DROP Participants. At the time an employee elects to participate in the DROP Program he/she shall receive, as part of their payoff, a prorated amount of longevity compensation as described in Section C, above. Payment for the balance of the DROP years’ longevity payment and subsequent longevity payments shall be made in December of each year as described in Section F, above. For DROP participants, the amount of longevity compensation paid in subsequent years shall be determined by the step level achieved by the employee at the time they elected to DROP. (Step levels are described in Section B.4, above).
DROP Participants. DROP participants shall continue to accrue seniority in the same manner as Active Employees, except as otherwise provided in this Agreement.
DROP Participants. At the conclusion of the employee’s participation in the DROP Program, there shall be no compensation for any Sick Leave time remaining in the employee’s Sick Leave bank upon separation from employment.
DROP Participants. At the time an employee elects to participate in the DROP Program he/she shall receive as part of their payoff, a prorated amount of Holiday Pay. Payment for the balance of that years holidays and subsequent holiday pay shall be made in December of each year. Payment shall be as described in Section A above.
DROP Participants. At the time an employee elects to participate in the DROP Program he/she shall receive, as part of their payoff, a prorated amount of longevity compensation as described in Section
