LETTER OF UNDERSTANDING
BANKING OF VACATION/VACATION OVERTIME CREDITS
This will serve to confirm our agreement during negotiations in regards to the banking of vacation credits and the banking of vacation overtime credits as follows:
Between February 1, 2020 and April 30, 2020, all employees will have one last opportunity to bank up to ten (10) days of vacation credits/vacation overtime credits, subject to paragraph 2, into their respective Vacation Bank for pension purposes.
The maximum combined total of vacation/vacation overtime credits any employee can have in his or her Vacation Bank is fifty (50) days.
Effective January 1, 2020, employees will transition from the May 1 to April 30 vacation year (the "Bell MTS Vacation Year") to a January 1 to December 31 vacation year (the "Bell Vacation Year").
Between May 1, 2019 and December 31, 2019, employees will accrue vacation credits in the normal course. Effective January 1, 2020, all vacation credits accrued during this period will be placed into a new Surplus Vacation Account.
Between February 1, 2020 and April 30, 2020, employees may also transfer as many days as they wish from their Surplus Vacation Account to their Vacation Bank for pension purposes (subject to the fifty (50) day maximum).
Employees wishing to exercise this transfer option must (details to be provided to TEAM members prior to February 1, 2020) by no later than April 30, 2020.
Effective May 1, 2020 employees will no longer be able to add to their respective Vacation Banks for pension purposes.
Employees with days remaining in their Surplus Vacation Account after April 30, 2020 must use the remaining days by December 31, 2022 (to be scheduled in accordance with Article 22 of the collective agreement) or the remaining Surplus Vacation days will be lost.
This Letter of Understanding shall terminate on January 1, 2023 and have no further effect.