Calculation of Vacation Pay Vacation pay shall be at the rate effective immediately prior to the vacation period. However, should any salary increase become effective during the employee's vacation period, he/she shall receive the benefit of such increase from the effective date.
Accumulation of Vacation Vacation leave may be accumulated to any amount provided that once during each fiscal year, each supervisor's accumulation must be reduced to two hundred and seventy-five (275) hours or less. If this is not accomplished on or before the last day of the fiscal year, the amount of vacation shall automatically be reduced to two hundred seventy-five (275) hours at the end of the fiscal year. Supervisors on a Military Leave under Appendix I shall earn vacation leave as though actually employed, without regard to the maximum accumulation set forth above. Vacation earned in excess of the maximum accumulation shall be taken within two (2) years of the date the supervisor returns from the Military Leave.
Maximum Vacation Accrual Employees may accrue vacation up to a maximum of two hundred forty (240) hours. An employee who has reached the maximum accrual level may continue to accrue vacation until his or her next anniversary date, at which time any vacation accrued in addition to the two hundred forty (240) hour maximum accrual will be extinguished. With the written approval of the appropriate Vice President, an employee may accrue more than two hundred forty (240) hours of vacation when he or she is precluded from taking a previously scheduled vacation because of University needs. Any such written approval will specify a timeline for the employee to use any excess vacation accrual, after which any excess vacation accrual will be extinguished.
Vacation Accumulation (a) Vacations are not cumulative from year to year.
Reinstatement of Vacation Days - Sick Leave In the event an employee is sick or injured prior to the commencement of his/her vacation, such employee shall be granted sick leave and the vacation period so displaced shall be added to the vacation period if requested by the employee and by mutual agreement, or shall be reinstated for use at a later date.
Accumulation of Vacation Leave An employee who has earned at least ten (10) days' pay for each calendar month of a vacation year shall earn vacation leave of:
Computation of Vacation Pay Where an employee's vacation pay for the current year is to be computed as a percentage of his "total wages earned" in the previous year, such "total wages earned" shall include the amount of vacation pay the employee received in the previous year.
Vacation Accrual Rates Laid off employees who are re-employed shall have the vacation accrual rate they held immediately prior to layoff restored.
Vacation Bank Vacation entitlement is determined by Article 13. For the purposes of Article 13, hours worked or credited as paid leave will be based on an accelerated rate of 1.25 hours credit for each hour worked. Mechanism for the vacation bank is determined by current local practices. Drawing from the vacation bank will occur at an accelerated rate of 1.25 paid hours for every hour taken as vacation (i.e. 11.25 hours worked equals 14.05 hours paid; 7.5 hours worked equals 9.375 hours paid). Vacation must be taken as a full weekend off (i.e. Saturday and Sunday). The maximum number of weekends off cannot exceed the week entitlement level determined by Article 13. Single vacation days may be taken on weekdays, which need not be in conjunction with the Saturday and Sunday. Vacation – Interruption does not apply.
Payment of Salary Executive acknowledges and represents that the Company has paid all salary, wages, bonuses, accrued vacation, commissions and any and all other benefits due to Executive.
