Common use of Maximum Allowable Accumulation Clause in Contracts

Maximum Allowable Accumulation. The effective date of Section 2.D. will be January 3, 1997. 1. The balance of an employee's vacation credits of record (including vacation earned but not credited), hereinafter, "accumulation", shall not exceed an amount equal to twice the annualized current vacation earnings rate of the employee. This is the employee’s "Maximum Balance." 2. In any payroll period, an employee shall earn vacation equal to the lesser of: a. The earnings specified in B., above; or, b. The amount of earnings necessary which, when added to the employee's existing accumulation, will cause the accumulation to equal the employee's Maximum Balance. 3. If, at the end of any payroll period an employee’s accumulation equals or exceeds the employee’s Maximum Balance, no vacation credits shall be earned by the employee for that payroll period. 4. The County shall provide one-time notification to employees who have reached eighty percent (80%) of their Maximum Balance. Employees who subsequently reduce their balance below eighty percent (80%) will be notified again on a one-time basis upon reaching eighty percent (80%) of their Maximum Balance.

Maximum Allowable Accumulation. The effective date of Section 2.D. will be January 3, 1997. 1. The balance of an employee's vacation credits of record (including vacation earned but not credited), hereinafter, "accumulation", shall not exceed an amount equal to twice the annualized current vacation earnings rate of the employee. This is the employee’s "Maximum Balance." 2. In any payroll period, an employee shall earn vacation equal to the lesser of: a. The earnings specified in B.B, above; or, b. The amount of earnings necessary which, when added to the employee's existing accumulation, will cause the accumulation to equal the employee's Maximum Balance. 3. If, at the end of any payroll period an employee’s accumulation equals or exceeds the employee’s Maximum Balance, no vacation credits shall be earned by the employee for that payroll period. 4. The County shall provide one-time notification to employees who have reached eighty percent (80%) of their Maximum Balance. Employees who subsequently reduce their balance below eighty percent (80%) will be notified again on a one-time basis upon reaching eighty percent (80%) of their Maximum Balance.