Common use of EIB Accumulation Clause in Contracts

EIB Accumulation. Full-time and part-time employees earn EIB from their date of hire; however, an employee is not eligible to use EIB until completion of ninety (90) calendar days of employment. Employees shall accumulate paid EIB benefits at the rate of one-half (1/2) day [four (4) hours] for each month of continuous employment, up to a maximum accumulation of five hundred twenty (520 hours. This rate of accrual shall be pro-rated for part-time employees. EIB benefits accrued beyond five hundred twenty (520) hours shall be converted to cash on an annual basis at the rate of fifty percent (50%) of the excess accrued. An employee who is retiring after fifteen (15) or more years of service with Island Hospital shall have the employee’s EIB benefits that have accrued beyond four hundred fifty (450) hours converted to cash at the rate of fifty percent (50%) of the excess accrued.

EIB Accumulation. Full-time and part-time employees earn EIB from their date of hire; however, an employee is not eligible to use EIB until completion of ninety (90) calendar days of employment. Employees shall accumulate paid EIB benefits at the rate of one-half (1/2) day [four (4) hours] for each month of continuous employment, up to a maximum accumulation of five hundred twenty (520 hours. This rate of accrual shall be pro-rated prorated for part-time employees. EIB benefits accrued beyond five hundred twenty (520) hours shall be converted to cash on an annual basis at the rate of fifty percent (50%) of the excess accrued. An employee who is retiring after fifteen (15) or more years of service with Island Hospital shall have the employee’s EIB benefits that have accrued beyond four hundred fifty (450) hours converted to cash at the rate of fifty percent (50%) of the excess accrued.

EIB Accumulation. Full-time and part-time employees nurses earn EIB from their date of hire; however, an employee a nurse is not eligible to use EIB until completion of ninety (90) calendar days of employment. Employees Nurses shall accumulate paid EIB benefits at the rate of one-half (1/2½) day days ([four (4)] hours) hours] for each month of continuous employment, up to a maximum accumulation of five hundred twenty (520 520) hours. This rate of accrual shall be pro-rated for part-time employeesnurses. EIB benefits accrued beyond five hundred twenty (520) hours shall be converted to cash on an annual basis at the rate of fifty percent (50%) of the excess accrued. An employee Nurses who is retiring leave employment in good standing at the Hospital after fifteen (15) or more years of service with Island Hospital shall have the employee’s their EIB benefits that have accrued beyond four hundred and fifty (450) hours converted to cash at the rate of fifty percent (50%) of the excess accrued.