Changes of Reporting Period Sample Clauses

Changes of Reporting Period for Part-Time Employees All part-time employees working at university/colleges that convert from a "l through 31" time reporting period will be subject to the following provisions.

Changes of Reporting Period for Part-Time Employees. All part-time employees working at universities that convert from a “1 through 31” time reporting period will be subject to the following provisions. The paycheck for the month during which the transition occurs (transition month) will be for the period of the 1st through the 15th of that month. Affected employees will receive at least one month’s notice of the transition. Such general notice shall be jointly authorized and signed by the Union and OUS. Accompanying such notice will be an individualized notice from the university detailing specific dollar amounts applicable to the employee. Affected employee will be given the option of a draw. If they so elect, that amount will be equal to their regular month’s pay, less the actual pay for the partial month reporting period, less 40% for mandated withholdings. In the event that the employee does not have a forecasted or regular month’s pay, the basis for the advance will be the position’s FTE multiplied by the monthly salary for the employee’s classification pay range and step. If an employee elects to take the draw, the employee must choose one of the following payback options: All repaid on the last day of the month following the transition month; or Employee’s choice of equal monthly payments for either 8, 12, or 24 months, commencing on the last day of the second month after the transition month. For all payback options, an employee may exchange, on a one-time initial election, all or part of vacation and/or compensatory time to fully or partially offset the employee draw. Computation of hours to dollars will be made based on dollars owed divided by the hourly pay rate. Employees who leave University service for any reason prior to fully paying back the draw will owe the remaining balance upon termination. The paycheck for the month after the transition month will be for the period of the 16th of the transition month through the 15th of the following month. Employee benefit pro-ration during the transition month will be based upon the regular monthly pay or the advance basis (position FTE multiplied by the monthly salary rate.) If the transition occurs during the summer months, academic year employees who are on leave without pay during the summer months shall receive the same advance privileges during the month of September of the transition year. Payback options will begin on November 30 of the transition year. The Union and the Universities agree to jointly present campus ses...