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Section 7. Leaves <br /> <br />7.1(1) Observed Holidays. <br /> <br /> Annual observed holidays are as follows: <br /> <br /> A. January 1st <br /> B. The third Monday in January, known as "Martin Luther King Day" <br /> C. The third Monday in February, known as "Washington Day" <br /> D. The last Monday in May, known as "Memorial Day" <br /> E. July 4th <br /> F. The first Monday in September, known as "Labor Day" <br /> G. The eleventh day of the eleventh month, known as "Veteran's Day" <br /> H. Thanksgiving Day <br /> I. The Friday following Thanksgiving Day <br /> J. Christmas Eve Day <br /> K. December 251h <br /> <br />7.1(2) Holidays Falling on Saturday, Sunday or Scheduled Day Off <br /> <br /> x~Vhen a holiday falls on a Stmday, the following Monday shall be observed; when a <br /> holiday falls on a Saturday, the preceding Friday shall be observed; except that if <br /> Christmas Eve day falls on a Saturday or Sunday, the preceding Friday shall be observed. <br /> If a holiday falls on a management employee's scheduled day off. his/her administrative <br /> leave entitlement shall be credited eight hours. If a holiday falls on a confidential <br /> employee's scheduled day off, compensatory. time off shall be granted or, at the option of <br /> the employee, compensation at a rate of pay equal to his/her regular rate of pay for the <br /> holiday period. <br /> <br /> 7.1(3) Floating Holidays <br /> <br /> Each management and confidential employee shall be credited with three (3) floating <br /> holidays on January 1 st of each year. Management and confidential employees hired <br /> after January 1 st, but on or before June I st, of any given year shall be credited with one <br /> (1) floating holiday. Floating holidays must be observed in the calendar year in which <br /> they are credited. <br /> <br /> 7.4 Vacation <br /> <br /> 7.4(1) Vacation Eligibility/Allowance <br /> <br /> Management and confidential employees shall accrue vacation with pay in accordance <br /> with the following schedule: <br /> <br /> <br />