Common use of - Overtime Pay Defined Clause in Contracts

- Overtime Pay Defined. Overtime pay shall be calculated in accordance with the applicable provisions of the FLSA, i.e., a nonexempt employee shall be paid at the rate of one and one-half (1½) times his/her regular hourly rate of pay for all hours actually worked which exceed the Act's straight-time hours maximum during any established work period. The parties acknowledge that the dollar amount of some items of compensation that, pursuant to the FLSA, are components of an employee’s “regular hourly rate” may not be known at the time the employee works FLSA overtime (the “Additional Compensation Items”). Therefore, each year the Employer shall conduct an audit of compensable FLSA overtime hours worked by each employee for the first FLSA Work Period of the year (which begins with or includes January 1) through the last complete FLSA Work Period in the same calendar year. The first FLSA Work Period in the calendar year may include time from the previous calendar year. The Employer shall then make a year-end reconciling payment in an amount calculated as follows: the number of FLSA overtime hours worked multiplied by the “regular hourly rate” including the Additional Compensation Items, less the aggregate amount paid to the employee for FLSA overtime hours work during the audit period. “FLSA hours worked” shall be determined in accordance with the FLSA and the regulations promulgated thereunder. Such payment shall be made no later than the fourth payroll period following the completion of the audit period. With regard to an employee who separates from service prior to the end of the audit period, the reconciliation calculation and any resulting payment shall be made as soon as practical after the employee’s separation from service.

- Overtime Pay Defined. Overtime pay shall be calculated in accordance with the applicable provisions of the FLSA, i.e., a nonexempt employee shall be paid at the rate of one and one-half (1½) times his/her their regular hourly rate of pay for all hours actually worked which exceed the Act's straight-time hours maximum during any established work period. The parties acknowledge that the dollar amount of some items of compensation that, pursuant to the FLSA, are components of an employee’s “regular hourly rate” may not be known at the time the employee works FLSA overtime (the “Additional Compensation Items”). Therefore, each year the Employer shall conduct an audit of compensable FLSA overtime hours worked by each employee for the first FLSA Work Period of the year (which begins with or includes January 1) through the last complete FLSA Work Period in the same calendar year. The first FLSA Work Period in the calendar year may include time from the previous calendar year. The Employer shall then make a year-end reconciling payment in an amount calculated as follows: the number of FLSA overtime hours worked multiplied by the “regular hourly rate” including the Additional Compensation Items, less the aggregate amount paid to the employee for FLSA overtime hours work during the audit period. “FLSA hours worked” shall be determined in accordance with the FLSA and the regulations promulgated thereunder. Such payment shall be made no later than the fourth payroll period following the completion of the audit period. With regard to an employee who separates from service prior to the end of the audit period, the reconciliation calculation and any resulting payment shall be made as soon as practical after the employee’s separation from service.