Overtime Compensation (a) Overtime worked shall be compensated at the following rates:
Overtime/Compensatory Time Overtime shall be paid for all hours worked in excess of the regularly scheduled workday. Compensatory time may be earned, in lieu of overtime, with prior mutual agreement between the employee and employer, for overtime hours or hours earned under 18.7 or 18.8 of this article. In no case will compensatory time be allowed, in lieu of overtime once the employee has reached the compensatory time limit in 18.10. Upon separation from employment, employees will be paid for any unused compensatory time.
Monthly Salary The words “monthly salary” when used in this Agreement shall mean: (Bi-weekly pay at regular rate of pay times 26.1) divided by 12 = monthly salary
Base Compensation a. The Company and the Bank agree to pay Executive during the term of this Agreement a base salary at the rate of $ per year, payable in accordance with customary payroll practices.
Final Compensation Final Compensation for an employee, who is employed by the State for the first time and becomes a member of CalPERS prior to January 15, 2011, is based on the highest average monthly pay rate during twelve (12) consecutive months of employment. Final Compensation for an employee, who is employed by the State for the first time and becomes a member of CalPERS on or after January 15, 2011, is based on the highest average monthly pay rate during thirty-six (36) consecutive months of employment.