Accrual of Vacation Days. All employees are encouraged to use their earned vacation days each year. The full fiscal year allotment of vacation days will be posted on July 1 of each year. In the event the employee terminates employment before June 30th, the employee’s vacation accrual will be pro-rated based on actual calendar months of service worked.
A. An employee who has reached the maximum vacation earning as established in section 11 will be eligible to earn additional vacation once his/her vacation balance drops below the limit. An employee who brings their vacation balance below the limit before June 30th will be credited with the equivalent hours from his/her unearned vacation balance, subject to the provisions of section 11. An employee who has reached the maximum vacation earning and does not bring their vacation balance below the maximum by June 30th will not earn additional vacation time in that fiscal year.
B. An employee who has unearned vacation as a result of being above the maximum allowable vacation limit and has written documentation from the district that they were denied vacation because of the District’s workload or any other mitigating circumstances that would prevent the employee from taking vacation; that vacation time, at the option of the employee shall be carried over to the next fiscal year (to be taken within the first (6) months of the following fiscal year), or be paid, or an equivalent monetary amount be deposited into a tax sheltered annuity plan designated by the employee.
C. Employees may access their vacation balance at any time using the online employee service system.
Accrual of Vacation Days. (a) In accordance with the Company's renewed vacation policy, as of the Amendment Effective Date, the Executive shall be entitled to accumulate to his credit an unused balance of the vacation days up to a ceiling that is double the number of annual vacation days that he is entitled to accumulate under the Agreement (the "Ceiling"), provided that he takes at least seven consecutive annual working days' vacation each year. Should the Executive accumulate vacation days exceeding the Ceiling, the exceeding days balance shall be eliminated from the Executive's credit upon the completion of the relevant calendar year.
(b) Those vacation days exceeding the Ceiling as of the Amendment Effective Date shall be redeemed within the framework of the Executive's upcoming monthly salary. It is clarified that as of the Amendment Effective Date, the Executive has accumulated to his credit 386.15 Excess Vacation Days, each such day being of monetary value of 6,204.5 NIS (gross) (equivalent to approximately 1,897 USD). Total monetary value of Excess Vacation Days: of 732,696 USD (2,395,885 NIS) (gross).
