Common use of Payout of Holidays Clause in Contracts

Payout of Holidays. EMPLOYEES shall, once annually, have the option to select to have their holiday pay distributed by the EMPLOYER in two lump sum checks. The EMPLOYEE will be required to submit a request, on a department request form, no later than November 1st. The City will retain the EMPLOYEE’S ensuing pay at the hourly rate at the time of occurrence of the holiday, until the Friday following Memorial Day and the Friday preceding Thanksgiving of the following year. Should an EMPLOYEE terminate employment for any reason, the holiday pay withheld to date shall be distributed to the EMPLOYEE in full. Should an employee fail to submit a request prior to the aforementioned date, the EMPLOYER will assume the EMPLOYEE has opted to receive their pay as described in 2.1 above.

Payout of Holidays. EMPLOYEES shall, once annually, have the option to select to have their holiday pay distributed by the EMPLOYER in two lump sum checks. The EMPLOYEE will be required to submit a request, on a department request form, no later than November 1st. The City will retain the EMPLOYEE’S ensuing pay at the hourly rate at the time of occurrence of the holiday, until the Friday following Memorial Day and the Friday preceding Thanksgiving of the following year. Should an EMPLOYEE terminate employment for any reason, the holiday pay withheld to date shall be distributed to the EMPLOYEE in full. Should an employee fail to submit a request prior to the aforementioned date, the EMPLOYER will assume the EMPLOYEE has opted to receive their pay as described in 2.1 above.