Common use of Vacation Bank Clause in Contracts

Vacation Bank. A Vacation Bank shall be established for each employee as follows: (a) Employees are entitled to contribute up to seven hundred and twelve (712) hours of vacation time to a Vacation Bank. (b) Employees may contribute vacation to their Bank at any time during the year in which it is earned but no later than the end of the last pay period of the year following the year in which said vacation time was earned. (c) Employees may use vacation time from their Bank according to the normal procedures used for the use of vacation contained in this Agreement. (d) Upon termination of employment or retirement all time remaining in the Vacation Bank shall be transferred into the account established for the employee pursuant to Section 13.07 hereof. The amount transferred shall be calculated at the employee’s normal rate of pay (including longevity pay).

Vacation Bank. A Vacation Bank shall be established for each employee as follows: (a) Employees are entitled to contribute up to seven eight hundred and twelve thirty-two (712832) hours of vacation time to a Vacation Bank. (b) Employees may contribute vacation to their Bank at any time during the year in which it is earned but no later than the end of the last pay period of the year following the year in which said vacation time was earned. (c) Employees may use vacation time from their Bank according to the normal procedures used for the use of vacation contained in this Agreement. (d) Upon termination of employment or retirement all time remaining in the Vacation Bank shall be transferred into the account established for the employee pursuant to Section 13.07 hereof. The amount transferred shall be calculated at the employee’s normal rate of pay (including longevity pay)as defined in Addendum B, 5.3.