Reclassification Down Sample Clauses
The "Reclassification Down" clause defines the process and conditions under which an asset, liability, or financial instrument is moved to a lower classification category, typically reflecting a change in its risk profile or credit quality. In practice, this clause outlines the specific triggers—such as a downgrade in credit rating or a deterioration in financial performance—that would require the reclassification, and details the procedural steps for updating records and disclosures. Its core function is to ensure transparency and accuracy in financial reporting by mandating timely adjustments when the status of an item changes, thereby helping stakeholders assess risk and make informed decisions.
Reclassification Down. (a) Reclassification downward is a change in the classification of a position by reducing it to a lower classification.
(b) The Agency shall, sixty (60) calendar days in advance of a reclassification downward of any position, notify the employee in writing of the action, including the specific reasons, and the HRSD Position Description used for the action, which shall be signed by the Appointing Authority.
(c) If an employee is reclassified downward and his/her rate of pay is above the maximum of the new classification, his/her rate of pay will remain the same until a rate in the salary range of the new classification exceeds it, at which time the employee’s salary shall be adjusted to that step. If the employee’s rate of pay is the same as a salary step in the new classification, the employee’s salary shall be maintained at the same rate in the lower range. If the employee’s rate of pay is within the new salary range but not at a corresponding salary step, the employee’s salary shall be maintained at the current rate until the next eligibility date. At the employee’s next eligibility date, if qualified, the employee shall be granted a salary rate increase of one (1) full step within the new salary range plus that amount that his/her current salary rate is below the next higher rate in the salary range. This increase shall not exceed the highest step in the new salary range.
Reclassification Down. (a) Reclassification downward is a change in the classification of a position by reducing it to a lower classification.
(b) The Agency shall, sixty (60) calendar days in advance of a reclassification downward of any position, notify the employee in writing of the action, including the specific reasons, and the Chief Human Resource Office Position Description used for the action, which shall be signed by the Appointing Authority.
(c) If an employee is reclassified downward and their rate of pay is above the maximum of the new classification, their rate of pay will remain the same until a rate in the salary range of the new classification exceeds it, at which time the employee’s salary shall be adjusted to that step. If the employee’s rate of pay is the same as a salary step in the new classification, the employee’s salary shall be maintained at the same rate in the lower range.
Reclassification Down. (a) Reclassification downward is a change in the classification of a position by reducing it to a lower classification and does not include “demotions” under Article 22.3.
(b) LCOG shall, sixty (60) calendar days in advance of a reclassification downward of any position, notify the employee in writing of the action, including the specific reasons and the position description used for the action.
(c) If an employee is reclassified downward and their rate of pay is above the maximum of the new classification, their rate of pay will remain the same until a rate in the salary range of the new classification exceeds it, at which time the employee’s salary shall be adjusted to that step. If the employee’s rate of pay is the same as a salary step in the new classification, the employee’s salary shall be maintained at the same rate in the lower range. If the employee’s rate of pay is within the new salary range but not at a corresponding salary step (i.e.: between steps), the employee’s salary shall be maintained at the next whole step within the new salary range.
Reclassification Down. Reclassification downward is a change in the classification of a position by reducing it to a lower classification.