Banked definition
Banked means that Unit Members who have an overload assignment may perform those duties without receiving remuneration for a portion or all of the assignment and may receive during a subsequent semester equivalent release time from their full-time workload.
Banked overtime may be scheduled as time off in accordance with the following provisions:
(a) That one (1) week notice be given in advance of taking time- off in lieu of overtime payment and that the scheduling of time- off be approved by the Company. All submissions must be in by Tuesday at 8:00am for the following week. The Company may at its discretion waive the one (1) week notice requirement if no replacement is required for the employee.
(b) That the scheduling of time off in lieu will not give rise to overtime expense for replacement.
(c) Other employees’ scheduled vacation time will be given priority over banked overtime.
(d) Employees may utilize banked overtime for any time for which an employee is receiving no regular pay, provided no overtime payment results.
Banked overtime is to be entered into CADs by the employee.
Examples of Banked in a sentence
Banked vacation may be taken at a later date, subject to the supervisor's approval, or may be taken as a cash payment upon retirement.
Accumulated Banked Leave Time (BLT) may be used by an employee in the same manner as regular annual leave.
Banked time cannot be carried forward from one calendar year to another.
Banked vacation may be taken at a later date, subject to the supervisor’s approval, or may be taken as a cash payment upon retirement.
Banked hours can be carried over into a new calendar year but cannot exceed 37.5 hours at any time.
More Definitions of Banked
Banked overtime may be scheduled as time off in accordance with the following provisions:
(a) That one (1) week notice be given in advance of taking time off in lieu of overtime payment and that the scheduling of time off be approved by the Company. The Company may at its discretion waive the one (1) week notice requirement if no replacement is required for the employee.
(b) That time off in lieu of overtime may only be taken in full work week periods unless replacement is not required in the opinion of the employee's supervisor or other Company management.
(c) That the scheduling of time off in lieu will not give rise to overtime expense for replacement.
(d) Other employees' scheduled vacation time will be given priority over banked overtime.
Banked overtime not taken by December 31st shall be paid out by the Company by January 31st the following year. Employees must give the Company written notice as far in advance as possible when using banked overtime as paid time off.
Banked cents per hour for a year may be used in another one (1) year period if more than forty-eight and one-half cents ($.485) is required to satisfy the first paragraph of (b). Employer obligations shall not exceed forty-eight and one-half cents ($.485) times four (4) years for the period from August 2008 through July 2012.
Banked time shall accrue at the following rates:
a. At the elementary level each half-hour shall equal .1 of a day
b. At the secondary level each period in a six-period day shall equal .2 of a day
Banked. ’ shall mean securely deposited with the Facility Provider.
Banked accumulated time shall be limited to 440 hours. All additional time earned shall be utilized as time off in accordance with this Agreement during the year in which earned.
Banked vacation days shall be used before any newly earned vacation days.