Work in a Higher Classification Any employee who is assigned by his/her supervisor to a vacant position in a higher grade for a period of more than thirty (30) days shall receive the salary rate for the higher position from the first day of the appointment, provided such assignment has the prior approval in writing of the Appointing Authority or his/her designee. The approval of the Appointing Authority or his/her designee shall take effect as of the first day of the assignment. Any assignment to a vacant position in a higher grade must be in writing to be valid.
SIMPLE Class The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares.
Out of Class Pay On occasion, due to operational necessity, an employee may be required to perform a majority of essential duties of another classification with a higher salary range. In such cases, payment for out-of-class work shall be 5% above the regular base pay of the employee for all hours worked in the higher classification. Such pay shall be a minimum of the “A” step of the higher classification and no more than the maximum of the highest step of the higher classification. If the 5% increase falls between steps, the next higher step is used. Eligibility for out-of-class pay will be subject to the following conditions: 1. The assignment to work in the higher classification must be made in advance by the Department Manager and approved by the Director of Administrative Services. 2. Employees who are assigned to the higher class must be required to perform a substantial number of the essential tasks of the higher level position. Consideration shall be given to the employee’s ability and qualifications to perform at a higher level and whether the lower level position is in direct line and job scope of the higher class. An employee will be eligible for out-of-class pay when assigned to perform the duties of a higher classification for at least five (5) consecutive work days. Out-of-class assignments shall not be used to circumvent the hiring process.
Investor Class The Manager will apply an equivalent waiver or reimbursement, in an equal number of basis points waived for Class A Shares.
APPOINTMENT IN A HIGHER CLASS An employee who has completed a probationary period and who is appointed to a position in a higher classification, either permanent or temporary, deemed to be promotive by the Civil Service Commission shall have his/her salary adjusted to that step in the promotive class as follows:
Promotion to a Higher Classification An employee who is promoted to a higher rated classification within the bargaining unit will be placed in the range of the higher rated classification so that he shall receive no less an increase in wage rate than the equivalent of one step in the wage rate of his previous classification (provided that he does not exceed the wage rate of the classification to which he has been promoted).
SPECIALIZED JOB CLASSES Where there is a particular specialized job class in which the pay rate is below the local market value assessment of that job class, the parties may use existing means under the collective agreement to adjust compensation for that job class.
Original Class B Principal Balance The Original Class B Principal Balance is $12,006,549.92.
Tax Classification The Series shall elect to be treated as an association taxable as a corporation under Treasury Regulations Section 301.7701-3 with effect for each taxable period of its existence. The Series and each Member shall file all tax returns and shall otherwise take all tax and financial reporting positions in a manner consistent with such treatment. No election will be filed with the Internal Revenue Service (or the tax authorities of any State) to have the Series taxable other than as an association taxable as a corporation for income tax purposes.
Working Out of Class 33.1. Working-out-of-classification occurs when an employee in a regular position is 33.2. Working-out-of-classification assignments must occur in full day/shift increments. 33.3. While working-out-of-classification, the employee will receive a 5% working-out- of-classification pay premium. Any overtime earned while working-out-of-classification will include the 5% premium. Paid leave (e.g. vacation, sick, executive leave, bereavement) while working-out-of-classification shall be at the rate of the employee’s base position (without the 5%pay premium). 33.4. If a working-out-of-classification assignment exceeds 29 consecutive calendar days, the assignment will be converted prospectively to a special duty assignment.