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What is the calculation methodology on the lump sum payout for 4, 5, or 6 months?

April 26, 2017calculation lump methodology months payout

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What is the calculation methodology on the lump sum payout for 4, 5, or 6 months?

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This lump sum payment will be calculated as follows: annual salary divided by 12 months multiplied by # of months payout (4, 5, or 6, based on years of service). For exempt staff, the annual salary is stated in the 2008-2009 salary letter. For non-exempt staff, multiply the hourly rate found in the 2008-2009 salary letter times the annual hours (scheduled) to calculate the annual salary.