Banked definition

Banked means that Unit Members who have an overload assignment may perform those duties without receiving remuneration for a portion or all of the assignment and may receive during a subsequent semester equivalent release time from their full-time workload.

Banked overtime is to be entered into CADs by the employee.

Banked overtime may be scheduled as time off in accordance with the following provisions: (a) That one (1) week notice be given in advance of taking time- off in lieu of overtime payment and that the scheduling of time- off be approved by the Company. All submissions must be in by Tuesday at 8:00am for the following week. The Company may at its discretion waive the one (1) week notice requirement if no replacement is required for the employee. (b) That the scheduling of time off in lieu will not give rise to overtime expense for replacement. (c) Other employees’ scheduled vacation time will be given priority over banked overtime. (d) Employees may utilize banked overtime for any time for which an employee is receiving no regular pay, provided no overtime payment results.

Examples of Banked in a sentence

• Banked overtime may be taken at a time mutually agreeable to the Employer and the Employee, accumulated to a maximum of forty (40) hours per calendar year.

• Banked medical leave may be taken only in accordance with this section: Medical Leave Bank is to be used only in the event of illness or injury of the member or the member's immediate family, or other events authorized in this Article.

• Banked Holiday Leave time may be accumulated when a unit member works either part-time or on an alternate work schedule assignment such as 9/80, 36/4 or 4/10 schedule.

• Banked time must be taken within the fiscal year it is earned or it will be paid out unless there is written approval from Human Resources.

• Banked time cannot be taken if the vacancy is expected to have relief coverage.

More Definitions of Banked

Banked overtime not taken by December 31st shall be paid out by the Company by January 31st the following year. Employees must give the Company written notice as far in advance as possible when using banked overtime as paid time off.

Banked overtime may be scheduled as time off in accordance with the following provisions: (a) That one (1) week notice be given in advance of taking time off in lieu of overtime payment and that the scheduling of time off be approved by the Company. The Company may at its discretion waive the one (1) week notice requirement if no replacement is required for the employee. (b) That time off in lieu of overtime may only be taken in full work week periods unless replacement is not required in the opinion of the employee's supervisor or other Company management. (c) That the scheduling of time off in lieu will not give rise to overtime expense for replacement. (d) Other employees' scheduled vacation time will be given priority over banked overtime.

Banked cents per hour for a year may be used in another one (1) year period if more than forty-eight and one-half cents ($.485) is required to satisfy the first paragraph of (b). Employer obligations shall not exceed forty-eight and one-half cents ($.485) times four (4) years for the period from August 2008 through July 2012.

Banked time shall accrue at the following rates: a. At the elementary level each half-hour shall equal .1 of a day b. At the secondary level each period in a six-period day shall equal .2 of a day

Banked accumulated time shall be limited to 440 hours. All additional time earned shall be utilized as time off in accordance with this Agreement during the year in which earned.

Banked vacation days shall be used before any newly earned vacation days.

Banked. ’ shall mean securely deposited with the Facility Provider.