Common use of Future Accruals Clause in Contracts

Future Accruals. On one occasion each calendar year an employee who had used one hundred and twelve (112) or more hours of specified leaves (i.e., PTO/Vacation) during the preceding calendar year may elect to convert up to one hundred and twelve (112) hours of accrued PTO into a cash payment, at the base rate of pay in effect at the time of the cash-out. In order to sell back PTO, an employee must make an irrevocable election (i.e., pre-designation) during the month of December (beginning in December of 2021), specifying the number of hours to be sold back from the next year’s PTO accrual. During the calendar year following the pre-designation, no more than three (3) requests may be made to cash out the PTO in a single block of not less than fourteen