Accrual Proration, Vacation Cash-out, and Termination Cash-out Sample Clauses

Accrual Proration, Vacation Cash-out, and Termination Cash-out a. All regular employees shall receive prorated vacations after nine (9) months’ of service at the rate of one‑twelfth (1/12th) of the determined vacation pay for each month of service upon ter- mination. b. Upon termination from employment, accrued vacation shall be paid in a lump sum to the employee. The hourly rate to be used in computing the cash-out payment shall be the regular straight time rate paid to the employee on the date that the termination notice is given to the employee or the effective date of the resignation no- xxxx. Such vacation will be paid within three (3) working days of termination of the employee’s employment by the Company, or on the next regular payday that is at least three (3) working days after the Company received notice of the employee’s resignation (to in- clude retirement) if employment is terminated by the employee. c. Any employee who shall have been absent from work for prov- able illness for a total not to exceed sixty (60) calendar days shall be considered for determining vacation privileges, as having been d. Employees may elect not to take all of their forty‑five hour vacation weeks granted, on any applicable year’s entitlement date, before the end of the applicable current calendar year, however; the employee must then take the unused vacation weeks before the next entitlement date, or they will be cashed out on the paycheck follow- ing the entitlement date. e. Employees with three or more weeks of vacation have the op- tion of working one of their vacation weeks, and receiving payment for hours worked and the vacation pay. Employees choosing to work their vacation shall indicate that option at their vacation selec- tion time. Once an employee chooses to work a vacation week, they must work the full week. Such weeks shall not be considered to- xxxx the calculation of the percentage of employees allowed off during that week. f. If through no fault of the employee, the Company cashes out an employee’s vacation week when no vacation week was scheduled, the employee shall be allowed to take a week of no pay at a time based on mutual agreement and not to exceed the thirteen percent (13%) allowance. g. All vacation cash outs shall be paid at the employee’s applica- ble hourly rate of pay at the time of the cash out.
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Related to Accrual Proration, Vacation Cash-out, and Termination Cash-out

  • Vacation Cash Out In each calendar year, an employee may make a one-time request to cash out and receive payment for up to forty (40) hours of vacation. In order to be eligible to cash out vacation hours, the employee must be a regular status employee and have a remaining vacation balance of sixty (60) hours or more. Vacation leave that has been pre-approved will be considered when the request is made in order to determine if they will maintain the minimum vacation balance requirement.

  • Sick Leave Separation Cash Out At the time of retirement from state service or at death, an eligible employee or the employee’s estate will receive cash for their compensable sick leave balance on a one (1) hour for four (4) hours basis. For the purposes of this Section, retirement will not include “vested out of service” employees who leave funds on deposit with the retirement system.

  • Termination Date, Etc “Termination Date” shall mean in the case of the Executive’s death, his date of death, or in all other cases, the date specified in the Notice of Termination subject to the following:

  • Vacation Leave Accrual Rate Schedule Full Years of Service Hours Per Year

  • Vacation Payout Where an employee requests in writing to have a specific number of vacation days paid out, and the Employer agrees to the request, the Employer will issue pay in lieu of vacation. Pay in lieu of vacation, if agreed, will be granted only after a minimum of 15 days' vacation time has already been taken in the year.

  • Vacation Pay Upon Termination When an employee in the bargaining unit is terminated for any reason, he/she shall be entitled to all vacation pay earned and accumulated up to and including the effective date of the termination.

  • Rollovers of Settlement Payments From Bankrupt Airlines If you are a qualified airline employee who has received a qualified airline settlement payment from a commercial airline carrier under the approval of an order of a federal bankruptcy court in a case filed after September 11, 2001, and before January 1, 2007, you are allowed to roll over any portion of the proceeds into your Xxxx XXX within 180 days after receipt of such amount, or by a later date if extended by federal law. For further detailed information and effective dates you may obtain IRS Publication 590-A, Contributions to Individual Retirement Arrangements (IRAs), from the IRS or refer to the IRS website at xxx.xxx.xxx.

  • Vacation Carryover (a) A regular employee may carry over up to 10 days' vacation leave per year. Vacation carryover will not exceed 10 days at any time. An employee will not receive pay in lieu of vacation time, except upon retirement or termination, or as requested by the employee in Clause 18.13 (Vacation Payout). (b) A single vacation period, which overlaps the end of a vacation year, will be considered as vacation for the vacation year in which it commenced. The portion of vacation taken subsequent to but adjoining the end of the vacation year will not be considered as vacation carryover, nor as a seniority choice for the subsequent vacation year.

  • Optional Termination and Reduction of Aggregate Credit Amounts (i) The Borrower may at any time terminate, or from time to time reduce, the Aggregate Maximum Credit Amounts; provided that (A) each reduction of the Aggregate Maximum Credit Amounts shall be in an amount that is an integral multiple of $1,000,000 and not less than $5,000,000 and (B) the Borrower shall not terminate or reduce the Aggregate Maximum Credit Amounts if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 3.04(c), the total Revolving Credit Exposures would exceed the total Commitments. (ii) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Aggregate Maximum Credit Amounts under Section 2.06(b)(i) at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section 2.06(b)(ii) shall be irrevocable. Any termination or reduction of the Aggregate Maximum Credit Amounts shall be permanent and may not be reinstated. Each reduction of the Aggregate Maximum Credit Amounts shall be made ratably among the Lenders in accordance with each Lender’s Applicable Percentage.

  • Sick Leave Cash Out Eligible employees may elect to receive monetary compensation for accrued sick leave as follows: In January of each year an employee whose sick leave balance at the end of the previous year exceeds four hundred eighty (480) hours may elect to convert the sick leave hours earned in the previous calendar year, minus those hours used during the year, to monetary compensation. No sick leave hours may be converted which would reduce the calendar year end balance below four hundred eighty (480) hours. Monetary compensation shall be paid at the rate of twenty-five percent and shall be based on the employee’s current salary. All converted hours will be deducted from the sick leave balance. Employees who separate from University service due to retirement or death shall be compensated for the unused sick leave accumulation from the date of most recent hire in a leave eligible position with the State of Washington at the rate of 25%. Compensation shall be based upon the employee’s wage at the time of separation. For the purpose of this section, retirement shall not include vested out of service employees who leave funds on deposit with the retirement system. Former eligible employees who are re-employed within three (3) years of their separation from service shall be granted all unused sick leave credits, if any, to which they are entitled at time of separation.

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