RATE OF OVERTIME COMPENSATION. Overtime shall be compensated for at the rate of one-and- one-half (1.5) times the Employee's regular rate of pay. Regular rate of pay is calculated based on Fair Labor Standards Act (FLSA) regulations. Overtime compensation may be converted to PTO at the option of the Employee at a rate of one (1) hour of overtime for one-and-one-half (1.5) hours of PTO, except that an Employee may not convert overtime to PTO once the employee has accrued two hundred and forty (240) hours of converted PTO hours (which is the equivalent of one hundred and sixty (160) overtime hours worked).
Appears in 2 contracts
Sources: Memorandum of Understanding, Memorandum of Understanding
RATE OF OVERTIME COMPENSATION. Overtime shall be compensated for at the rate of one-and- one-half (1.5) times the Employee's regular rate of pay. Regular rate of pay is calculated based on Fair Standards Labor Standards Act (FLSA) regulations. Overtime compensation may be converted to PTO at the option of the Employee at a rate of one (1) 1 hour of overtime for one-and-one-half (1.5) 1.5 hours of PTO, except that an Employee may not convert overtime to PTO once the employee has accrued two hundred and forty (240) 240 hours of converted PTO hours (which is the equivalent of one hundred and sixty (160) 160 overtime hours worked).
Appears in 1 contract
Sources: Memorandum of Understanding