Common use of Years of Service Maximum Payoff Clause in Contracts

Years of Service Maximum Payoff. Less than 3 years 240 hours maximum paid at 100% 3 but less than 10 360 hours maximum paid at 100% 10 or more years A maximum of 1600 hours of the accrued annual leave balance has cash value. 480 hours are paid at 100%; remaining balance obtains cash value of 2% for each year of service, to a maximum of 50% i.e., 10 years of service equals 20% cash value for remaining balance; 25 or more years of service equals 50% of the remaining balance after deducted from 1600 hours maximum.

Years of Service Maximum Payoff. Less than 3 years 240 160 hours maximum paid at 100% 3 but less than 10 360 years 240 hours maximum paid at 100% 10 or more years A maximum of 1600 hours of the accrued annual leave balance has cash value. 480 320 hours are paid at 100%; (400 hours for Real Property Agent I, II and III); the remaining balance balance, after the 320 hours (400 for Real Property Agent I, II and III) are deducted, obtains cash value of 2% for each year of service, to a maximum of 50% i.e., 10 12 years of service equals 2024% cash value for remaining balance; 25 or more years of service equals 50% cash value of the remaining balance after deducted from 1600 hours maximumbalance.