Tax Deferred Holiday Bank Sample Clauses

Tax Deferred Holiday Bank a. Employees will be given the opportunity to bank defer any money generated by hours earned by working on a holiday but by electing not to receive the holiday pay. In such cases, the employee will work at the overtime rate and bank defer the straight time holiday pay. There is no limit to the amount of money that can be banked deferred. b. If an employee wishes to credit the money referenced in para- graph a. above to his Holiday Bank, he must provide a written authorization election prior to the beginning of the calendar year indicating such in which the employee earns the money. An employee who becomes eligible to participate for the first time has up to thirty (30) days to submit his written election for the remaining portion of the year. An employee who again becomes eligible to participate following a period of ineligibility due to termination of employment and rehire, return from a leave of absence or otherwise has up to thirty (30) days to submit his written election for the remaining portion of the year, provided such employee either (i) received his entire balance (if any) in the Holiday Bank, or (ii) has not been eligible to participate for at least twenty- four (24) months at the time he resumes eligibility. An elec- tion within such thirty (30) day election period becomes effective and irrevocable for the remainder of the calendar year at the expiration of such thirty (30) day election period. An employee’s election for the following calendar year must be made during the election period from December 1 through December 31 of each year. This election may be modified or revoked up to and including December 31st of the year in which it is submitted, on which date it becomes effective. Once such an authorization election has been submit- xxx become effective, the employee may not revoke it during that year for the calendar year to which it applies. Rather, the additional money referenced in paragraph a. above will be placed in the employee’s Holiday Bank. Such An authorization election will remain in effect for future calendar years until revoked by the employee. Any revocation will become effec- tive only at the end of the calendar year in which it is filed. After a revocation is filed for the next calendar year, the employee will not be allowed to place defer money into his Holiday Bank for that next calendar year or any subsequent calendar year until a new authorization election form is filed prior to the beginning of a subsequent calendar year...