No Employee Benefits For Party The Party understands that the State will not provide any individual retirement benefits, group life insurance, group health and dental insurance, vacation or sick leave, workers compensation or other benefits or services available to State employees, nor will the State withhold any state or Federal taxes except as required under applicable tax laws, which shall be determined in advance of execution of the Agreement. The Party understands that all tax returns required by the Internal Revenue Code and the State of Vermont, including but not limited to income, withholding, sales and use, and rooms and meals, must be filed by the Party, and information as to Agreement income will be provided by the State of Vermont to the Internal Revenue Service and the Vermont Department of Taxes.
Employee Benefit Plans and Compensation (a) For purposes of this Section 2.22, the following terms shall have the meanings set forth below:
Vacation Entitlement i) A transferring employee will accrue vacation in accordance with the collective agreement of the designated employer. ii) A transferring employee will have pre-approved vacation requests honoured. iii) Vacation entitlement not used by the employee at the time of transfer shall transfer with the employee to the designated employer, if applicable. iv) Vacation scheduling will be in accordance with the applicable collective agreement and the practice of the designated employer.
Overtime Entitlement (a) An employee will be entitled to compensation for authorized overtime in excess of: (1) the scheduled daily hours; or (2) the maximum daily hours for those employees on flextime; or (3) the agreed averaging period. (b) For the purposes of calculating the hourly rate for overtime, an employee's biweekly rate shall be divided by 70. (c) Overtime shall be compensated in 30-minute increments; however, employees shall not be entitled to any compensation for periods of overtime of less than five minutes per day.