Reserve Funds. When the option to bank workload credit is exercised, an amount equal to the hourly compensation earned by the full-time faculty member plus ten (10) percent shall be placed in a separate reserve account that will be used only to pay for hourly replacements when the full-time employee schedules a banked workload leave or cashes out unused credit. All interest earned on this reserve shall remain in that account to offset the increases in hourly pay rates over time.
Appears in 8 contracts
Samples: Academic Employee Master Agreement, Academic Employee Master Agreement, Academic Employee Master Agreement
Reserve Funds. When the option to bank workload credit is exercised, an amount equal to the hourly compensation earned by the full-time faculty member plus ten (10) percent shall be placed in a separate reserve account that will be used only to pay for hourly replacements when the full-time employee schedules a banked workload leave or cashes out unused credit. All interest earned on this reserve shall remain in that account to offset the increases in hourly pay rates over time.. 4232 4233 4234 4235 4236
29.1. General Provisions
Appears in 3 contracts
Samples: Academic Employee Master Agreement, Academic Employee Master Agreement, Academic Employee Master Agreement
Reserve Funds. When the option to bank workload credit is exercised, an amount equal to the hourly compensation earned by the full-time faculty member plus ten (10) percent shall be placed in a separate reserve account that will be used only to pay for hourly replacements when the full-time employee schedules a banked workload leave or cashes out unused credit. All interest earned on this reserve shall remain in that account to offset the increases in hourly pay rates over time.. 4233 4234 4235 4236 4237
29.1. General Provisions
Appears in 3 contracts
Samples: Academic Employee Master Agreement, Academic Employee Master Agreement, Academic Employee Master Agreement
Reserve Funds. When the option to bank workload credit is exercised, an amount equal to the hourly compensation earned by the full-time faculty member plus ten (10) percent shall be placed in a separate reserve account that will be used only to pay for hourly replacements when the full-time employee schedules a banked workload leave or cashes out unused credit. All interest earned on this reserve shall remain in that account to offset the increases in hourly pay rates over time.
I. General Provisions
Appears in 1 contract
Samples: Academic Employee Master Agreement
