Common use of Payoff Clause in Contracts

Payoff. The prorated balance of all annual leave will be paid to employees upon discharge, termination, or resignation. Upon discharge, termination, resignation, or retirement, unused hours of annual leave, if any, are paid off in full as a contribution by the University to a 403(b) special pay plan account established on the employee’s behalf (415 (m) if applicable), to the extent allowable by plan provisions. (See Appendix E: Special Pay Plan definition.)

Payoff. The prorated balance of all annual leave will be paid to employees upon discharge, termination, or resignation. Upon discharge, termination, resignation, or retirement, unused hours of annual leave, if any, are paid off in full as a contribution by the University to a 403(b) special pay plan account established on the employee’s ’ s behalf (415 (m) if applicable), to the extent allowable by plan provisions. (See Appendix E: Special Pay Plan definition.)