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Section 1. Each regular full-time employee who has served as such continuously for five (5) or more full years shall receive an annual longevity payment on or before December 1 of each calendar year in accordance with the following schedule:
Total Continuous Service Annual Longevity Payment
5 through 9 years 2.5% of annual salary 10 through 14 years 5% of annual salary 15 through 19 years 7.5% of annual salary 20 through 24 years 10% of annual salary 25 or more years 12.5% of annual salary
("Annual Salary", as used in this Article, shall mean the employee's base salary, excluding any benefit payment or extra compensation received.)
Continuous full-time service shall be computed through October 31 of the year in which payment is made.
Section 2. Employees hired on or after February 1, 1990, shall be eligible for longevity pay in accordance with Section 1, except that the annual longevity payment shall not exceed ten percent (10%) of annual salary.
Section 3. Each regular full-time employee hired after February 18, 1993, and has served as such continuously for five (5) or more full years, shall receive an annual longevity payment on or before December 1 of each calendar year in accordance with the following schedule:
Total Continuous Service Annual Longevity Payment
5 through 9 years $1,095.00 10 through 14 years $1,645.00 15 through 19 years $2,195.00 20 through 24 years $2.745.00 25 or more years $3,295.00
Section 4. Employees hired on or after October 1, 2004, shall not be eligible for a longevity payment. |
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