Common use of Accrual and Accumulation Clause in Contracts

Accrual and Accumulation. Each full-time employee shall accrue vacation credits, based on regularly scheduled work hours and paid leave hours, at the following rates, and have maximum hourly accumulations as follows: Length of Service (Complete Years) Hourly Accrual Rate Annual Rate Maximum Accumulation (hrs.) Maximum Payout Less than 5 complete years of service 0.04616 12 days 240 240 Over 5 but less than 10 complete years of service 0.05769 15 days 240 240 Over 10 but less than 15 complete years of service .06924 18 Days 360 360 Over 15 but less than 20 complete years of service 0.08076 21 days 360 360 Over 20 .09231 24 Days 360 360 All full-time employees shall accrue vacation at the hourly accrual rate set forth above for actual regular hours worked and paid leave hours. Employees receiving sick leave donations, on leave of absence without pay or other unpaid status or lay-off from the City will not accrue vacation hours during such period. Overtime hours shall not be used when computing an employee’s vacation accrual. The annual vacation days employees accrue are based on the appropriate hourly accrual rate multiplied by 2,080 (the average hours employees are scheduled to work each year).

Accrual and Accumulation. Each All full-time employee employees shall accrue vacation credits, based on regularly scheduled work hours and paid leave hours, at the following rates, and have maximum hourly accumulations as follows: Length of Service (Complete Years) Hourly Accrual Rate Annual Rate Maximum Accumulation (hrs.) Maximum Payout Less than 5 complete years of service 0.04616 12 days 240 240 Over 5 but less than 10 complete years of service 0.05769 15 days 240 240 Over 10 but less than 15 complete years of service .06924 18 Days 360 360 Over 15 but less than 20 complete years of service 0.08076 21 days 360 360 Over 20 .09231 24 Days 360 360 All full-time employees shall accrue vacation at the hourly accrual rate set forth above for actual regular hours worked and paid leave hours. Employees receiving sick leave donations, on leave of absence without pay or other unpaid status or lay-off from the City will not accrue vacation hours during such period. Overtime hours shall not be used when computing an employee’s vacation accrual. The annual vacation days employees accrue are based on the appropriate hourly accrual rate multiplied by 2,080 (the average hours employees are scheduled to work each year).