Common use of Banked Time Clause in Contracts

Banked Time. a) An employee who with the approval of the employee’s supervisor agrees to work beyond the employee’s normal hours of work may choose: 1. to be paid at the appropriate rate or, 2. to bank at the equivalent amount of time. b) An employee who chooses to bank the time shall record the time in a log approved by the supervisor. Time worked beyond the daily or weekly hours specified in 18.01, shall be recorded at the appropriate overtime rate as per Article 19. c) Banked overtime shall be drawn from the bank at times mutually agreed upon by the supervisor and the employee d) Should the employee move to a position at a different location, the employee shall make every effort to draw the banked time prior to relocating. Time not drawn from the bank shall be carried forward in the log to the new location. e) Should the employee resign or retire, every effort shall be made by the supervisor and the employee to ensure that any banked time is drawn prior to the retirement or resignation date. If it is not possible to draw all of the banked time, the employee shall be paid the appropriate rate for the time remaining in the log. f) The employee and supervisor shall make every effort to draw all of the banked time prior to June 30th of each year. Time banked over the previous twelve (12) months that has not been drawn prior to June 30th of the year shall be paid at the appropriate rate of the pay at the next pay period.

Banked Time. ‌ a) An employee who with the approval of the employee’s supervisor agrees to work beyond the employee’s normal hours of work may choose: 1. to be paid at the appropriate rate or, 2. to bank at the equivalent amount of time. b) An employee who chooses to bank the time shall record the time in a log approved by the supervisor. Time worked beyond the daily or weekly hours specified in 18.01, shall be recorded at the appropriate overtime rate as per Article 19. c) Banked overtime shall be drawn from the bank at times mutually agreed upon by the supervisor and the employee. d) Should the employee move to a position at a different location, the employee shall make every effort to draw the banked time prior to relocating. Time not drawn from the bank shall be carried forward in the log to the new location. e) Should the employee resign or retire, every effort shall be made by the supervisor and the employee to ensure that any banked time is drawn prior to the retirement or resignation date. If it is not possible to draw all of the banked time, the employee shall be paid the appropriate rate for the time remaining in the log. f) The employee and supervisor shall make every effort to draw all of the banked time prior to June 30th of each year. Time banked over the previous twelve (12) months that has not been drawn prior to June 30th of the year shall be paid at the appropriate rate of the pay at the next pay period.

Banked Time. a) An employee who with the approval of the employee’s supervisor agrees to work beyond the employee’s normal hours of work may choose: 1. to be paid at the appropriate rate or, 2. to bank at the equivalent amount of time. b) An employee who chooses to bank the time shall record the time in a log approved by the supervisor. Time worked beyond the daily or weekly hours specified in 18.01, shall be recorded at the appropriate overtime rate as per Article 19. c) Banked overtime shall be drawn from the bank at times mutually agreed upon by the supervisor and the employee. d) Should the employee move to a position at a different location, the employee shall make every effort to draw the banked time prior to relocating. Time not drawn from the bank shall be carried forward in the log to the new location. e) Should the employee resign or retire, every effort shall be made by the supervisor and the employee to ensure that any banked time is drawn prior to the retirement or resignation date. If it is not possible to draw all of the banked time, the employee shall be paid the appropriate rate for the time remaining in the log. f) The employee and supervisor shall make every effort to draw all of the banked time prior to June 30th of each year. Time banked over the previous twelve (12) months that has not been drawn prior to June 30th of the year shall be paid at the appropriate rate of the pay at the next pay period.

Banked Time. a) An employee who with the approval of the employee’s his or her supervisor agrees to work beyond the employee’s his or her normal hours of work may choose: 1. (i) to be paid at the appropriate rate or, 2. (ii) to bank at the equivalent amount of time. b) An employee who chooses to bank the time shall record the time in a log approved by the supervisor. Time worked beyond the daily or weekly hours specified in 18.01, shall be recorded at the appropriate overtime rate as per Article 19. c) Banked overtime shall be drawn from the bank at times mutually agreed upon by the supervisor and the employee d) Should the employee move to a position at a different location, the employee shall make every effort to draw the banked time prior to relocating. Time not drawn from the bank shall be carried forward in the log to the new location. e) Should the employee resign or retire, every effort shall be made by the supervisor and the employee to ensure that any banked time is drawn prior to the retirement or resignation date. If it is not possible to draw all of the banked time, the employee shall be paid the appropriate rate for the time remaining in the log. f) The employee and supervisor shall make every effort to draw all of the banked time prior to June 30th of each year. Time banked over the previous twelve (12) months that has not been drawn prior to June 30th of the year shall be paid at the appropriate rate of the pay at the next pay period.