Award and Accumulation. It is understood between parties hereto that sick days accrued prior to April 1, 2011 shall be referred to as “banked sick days”. The accrual of banked sick days shall be frozen as of April 1, 2011. Unused banked sick days will be accumulated to an employee's credit for use at any future time. Each January, fifty-six hour employees will have the option to sell one hundred and eighty (180) hours of banked sick time. Forty hour employees will have the option to sell ninety-six (96) hours of banked sick time. Such days will be sold at the rate of one-half (1/2) of an employee's base rate of pay in effect at the time the days are sold. The employee shall submit in writing a request for such payment two (2) weeks prior to the second pay period in January when this payment will be made. For fifty-six hour employees, the value of fifty percent (50%) of up to one hundred and eighty (180) hours sold each year shall be included in the calculation of final average compensation. For forty hour employees, the value of fifty percent (50%) of ninety-six (96) hours sold each year shall be included in the calculation of final average compensation. Employees shall be entitled to take said banked sick time in a minimum increment of three (3) hours. Effective April 1, 2011, bargaining unit members shall accrue paid time off (PTO) at an annual amount of two hundred and forty hours (240) for fifty-six hour employees and one hundred (100) hours for forty hour employees. Fifty-six hour employees may accrue up to two hundred and forty (240) hours of paid time off and forty hour employees may accrue up to one hundred (100) hours in a PTO bank. Up to two hundred and forty (240) paid time off hours accumulated in excess of two-hundred and forty (240) hours shall be paid to fifty-six hour employees in the pay period following the end of the contract year in which said hours exceeded two-hundred and forty (240). Up to one hundred (100) paid time off hours accumulated in excess of one-hundred (100) hours shall be paid to forty hour employees in the pay period following the end of the contract year in which said hours exceeded one-hundred (100) hours. Excess hours shall be paid at a rate of one-half (1/2) of base pay and shall be included in the calculation of final average compensation. The last day of the contract year in which the excess was accumulated will determine the price of the base per hours. Employees hired after April 1st and prior to March 31st each year shall be credited P...
