Certain Historical Information (Vault Sample Clauses

Certain Historical Information (Vault. “Bank” the Benefit) (a) The Xxxxxx X. Xxxxxxxxx Compulsory Interest Arbitration Award for 1994-1995 resulted in the Firefighters having their regular work schedules reduced by forty-eight (48) hours per year. The City and its Firefighters were, however, desirous of maintaining the “pre- Xxxxxxxxx” work schedules and hours, and therefore it was agreed to create a “vault bank benefit”, effective June 1, 1994, wherein the Firefighters were credited with, and allowed to accrue, “vault bank hours” in lieu of the reduction in hours that would have resulted from the Xxxxxxxxx Award. Only Firefighters on the City’s payroll as of August 16, 1995 were eligible for this accrual in lieu of the reduction in annual work schedules. (b) For 1995, 1996, 1997 and 1998, each bargaining unit employee received a forty- eight (48) hours addition to their “vault bank”. The vault bank is not the same as the compensatory bank. Any bargaining unit employee employed on or after January 1, 1998 received a pro rata share of their forty-eight (48) hours “vault bank” entitlement that was applicable to their respective hire date. Such entitlement to these new employees’ “vault bank” occurred immediately upon being employed in the bargaining unit. Implementation of the “vault bank” had no effect upon, nor did it reduce, the annual work schedule worked by bargaining unit employees (including time off commonly known as YZ days). The bargaining unit employees who hold vault bank hours are entitled to cash out the hours in their “vault bank” only at the time of their retirement or separation from employment at the then existing hourly rates. (c) Effective January 1, 1999, the “vault bank” referred to above was increased by twenty-four (24) hours to seventy-two (72) hours per year by Arbitrator Xxxxxxxxx’x Interest Arbitration Award for 1998-1999. (d) Effective January 1, 2003, bargaining unit employees ceased earning vault bank benefit hours, retained those hours that were then in their vault bank, and received a retirement benefit commonly known as “final average salary” (which is contained in Section 443(f) of the New York State Police and Fire Retirement Plan) in lieu of further or future vault bank hours accruals. Certain historical perspective is referenced in the parties’ Materiality Clause contained in this collective bargaining agreement. A bargaining unit employee who was entitled to receive the vault benefit from its commencement through its cessation, would have received a total of...