Service Recognition Credit Clause Samples
Service Recognition Credit. Teachers will accrue a service recognition credit of $1,000 each year. The accumulated credit may be cashed out at the end of the year three. No payment would be made before the end of the year three. If the employee does not remain with the District for three years, the accumulated credit would be forfeited. Teachers who defer the credit in year three and remain with the District through year five will receive a credit equivalent to $1,500 for each of the five years. Teachers who defer the credit in year five and remain with the District through year seven will receive a credit equivalent to $2,000 for each of the seven years. Teachers who defer the credit in year seven and remain with the District through year ten will receive a credit equivalent to $2,500 for each of the ten years.
Service Recognition Credit. Teachers will accrue a service recognition credit of $500 each year. The accumulated credit of $1500 will be paid at the end of year three. Teachers hired during this three year negotiated agreement will start their service recognition credit from hire date for three consecutive years and paid after completing 3 years of services.