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Common use of Deferred Vacation Clause in Contracts

Deferred Vacation. ‌ An employee may defer his/her vacation only until the end of the following vacation period. Any employee who is unable to take any deferred vacation due to occupational or non-occupational disability will be paid for any unused portion thereof In addition to deferring vacation, an employee may elect to participate in the Vacation Banking Program. Requests to participate in the program shall be submitted to the Company prior to November 30th of each calendar year. Banked vacation shall be credited to the employee’s account January 1st of each year. (1) An employee may elect to bank up to one half (1/2) of their annual earned vacation up to a maximum of twelve (12) weeks (i.e., 60 workdays). (2) A participating employee can, following two (2) years from initiating participation, use up to two (2) weeks of banked vacation during a calendar year (begins January 1 of each year). Such use will be with prior approval of Human Resources and the employee’s supervisor and is subject to scheduling by vacation policies. In a case of extreme hardship or medical emergency, more than two (2) weeks of banked vacation may be used if all of the current year’s vacation and all deferred vacation have been used, and with approval from the Manager of Human Resources. (3) Vacation hours banked at the time of an employee’s separation from the Company will be paid to the employee upon separation. Separation shall be defined as when an employee is laid off, released, resigns, retires, or dies. (4) All vacation hours banked will be paid out at the employee’s hourly rate of pay as of the date of use or of his/her separation from the Company. (5) The Vacation Banking Program is not to be construed as an ERISA plan, and all payments will be made out of the general assets of the Company. At the end of a calendar year, any unused vacation from that calendar year that is not banked will automatically be deferred. Deferred vacation from the previous year that is not used or banked will be lost.

Appears in 3 contracts

Samples: Collective Bargaining Agreement, Collective Bargaining Agreement, Collective Bargaining Agreement

Deferred Vacation. An employee may defer his/her vacation only until the end of the following vacation period. Any employee who is unable to take any deferred vacation due to occupational or non-occupational non‐occupational disability will be paid for any unused portion thereof In addition to deferring vacation, an employee may elect to participate in the Vacation Banking Program. Requests to participate in the program shall be submitted to the Company prior to November 30th of each calendar year. Banked vacation shall be credited to the employee’s account January 1st of each year. (1) An employee may elect to bank up to one half (1/2) of their annual earned vacation up to a maximum of twelve (12) weeks (i.e., 60 workdays). (2) A participating employee can, following two (2) years from initiating participation, use up to two (2) weeks of banked vacation during a calendar year (begins January 1 of each year). Such use will be with prior approval of Human Resources and the employee’s supervisor and is subject to scheduling by vacation policies. In a case of extreme hardship or medical emergency, more than two (2) weeks of banked vacation may be used if all of the current year’s vacation and all deferred vacation have been used, and with approval from the Manager of Human Resources. (3) Vacation hours banked at the time of an employee’s separation from the Company will be paid to the employee upon separation. Separation shall be defined as when an employee is laid off, released, resigns, retires, or dies. (4) All vacation hours banked will be paid out at the employee’s hourly rate of pay as of the date of use or of his/her separation from the Company. (5) The Vacation Banking Program is not to be construed as an ERISA plan, and all payments will be made out of the general assets of the Company. At the end of a calendar year, any unused vacation from that calendar year that is not banked will automatically be deferred. Deferred vacation from the previous year that is not used or banked will be lost.

Appears in 2 contracts

Samples: Collective Bargaining Agreement, Collective Bargaining Agreement