Common use of Compensatory Bank Liquidation Clause in Contracts

Compensatory Bank Liquidation. At the option of the Appointing Authority, all or a portion of the compensatory bank may be liquidated in cash two (2) times a fiscal year, with thirty (30) calendar days advance written notice to the Local Union. Such liquidation shall be done in a uniform manner for all employees of the seniority unit. The Appointing Authority and the Local Union may agree in a local meet and confer to uniform liquidation on some basis other than seniority unit. At the time of separation, the employee’s compensatory bank will be liquidated into the employee’s HCSP except in the following circumstances: • An employee transferring to the service of another Appointing Authority, accepting a position not represented by the Union, or placed on permanent layoff, shall have unused compensatory time liquidated in cash. • An employee placed on seasonal layoff may have unused compensatory time liquated in cash, at the option of the employee. • In the case of death, unused compensatory time will be liquated in cash. • Employees who do not meet the criteria for the HCSP, who have been exempted from participation in the HCSP by the plan administrator or whose combined vacation, severance and compensatory bank liquidation total less than five hundred dollars ($500), such liquidation will be made in cash. Any cash payment of unused compensatory time shall be at the average regular rate of pay received by the employee during the last three (3) years of the employee's employment or their regular rate of pay as of the date of payment, whichever is greater.

Compensatory Bank Liquidation. At the option of the Appointing Authority, all or a portion of the compensatory bank may be liquidated in cash two (2) times a fiscal year, with thirty (30) calendar days advance written notice to the Local Union. Such liquidation shall be done in a uniform manner for all employees of the seniority unit. The Appointing Authority and the Local Union may agree in a local meet and confer to uniform liquidation on some basis other than seniority unit. At the time of separation, the employee’s compensatory bank will be liquidated into the employee’s HCSP except in the following circumstances: • An employee transferring to the service of another Appointing Authority, accepting a position not represented by the Union, or placed on permanent layoff, shall have unused compensatory time liquidated in cash. • An employee placed on seasonal layoff may have unused compensatory time liquated in cash, at the option of the employee. • In the case of death, unused compensatory time will be liquated in cash. • Employees who do not meet the criteria for the HCSP, who have been exempted from participation in the HCSP by the plan administrator or whose combined vacation, severance and compensatory bank liquidation total less than five hundred dollars ($500), such liquidation will be made in cash. Any cash payment of unused compensatory time shall be at the average regular rate of pay received by the employee during the last three (3) years of the employee's employment or their his/her regular rate of pay as of the date of payment, whichever is greater.

Compensatory Bank Liquidation. At the option of the Appointing Authority, all or a portion of the compensatory bank may be liquidated in cash two (2) times a fiscal year, with thirty (30) calendar days advance written notice to the Local Union. Such liquidation shall be done in a uniform manner for all employees of the seniority unit. The Appointing Authority and the Local Union may agree in a local meet and confer to uniform liquidation on some basis other than seniority unit. At the time of separation, the employee’s compensatory bank will be liquidated into the employee’s HCSP except in the following circumstances: • An employee transferring to the service of another Appointing Authority, accepting a position not represented by the Union, or placed on permanent layoff, shall have unused compensatory time liquidated in cash. • An employee placed on seasonal layoff may have unused compensatory time liquated in cash, at the option of the employee. • In the case of death, unused compensatory time will be liquated in cash. • Employees who do not meet the criteria for the HCSP, who have been exempted from participation in the HCSP by the plan administrator or whose combined vacation, severance and compensatory bank liquidation total less than five hundred dollars ($500), such liquidation will be made in cash. Any cash payment of unused compensatory time shall be at the average regular rate of pay received by the employee during the last three (3) years of the employee's employment or their his/her regular rate of pay as of the date of payment, whichever is greater.