Approval Process To Use Banked Units Sample Clauses

Approval Process To Use Banked Units. Requests to take leave with accumulated banked units must be submitted to the appropriate administrator by the end of the first week of classes in the semester prior to the leave. These requests will be granted by the appropriate administrator and appropriate Vice President only if the faculty member’s program can operate satisfactorily in the faculty member’s absence. 9.4.6.1 While on leave, the faculty member shall be paid according to the full-time salary schedule in effect at the time the leave is taken, or a percentage thereof if a partial leave is taken. 9.4.6.2 Employee and dependent benefits will continue in effect for the faculty member using earned leave and such leave will not be considered a break in service. 9.4.6.3 Once enrolled in the program, a faculty member may not withdraw the banked units and receive a cash payout, except in highly unusual emergency situations outlined in the pertinent Internal Revenue Service (IRS) regulations for early payout of deferred compensation. Banked units must be used within seven (7) years of the first semester of accumulation. Exceptions may be granted by the appropriate administrator(s) for unusual circumstances, such as unexpected exigencies experienced by the faculty member that prevent the taking of a leave as planned. In such a case, a new banking plan will be prepared that ensures taking the leave in a timely manner. If all or a portion of banked leave is not used, the faculty member will receive monetary compensation at the rate of pay which was in effect for overload assignments at the time credit was earned and banked. 9.4.6.4 In the event of a faculty member’s death, the value of accumulated units will be paid at the same rate as unused units to the estate of the deceased in the same manner as other compensation due to the employee.
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