new vacation program l.
Download
Skip this Video
Loading SlideShow in 5 Seconds..
NEW VACATION PROGRAM PowerPoint Presentation
Download Presentation
NEW VACATION PROGRAM

Loading in 2 Seconds...

play fullscreen
1 / 9

NEW VACATION PROGRAM - PowerPoint PPT Presentation


  • 115 Views
  • Uploaded on

NEW YORK UNIVERSITY SCHOOL OF MEDICINE. NEW VACATION PROGRAM . 12/13/2006. Contents. Transition from the Current to the New Vacation Program Current Vacation Program New Vacation Program Report of Vacation Balances on Pay Stubs Q & A. Transition from the

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha
Download Presentation

PowerPoint Slideshow about 'NEW VACATION PROGRAM' - talisa


An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript
contents
Contents

Transition from the Current to the New Vacation Program

Current Vacation Program

New Vacation Program

Report of Vacation Balances on Pay Stubs

Q & A

slide3

Transition from the

Current to the New VacationProgram

New Vacation Program beginning Dec 31,2006 for all staff that are eligible for vacation benefits.

The purpose of this change is to reduce the School’s financial liability without reducing the amount of vacation employees are eligible to take each year.

The reduction in this liability will be achieved over time by transitioning to a new vacation program that will limit the amount of vacation pay employees may receive upon termination of employment.

slide4

Current Vacation Program

What is changing

The amount of vacation employees currently

accumulate will remain the same

Employees will continue to “earn” vacation

up to the current maximum allowed which is

equal to 2 times the annual amount of

vacation

The vacation balance will continue to

appear at the bottom of each pay stub

Employees will have 3 vacation banks

that will be credited and deducted each

pay period

Every “year” of the new program will be

based on the “Academic Year”, which is

the same as the Medical School’s fiscal

year. However, the first year of the new

program will begin as of 12/31/06 &

continue through the last pay period ending

in Aug 2007.

What is NOT changing

slide5

New Vacation Program

1ST Balance / Bank

The “accrued” vacation balance will serve as the first bank of time from which time taken on or after 12/13/2006 will be deducted.

“Accrued”

Vacation

The New Vacation Program identifies vacation balances credited to an employee within three banks, outlined as follows:

If an employee terminates employment (or transfers to the University or NYU Hospitals Center) before using her/his accrued vacation balance (s)he will be eligible for terminal vacation pay for the amount of unused “accrued” vacation, subject to appropriate notice of resignation.

=

unused

vacation balance

“accrued”

prior to Dec, 31 2006

The “accrued” balance that is not taken will remain available from year to year

Every hour of vacation time taken, will be the first deducted from the balance that was “accrued” until all this balance is exhausted

After the pay period ending 12/30/06, no further vacation will accumulate and be credited to this balance.

2nd Balance / Bank

Each Academic Year Cycle begins with the 1st pay period ending in Sept and ends with the last pay period ending in August.

“Earned”

Vacation

Every hour of vacation time earned in the current academic year will be reflected in this bank.

=

unused

vacation balance

“earned” in the

CURRENT academic

Year, Jan 07

Once you exhaust your “accrued” balance (the 1st balance referred to previously), any subsequent time taken will be deducted from this bank.

slide6

New Vacation Program

3rd Balance / Bank

Deductions from this balance for time taken are made after all balances in the “accrued” and “earned” banks are exhausted.

“Carry Over”

Vacation

The maximum balance you can have in this bank is equal to one year’s worth of vacation hours earned.

=

unused

“earned” vacation

Balance from the

PRIOR

Academic

Year

Unused “Carry Over” Vacation is not payable upon termination of employment (or transfer to the University or NYU Hospitals Center).

Employees will not be credited any time in this bank during the course of the year since your unused “earned” balance as of the end of the academic year are moved into this bank as of the first full pay period beginning in Sept up to the maximum allowed in the carryover.

slide7

Sequence of Vacation Usage

Employee’s vacation balances will be used in the following order:

Accrued balance from the former program until this balance is

exhausted.

1.

“Accrued”

Vacation

2.

“Earned” vacation accumulates beginning Dec 31, 06.

Any unused “earned” balances not taken in the current year can be carried over from one Academic Year to the next up to the max allowed in the carry over

3.

Carry Over from prior year is

not payable upon termination.

The max balance in this bank is equal to one year’s worth of vacation hours earned.

“Earned”

Vacation

“Carry Over”

Vacation

Any unused “Earned” balance will move to “Carry Over” bank at the end of the year (Aug 26, 07).

This will occur as of the 1st pay period ending in Sept up to the max allowed in the Carry Over

report of vacation balances on pay stubs
Report of vacation balances on pay stubs

Beginning with the first pay period (Dec 31, 06 - Jan 13, 07) employees will see a change in the way vacation is reported on pay stubs. A sample is shown below:

Note:****Hours Available is the “Vac Accumulated” minus “Hours Used” Since December 31, 2006. Available hrs subject to plan guidelines regarding accrued/earned/carry over time and usage balances reflected thru current pay period end date

“Accrued” Vacation Balance as of 30th of 2006

Employees with unused vacation accrued on or before Dec 30, 2006 will see their

unused vacation balances reported on the “Accrued” line.

“Earned” Vacation Balance

Earned vacation beginning on Dec 31, 2006 will be reported on the “Earned Vacation” line

“Carry Over” Vacation Balance

The balance of “earned” vacation which is not take before the end of the academic year (Aug 25th, 2007) will be reported as “Carry Over” vacation beginning with the first pay period ending in Sept 2007.