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 on June 30 in the first year of the contract and/or on June 30 of the second year of the contract. However, employees shall have the option of carrying over a maximum of eighty (80) hours of their compensatory bank to the next fiscal year. An employee transferring to the service of another Appointing Authority, accepting a position not represented by the Union, separated from State service, or placed on permanent layoff, shall have unused compensatory time paid in cash. An employee placed on seasonal layoff may have unused compensatory time paid in cash, at the option of the employee. 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. At the time of separation, the employee’s compensatory bank will be liquidated into the employee’s HCSP except in the following circumstances: • In the case of permanent layoff or death, such liquidation will be made 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.

Compensatory Bank Liquidation. At the option of the Appointing Authority, all or a portion of the compensatory bank may be liquidated in cash on June 30 in the first year of the contract and/or on June 30 of the second year of the contract. However, employees shall have the option of carrying over a maximum of eighty fifty (8050) hours of their compensatory bank to the next fiscal year. An employee transferring to the service of another Appointing Authority, accepting a position not represented by the Union, separated from State service, or placed on permanent layoff, shall have unused compensatory time paid in cash. An employee placed on seasonal layoff may have unused compensatory time paid in cash, at the option of the employee. 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. At the time of separation, the employee’s compensatory bank will be liquidated into the employee’s HCSP except in the following circumstances: • In the case of permanent layoff or death, such liquidation will be made 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.

Compensatory Bank Liquidation. At the option of the Appointing Authority, all or a portion of the compensatory bank may be liquidated in cash on June 30 in the first year of the contract and/or on June 30 of the second year of the contract. However, employees shall have the option of carrying over a maximum of eighty one-hundred (80100) hours of their compensatory bank to the next fiscal year. An employee transferring to the service of another Appointing Authority, accepting a position not represented by the Union, separated from State service, or placed on permanent layoff, shall have unused compensatory time paid in cash. An employee placed on seasonal layoff may have unused compensatory time paid in cash, at the option of the employee. 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. At the time of separation, the employee’s compensatory bank will be liquidated into the employee’s HCSP except in the following circumstances: • In the case of permanent layoff or death, such liquidation will be made 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.