Common use of Termination Benefit Clause in Contracts

Termination Benefit. When termination occurs after six continuous months of employment, an employee so terminating shall be paid for any unused vacation credit payable to him/her. Credit shall be toward their next full vacation for any month in which they worked eighty (80) hours or more. Vacation assignments shall be made at the Employer's discretion, but no vacation period shall be fixed during the months of November, December, January, and February unless the employee entitled to such vacation period prefers their vacation in those months. If a holiday falls within an employee's vacation period, such holiday shall not be considered as part of the vacation period, and the employee shall receive another day's vacation in lieu thereof. Vacation checks shall be given to employees in advance, if requested at least two (2) weeks in advance of the vacation. Employees may cash-out any amount of their accrued vacation hours, provided the employee has a minimum balance of eighty (80) hours remaining immediately following the cash out. Cash-outs shall be processed at the employee's current hourly rate of pay as recorded in the payroll system. A "Paid Time Off Cash-Out Request and Waiver" form must be submitted to Payroll by the payroll deadline. Vacation accumulations shall be limited to 480 hours. Accruals will cease when the limit is reached and will resume only when the balance is below 480 hours. Accruals over the limit are not cashed out.

Termination Benefit. When termination occurs after six continuous months of employment, an employee so terminating shall be paid for any unused vacation credit payable to him/her. Credit shall be toward their his/her next full vacation for any month in which they he worked eighty (80) hours or more. Vacation assignments shall be made at the Employer's discretion, but no vacation period shall be fixed during the months of November, December, January, and February unless the employee entitled to such vacation period prefers their his/her vacation in those months. If a holiday falls within an employee's vacation period, such holiday shall not be considered as part of the vacation period, and the employee shall receive another day's vacation in lieu thereof. Vacation checks shall be given to employees in advance, if requested at least two (2) weeks in advance of the vacation. Employees may cash-out any amount of their accrued vacation hours, provided the employee has a minimum balance of eighty (80) hours remaining immediately following the cash out. Cash-outs shall be processed at the employee's ’s current hourly rate of pay as recorded in the payroll system. A "“Paid Time Off Cash-Out Request and Waiver" ” form must be submitted to Payroll by the payroll deadline. Vacation accumulations shall be limited to 480 hours. Accruals will cease when the limit is reached and will resume only when the balance is below 480 hours. Accruals over the limit are not cashed out.