LOCAL 701 Agreement 2007-2010

ARTICLE XXII    WAGES

Section 22.1.

Starting/probationary wage rates for newly hired employees shall be as follows:

New employees starting at the above wage rates shall be increased to the minimum wage rates set forth on Schedule "A" after ninety (90) calendar days, or at the completion of their probationary status.

Section 22.2. Compensation Upon Retirement.

Any employee hired prior to November 1, 1995 and who qualifies by age and service for retirement under the Employee Retirement Income Plan and who elects to retire from the University or who has at least fifteen (15) years of continuous service and terminates from the University in good standing shall at that time become eligible for additional compensation based on all of the following:

1. Eligible employees must have a balance of accrued sick leave hours.
2. Eligible employees shall receive additional lump-sum compensation determined by multiplying 40% of up to a maximum of 1,050 of their unused accrued sick leave hours at that time, by the employee's basic straight-time hourly rate (not to exceed 420 hours pay).
3. Such lump-sum compensation shall be paid as terminal compensation, in addition to working hours and any unused personal holiday time and accrued vacation hours as provided under this Agreement.

Any employee hired on or after November 1, 1995 and who qualifies by age and service for retirement under the Employee Retirement Income Plan and who elects to retire from the University or who has at least twenty (20) years of continuous service and terminates from the University in good standing shall at that time become eligible for additional compensation based upon subsections A., B., and C. above.