SECTION H. PAYMENT TO ENCOURAGE SAVINGS
In order to encourage and support the establishment of a voluntary savings plan, all House Officers will receive a lump sum payment, equivalent to a stated percentage of base salary on the November pay date each year. This provision is intended to be an on-going and recurring program. The HOA and the Employer have agreed to consider the lump sum payment as a benefit. As such, this payment will not be considered a part of base salary, but is considered part of the total compensation package. Annual Payments to Encourage Savings are listed below in paragraph 51 of this agreement.
A House Officer on paid leave at the time the lump sum payments are processed will receive their lump sum. A House Officer who is on an unpaid leave of absence at the time the lump sum payments are processed will not be eligible to receive the lump sum payment. If the House Officer returns to the training program from unpaid leave prior to June 30 of the same fiscal year, the House Officer will receive a 50% lump sum payment within sixty (60) days of their return.
Lump sums payable under this Article will be pro-rated for appointments less than a 100% FTE based on the appointment fraction at the time the payment is processed.
Lump Sum Payment Table
|Lump Sum Payment Table|