HOLIDAY IN-LIEU PAY. 1. Employees working a 56-hour schedule shall receive holiday in-lieu pay at the rate of 6.22% of the base salary (percentage defined and subject to adjustment according to the survey formula in Appendix D), only for actual paid time worked in a 56-hour schedule and without regard for when holidays occur or whether the employee actually works the holiday. This payment will be paid on a separate check twice a year. The first holiday in-lieu check will be paid on the first pay day after June 1st with the second being paid on the first pay day after December 1st. For Classic Members and New Members as defined in PEPRA, Holiday Pay additional compensation shall be reported to CalPERS as Special Compensation, Holiday Pay, pursuant to and in accordance with CCR section 571(a)(5) (Statutory Items).
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Samples: Memorandum of Understanding, Memorandum of Understanding, Sideletter of Agreement
