Accrual and Procedures Sample Clauses
The "Accrual and Procedures" clause defines how and when certain rights, obligations, or financial amounts accumulate over time and outlines the steps required to recognize or process them. Typically, this clause specifies the timing for accruals, such as when interest, fees, or benefits begin to accumulate, and details the administrative procedures parties must follow to document or claim these accruals. Its core function is to ensure clarity and consistency in the recognition and handling of accrued items, thereby preventing disputes and misunderstandings regarding timing and entitlement.
Accrual and Procedures. Each Employee shall accrue sick time as follows:
a) On the Employee's first anniversary date, each Employee shall be credited with five (5) sick days.
b) On each of the Employee's second, third and fourth anniversary dates, each Employee shall be credited with ten (10) sick days.
c) If an Employee has accumulated 45 sick days, on his or her fifth anniversary date, the Employee shall be credited with 15 sick days. If the Employee has not accumulated 45 sick days on the fifth anniversary date, then he or she shall continue to be credited with only ten (10) days annually. If on the Employee's sixth, seventh, eighth or ninth anniversary date the Employee has accumulated 45 sick days, then he shall be credited with 15 days on that anniversary date and for each subsequent years regardless of whether the accumulation in subsequent years goes below 45 sick days.
d) If the Employee has accumulated 120 sick days and has reached his tenth anniversary date or larger, then the Employee would accumulation 25 sick days on that anniversary date and each subsequent anniversary date thereafter.
e) Once an Employee has reached a level set forth in Paragraph 2 (a-d), subsequent use of accumulated sick days will not cause the Employee to fall back to a lower level or sick day earnings. Any Employee with remaining accumulated and unused sick leave after accumulation of 240 days or the maximum under IMRF Regulations, whichever is greater, the Employer shall annually (on the Employee's anniversary date) buy back sick days accumulated and unused over 240 at the ratio of one (1) day of compensation for every two (2) days in either pay or vacation days.
Accrual and Procedures. Each regular full‐time employee of the City shall earn sick leave with pay at a rate of eight (8) hours for each full month of service. Unused sick leave may accumulate to a maximum of eight hundred (800) hours. Once a covered member has accumulated the maximum number of hours allowed, he/she shall receive a fifty percent (50%) payout for all hours earned over the allowable accumulation, up to a maximum of forty‐ eight (48) hours of pay per year. This conversion will apply only so long as the covered member maintains the maximum allowable sick leave accumulation and is an employee of the City at the time the payment is made in January of each year. The dollar value of such payout will be mandatorily applied to the covered member’s share of his/her health insurance premiums, subject to any applicable payroll taxation, with any remaining balance to be paid as taxable wages. Covered members that do not participate in the City’s health insurance plan shall have any applicable payout as taxable wages. Should the covered member leave employment for any reason, any funds not applied against health insurance premiums shall be paid as taxable wages. Should a fifty percent (50%) conversion application to insurance premiums become voluntary for other City employees in the future, the covered members of this Agreement shall also have this option on a voluntary basis.
Accrual and Procedures. Each employee shall accrue sick leave with pay at a rate of one and one-sixty-seventh (1.67) working days per month of service, equal to twenty (20) sick days per year. The accrued sick leave shall be retroactive to each employee’s employment starting date with the Employer, provided sick leave shall not be taken during the first sixty (60) days of employment. Unused sick leave may accumulate up to a maximum number of three hundred sixty (360) days.
Accrual and Procedures. The availability of the sick leave buyback program described herein is subject to approval on a yearly basis by the Village Manager. Availability is determined by the financial condition of the Village to provide this program, as determined by the Village Manager. This program is administered on a Village-wide basis; the program will be available to all Village employees or none. The Village will identify each fiscal year (by October 1) if the program will be in place for that year. Each employee shall earn sick leave with pay at a rate of approximately 3.69 hours per pay period, equal to twelve (12) sick days per year. Prior to February 1 of each year, the Village shall calculate how many sick days above sixty (60) days have been credited to and remain unused by an employee as of December 31 of the previous year. If, between December 31 of the previous year and January 15 following, the employee shall have notified his Department Director and the Finance Department in writing on forms provided and has indicated thereon his desire to continue to accumulate such additional days above sixty (60), then such employee shall be allowed to accumulate those additional days up to the allowed maximum. Prior to May 1 of each year, the Village shall compensate the employee at the rate of fifty percent (50%) of the present years’ time accumulated; provided that the employee had sixty (60) days accrued as of January 1 of the year. Up to fifty percent (50%) of those sick days accrued in that following year would be compensated. Unused sick leave may accumulate up to a maximum number of two hundred-and-forty (240) days. Any uncompensated days may be converted at retirement as additional time in the IMRF system. Employees other than 24/48 shift personnel accrue sick days initially at the rate of 1 sick day for each month worked up to a maximum of 12 sick days per year. The employee may accumulate these sick days for an indefinite period; however, the maximum number of sick days is not to exceed 240 Days. Sick leave can be taken in one-hour increments.
Accrual and Procedures. Each employee shall accrue sick time as follows:
(a) On the employee’s first anniversary date, each employee shall be credited with five (5) sick days.
(b) Sick time, based upon completed years of service, will be posted on January 1.
(c) On January 1st of the employee’s second, third and fourth year of employment, each employee shall be credited with ten (10) sick days.
(d) In addition, if an employee accumulates 45 sick days at the time of the January 1st posting of the employee’s fifth or greater year of employment, and the employee maintains that accumulation until their anniversary date, then the employee shall be credited with an additional five (5) days of sick leave on their anniversary date and fifteen (15) sick days on each January 1st posting thereafter until the employee reaches the next level.
(e) If an employee accumulates 120 sick days at the time of the January 1st posting of their tenth or greater year of employment and maintains an accumulation of 120 sick days until their anniversary date, then the employee shall be credited with an additional ten (10) days of sick leave on their anniversary date and twenty-five (25) sick days on each January 1st posting thereafter.