ANNUAL BUY-OUT OF FUTURE LEAVE Sample Clauses

ANNUAL BUY-OUT OF FUTURE LEAVE a. Each school year, the School Corporation will calculate the present value of Seventy Dollars ($70.00) per day for each day of sick leave over one hundred fifty (150) accumulated by the Teacher during that school year, using an assumed retirement age of sixty (60) and a discount rate of Four Percent (4%) for the first three (3) years from June 30, 2004, then Seven and One-Half Percent (7½%) thereafter, and Four Percent (4%) post assumed retirement age with a Seven and Sixty-Five Hundredths Percent (7.65%) discount for FICA.
AutoNDA by SimpleDocs

Related to ANNUAL BUY-OUT OF FUTURE LEAVE

  • Reporting of Sick Leave The employee will call in sick or returning in accordance with Article 14.05 to the designated employer for purposes of payment. For purposes of notification of absence, the employee will notify the appropriate home in accordance with Article 14.05 of their absence that shift.

  • Compensation for Holidays Falling Within Vacation Schedule If a paid holiday falls on or is observed during an employee's vacation period, he/she shall be allowed an additional vacation day with pay at a time mutually agreed upon by the Employer and employee.

  • Taking Annual Leave (1) An employee may, on application approved by the Secretary, take annual leave in either of the following ways:

  • Annual Leave (a) An employee may elect with the consent of the employer, subject to the Annual Xxxxxxxx Xxx 0000, to take annual leave not exceeding five days in single day periods or part thereof, in any calendar year at a time or times agreed by the parties.

  • Choice of Vacation Period A. It is agreed to establish a nationwide program for vacation planning for employees in the regular work force with emphasis upon the choice vacation period(s) or variations thereof.

  • COMPLIANCE WITH EQUAL OPPORTUNITY ORDINANCE Contractor shall comply with the City’s Equal Employment Opportunity Ordinance as set out in Section 15-17 of the Code of Ordinance.

  • Portability of Sick Leave 1. The employer will accept up to sixty (60) accumulated sick leave days from other school districts in British Columbia, for employees hired to or on exchange in the district.

  • Taking of Annual Leave (a) An employee is entitled to take an amount of annual leave during a particular period if:

  • Extended Medical Leave A teacher who is unable to teach because of personal illness or disability and who has exhausted all available sick leave shall be granted leave for up to one (1) year. Any request for this leave must state the probable date of return and be accompanied by a verifying physician's statement. If the leave was granted as a result of a work related injury the employee may request and shall be granted a one (1) year extension of this leave. Before returning, such teacher must submit a physician's release. To be eligible for an extended medical leave of absence, an employee must have been actively employed on paid status with APS a minimum of one contract year immediately prior to the leave start date. All intermittent medical leaves will be addressed according to FMLA regulations.

  • Annual Leave Loading (a) In addition to their ordinary pay, an employee, other than a shiftworker, will be paid an annual leave loading of 17.5% of their ordinary pay on a maximum of 152 hours/four weeks annual leave per annum.

Time is Money Join Law Insider Premium to draft better contracts faster.