BANKING OF VACATION CREDITS. (a) Upon approval of a written request, the employee with up to four (4) years service shall be entitled to carry over a maximum of one (1) week* of annual vacation and after completion of four (4) years service and thereafter may carry over a maximum of two (2) weeks* of annual vacation. (b) Employees who are within five (5) years of being eligible for retirement with unreduced pension may bank a portion of their annual vacation allotment, for a maximum of eight (8) weeks*, for future use towards early retirement. Once banked, the time may not be withdrawn to be used as vacation. When the time is drawn from the bank, the money will be paid out at the rate it was earned. *A week is defined as the number of hours worked in a regularly scheduled work week.
Appears in 4 contracts
Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement
