Sabbatical Leave Bonds
School districts require teachers to obtain a Sabbatical Leave Bond (SLB) prior to taking a sabbatical leave of absence. This bond guarantees the school district will be reimbursed for your salary should you fail to complete the terms of the leave agreement.
To purchase a Sabbatical Leave Bond through the credit union you must be a certificated school employee Member of SchoolsFirst FCU.
SLB Premium Cost
The premium for the SLB is $15 per $1,000 of the bond amount, rounded to the next whole dollar.
Example:
Bond amount = $35,950
$35,950 divided by $1,000 = $35.95
$35.95 x $15 = $539.25
$539.25 rounded to $539
Cost for an SLB of $35,950 is $539
How to Apply for a SLB
It takes approximately five business days to process the bond paperwork after you complete the following steps:
- Obtain the Sabbatical Leave Letter of Agreement from your school district
- Obtain and complete a Sabbatical Leave Bond application
- Calculate premium cost and write a check in that amount payable to SchoolsFirst FCU
- Deliver all the above to any SchoolsFirst FCU branch or mail directly to:
Insurance Services (Sabbatical)
2115 N. Broadway
Santa Ana, CA 92706
Refund
The SLB premium is refundable if you do not go on your sabbatical leave, but you must notify us before the beginning of the sabbatical leave term.
Contact a Representative
- Discuss your needs over the phone, or schedule an appointment by calling 800/462-8328 ext. 4389, Monday through Friday, 9 a.m. to 5 p.m.
- Email insurance@SchoolsFirstfcu.org
CA Insurance License 0707104
