Common use of Vacation Buy Back Clause in Contracts

Vacation Buy Back. Employees may buy back vacation hours provided they use the same or more vacation hours as the amount of cashed-out leave during that same fiscal year. If an employee buys back more vacation hours than are used in a fiscal year, an amount equal to the overage will be deducted, without compensation, from the employee’s vacation leave bank. • Employees with at least 10 years of service may buy back up to 1 week of vacation leave per fiscal year. • Employees with at least 15 years of service are eligible to buy back up to 2 weeks of vacation leave per fiscal year. • Employees with at least 20 years of service are eligible to buy back up to 3 weeks of vacation per fiscal year. Vacation buy-back requests shall be processed with regular month-end payroll. Employees shall submit a vacation buy-back intent to their Department Director for the following fiscal year by November 1 of each year. If the employee does not submit their request by November 1, the Department Director may grant the request if funds are available to accommodate the vacation buy-back request.

Appears in 4 contracts

Samples: Agreement, Agreement, Agreement

AutoNDA by SimpleDocs
Time is Money Join Law Insider Premium to draft better contracts faster.