Common use of Banked Time Program Clause in Contracts

Banked Time Program. The Authority and the Union agree to the banked time program subject to the following conditions: An employee may accumulate and take equivalent time off in lieu of payment for overtime hours, work on a day off, or on a holiday and shall record the equivalent hours on his or her time sheet. Such time shall be known as banked time. i) This banked time may be accumulated to a maximum of one hundred and twenty (120) hours between July 1st and June 30th each year. Banked time can be scheduled to be taken at a time mutually agreed to by the employee and his or her supervisor. ii) The rate of accumulation shall be determined by the rate of pay provided in the pertinent section of the Agreement. For example, a forty (40) hour per week employee working on a day off shall receive a credit of 8 x 1.5 = 12 hours of straight time pay, and accordingly 12 hours shall be accumulated as banked time. iii) All banked time accumulated up to and including the last pay period in May shall be liquidated in cash and paid out by July 3rd, except as follows: (a) accumulated banked time may be taken as time off up to the last pay period in August if such time off is scheduled and approved before the time sheet due date for the last pay period in May; (b) accumulated banked time included in a time sheet submitted after the time sheet due date for the last pay period in May will be carried forward to the next accrual period. iv) If employment is terminated for any reason, accrued banked time shall be liquidated in cash.

Banked Time Program. The Authority and the Union agree to the banked time program subject to the following conditions: : i) An employee may accumulate and take equivalent time off in lieu of payment for overtime hours, work on a day off, or on a holiday and shall record the equivalent hours on his or her time sheet. Such time shall be known as banked time. iii) This banked time may be accumulated to a maximum of one hundred and twenty (120) hours between July 1st and June 30th each year. Banked time can be scheduled to be taken at a time mutually agreed to by the employee and his or her supervisor. iiiii) The rate of accumulation shall be determined by the rate of pay provided in the pertinent section of the Agreement. For example, a forty (40) 40 hour per week employee working on a day off shall receive a credit of 8 x 1.5 = 12 hours of straight time pay, and accordingly 12 hours shall be accumulated as banked time. iiiiv) All banked time accumulated up to and including the last pay period in May shall be liquidated in cash and paid out by July 3rd, except as follows: (a) accumulated banked time may be taken as time off up to the last pay period in August if such time off is scheduled and approved before the time sheet due date for the last pay period in May; (b) accumulated banked time included in a time sheet submitted after the time sheet due date for the last pay period in May will be carried forward to the next accrual period. ivv) If employment is terminated for any reason, accrued banked time shall be liquidated in cash.