Vacation Savings Plan Sample Clauses

Vacation Savings Plan. During the term of this agreement and any extensions or renewals thereof, the employer shall make payments to the Cement Masons’ and Plasterers’ Joint Vacation Trust Fund in the amount designated in Appendix A of this agreement. An agreement and declaration of trust establishing such trust fund has been executed by the parties and all employers accept the trustees appointed by the associations as their trustees. All employers further agree to remit their contributions at the time and in the manner prescribed by the board of trustees.

Vacation Savings Plan. ‌ Under Vacation Savings Plan (VSP), each eligible (permanent or probationary) full-time employee may elect to set aside up to twenty (20) hours of base rate pay each plan year during years 3 through 5 (4,174 to 10,434 service hours) of permanent, probationary, or unclassified employment. Part-time employees will be eligible to set aside hours on a pro- rata basis, based on their allocated FTE (full time equivalent) position. Employees enroll during an annual open enrollment period in October/November for the subsequent plan year. The plan year runs from January 1 – December 31. Eligibility to enroll, for full-time and part-time employees, will begin when, as of the start of open enrollment, the employee reaches 4,174 service hours. Eligibility to enroll ends upon completion of 10,434 in-service hours as of the start of open enrollment. Employees new to this MOU who have between 4,174 and 10,434 in-service hours may enroll within their first 60 days for the current plan year. Information on the plan will be provided by the payroll clerk. Deductions for current plan year enrollments must be completed by the end of the final pay period in December of the current plan year. Failure to submit an Opt Out form does not extend employee entitlement to the special enrollment. Regular annual enrollments for employees who have reached 4,174 hours by the beginning of annual enrollment but have not exceeded 10,434 hours will complete their election through the County’s self-service program during the open enrollment period. Employees indicate the number of hours (up to 20) to purchase, and the number of pay periods over which the deductions will occur beginning on the first pay period of the new plan year. Deductions for regular and special enrollments will be in equal amounts over the number of pay periods selected at the base hourly rate as of the time of enrollment. Deductions must be completed by the end of the final pay period in December. Employees may submit one enrollment per plan year. Elections must be in whole hour increments. At the end of the plan year, up to 20 hours may roll forward to the subsequent plan year until the last pay period in April. Any unused hours from the prior year on account at the end of the last pay period in April will be paid back to the employee in May. Time may be used in one-tenth hour increments. The dollar value and hours available in the VSP bank will appear on the employee’s paystub, the County’s self-service program, and Tim...