Common use of Sell Back Clause in Contracts

Sell Back. (a) An employee in Leave Plan E who does not use all of the Personal Leave accrued in a fiscal year may elect to be paid the difference, on a percentage basis, between the amount accrued and the amount used for that fiscal year on an hour-for-hour basis. (b) To receive such payment, the employee must make an irrevocable election prior to the beginning of the fiscal year during which the leave accrues. Payments will be made after the end of the fiscal year during which the leave accrues. For example, for leave accruing during fiscal year 2009-2010, the irrevocable election must be made on or before September 30, 2009. Payments for leave will be made after October 1, 2010, and in accordance with administrative procedures established by the City of Jacksonville. This option is not available to an employee who would have fewer than eighty (80) hours of Personal Leave remaining after such payment. (c) Payments will be made on the first payday in December. (d) All payments shall be at the September 30 rate of pay.