Vacation Credit Pay. All bargaining unit employees shall be entitled to elect to receive compensation for vacation time that will be earned in the subsequent year in accordance with the terms of this paragraph. Not less than thirty (30) days prior to the beginning of the payroll year during which the vacation subject to such election is accrued (hereafter the “Accrual Year”): i. All employees may elect to receive payment for up to forty (40) hours of vacation time that will be accrued during the Accrual Year. ii. Employees who accrue at least 128 hours per year or who have at least 120 hours in their vacation account as of the time of the election may elect to receive payment for up to eighty (80) hours of vacation time that will be accrued during the Accrual Year. Such election, once made, shall be irrevocable. Thus, the hours elected for compensation shall not be eligible for use as vacation. Payment to the employee who has elected to receive payment shall be based on the employee’s regular base rate of pay in effect on December 31 of the Accrual Year. The vacation credit pay shall be paid to the employee within sixty (60) days after the end of the Accrual Year. Employees, at their sole option, may authorize and direct the Employer to deposit vacation credit pay to a deferred compensation plan administered by the Employer provided such option is exercised in a manner consistent with the provisions governing regular changes in deferred compensation payroll deductions.
Appears in 4 contracts
Samples: Labor Agreement, Labor Agreement, Labor Agreement
