For the purposes of this section, annual pay means actual hours paid from November 1 through October 31. The longevity payment shall be determined by the length of service occurring between November 1 and October 31 of each year. In order to be eligible for any longevity payment, the employee must be on the payroll on October 31. Employees who retire during the current year and are not on the payroll on October 31 will be paid a prorated longevity payment based upon hours paid during the current calendar year. Employees hired after January 1, 1999 shall not be eligible for longevity.