Retirement Bank. An employee may defer vacation equivalent to the banked time earned in Part A, Item 10.2.1 (old IN-MID-22) into the Retirement Bank to a maximum of their annual vacation entitlement but at no time greater than 120 hours annually. In addition, employees who are eligible for four (4) weeks vacation will have the option of banking up to one (1) week per year of vacation time; employees who are eligible for five (5) or more weeks vacation may bank up to two (2) weeks vacation time regardless of their banked time under Part A, Item 10.2.1, provided that the 120 hour annual cap is not exceeded. Employees may also elect to apply their vacation bonus to their Retirement Bank. The deferred vacation in the Retirement Bank may only be withdrawn by the employee: a) in time to become eligible for an undiscounted pension b) in cash at the date the employee has become eligible for an undiscounted pension c) a combination of a) and b)
Appears in 3 contracts
Sources: Collective Agreement, Collective Agreement, Collective Agreement