Holiday on a Normal Day Off. If a holiday falls on an employee's normal day off, the holiday will be "banked" for future time off with pay and/or pay out at separation. Banked holiday hours carryover from year to year and employees will accumulate banked holidays up to a maximum of three hundred and sixty (360) hours. Hours above the 360- hour limit will be lost annually at the end of the pay period that includes July 1. Employees schedule paid time off using banked holidays as they would annual leave. 1. Up to three hundred and sixty (360) hours of banked holiday hours are paid out at the end of the Employee's career. If an employee is subject to an involuntary layoff or if there is a pre-retirement death, all accumulated banked holiday hours will be paid to the employee or the employee's beneficiary(s) at their then current rate of pay.
Appears in 6 contracts
Samples: Teamsters Non Supervisor Agreement, Administrative Agreement, Supervisor Agreement
