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ARTICLE 15 - HOLIDAYS <br /> 15.1 Holidays. <br /> 15.1.1 Employees are entitled to the following paid holidays off: <br /> New Year's Day <br /> Martin Luther King Jr. Day <br /> Presidents' Day <br /> Memorial Day <br /> Independence Day <br /> Labor Day <br /> Veterans' Day <br /> Thanksgiving Day <br /> Day After Thanksgiving Day <br /> Christmas <br /> Two floating holidays <br /> 15.2 Paid Time Off. <br /> 15.2.1 In lieu of holiday time off (including floating holidays), the City shall bank (provide <br /> each employee with) 120 hours of paid time off on the first of each year to be used <br /> or paid during that year. <br /> A. For employees hired after January 1St in a given year, the City may <br /> prorate the hours to be banked and shall bank (provide) the number <br /> of hours of pay calculated by multiplying the number of designated <br /> holidays remaining to be celebrated in that year by 10 hours. <br /> 15.2.2 Each employee shall have the option of: (a) requesting to use any or all of the <br /> hours in the bank or they can choose to use compensatory time or vacation to take <br /> time off, and/or, (b) requesting payment for any or all of the hours in the bank. <br /> A. In the event an employee requests to use the bank to take paid time <br /> off, the City shall attempt to grant such paid time off but such request <br /> may be denied where there are operational reasons for such denial. <br /> The paid time off shall be calculated using the employee's regular <br /> rate (salary and longevity). <br /> B. No time off can be scheduled or used during the month of December <br /> of the year in which it was banked, In the event an employee has <br /> time left in his/her paid time off bank after December 1 of the year in <br /> which it was banked, the employee shall be cashed out for the hours <br /> remaining in the bank at his/her regular rate (salary and longevity) in <br /> the pay period in which the December 25th holiday occurs. <br /> 15.2.3 Any member who is scheduled to work on a designated holiday and does not work <br /> the designated holiday due to any absence other than protected leave, on-the-job <br /> injury, vacation, or compensatory time off shall have the sum of their normal <br /> scheduled hours deducted from his/her paid time off bank. An employee that is <br /> EVERETT POLICE MANAGEMENT ASSOCIATION <br /> PAGE 19 <br />