Common use of Accumulated Time Clause in Contracts

Accumulated Time. Holiday time may be banked up to a limit of three (3) years accumulation. Vacation may be accumulated UNLIMITED. Should a Bargaining Unit Member hired as a police officer after January 1, 2010, voluntarily accept a promotion covered by the FOP/Gold CBA, only the maximum vacation hours permitted in the then applicable FOP/Gold CBA may be transferred. Those vacation hours above the FOP/Gold CBA sealing will be forfeited. Upon separation from service for any reason, members shall be entitled to compensation at their current rate of pay (per Article 17 Section 17.1) for all accrued but unused holiday and vacation leave to their credit at the time of separation. However, if a member retires with 25 years of service with the City of ▇▇▇▇▇▇ and is 48 years of age or older, that member will receive 4 (four) times the annual accumulated total. A member who retires without 25 years at age 48 will receive 3 (three) times the annual accumulated rate. When a member dies while in paid status in the City Service, any unused holiday and vacation leave to the member's credit shall be paid in a lump sum to the surviving spouse or the estate of the deceased.