Accrual Cash Out Upon Transfer Sample Clauses
The "Accrual Cash Out Upon Transfer" clause defines the process by which accrued but unpaid amounts, such as bonuses, vacation pay, or other benefits, are paid out to an individual when their rights or interests are transferred to another party. In practice, this means that if an employee or stakeholder leaves or transfers their position, any earned but not yet paid compensation is calculated and disbursed at the time of transfer. This clause ensures that individuals receive all compensation they are entitled to up to the date of transfer, thereby preventing disputes over unpaid accruals and providing financial clarity during transitions.
Accrual Cash Out Upon Transfer. An employee who transfers to a classification and/or bargaining unit that does not have the same leave banks will be required to cash out leaves, at the time of transfer, that are not a benefit in the new classification and/or bargaining unit, e.g., Compensatory Time.
Accrual Cash Out Upon Transfer. An employee who transfers to a classification and/or bargaining unit that does not have the same leave benefits category in the new classification and/or bargaining unit (e.g. compensatory time) will be required to cash out any leave balances prior to appointment in the new position. However, if the leave balance exceeds one hundred twenty five (125) hours, the employee will have the option to cash out the leave balance during a period of up to twenty four (24) months.
Accrual Cash Out Upon Transfer. An employee who transfers to a classification and/or bargaining unit that does not have the same leave benefits category in the new classification and/or bargaining unit (e.g. compensatory time) will be required to cash out any leave balances prior to appointment in the new position. However, if the leave balance exceeds one hundred twenty five (125) hours, the employee will have the option to cash out the leave balance during a period of up to twenty four (24) months. The City makes no representation as to the tax consequences of an employee cashing out accrued leave. It is the employee’s sole responsibility to address the tax consequences. City of Oakland/IFPTE Local 21 Negotiations 2019 City’s Last Best and Final Offers Submitted During Fact-Finding [City Intends to address the constructive receipt issue involved in the elective sell back of sick leave. The following proposal eliminates the sell back of sick leave.]
Accrual Cash Out Upon Transfer. An employee who transfers to a classification and/or bargaining unit that does not have the same leave benefits category in the new classification and/or bargaining unit (e.g. compensatory time) will be required to cash out any leave balances prior to appointment in the new position. However, if the leave balance exceeds one hundred twenty five (125) hours, the employee will have the option to cash out the leave balance during a period of up to twenty four (24) months. The City makes no representation as to the tax consequences of an employee cashing out accrued leave. It is the employee’s sole responsibility to address the tax consequences.